▲ Rendering of housing supply on the Sungkyunkwan University Baseball Stadium site
The Korea Land and Housing Corporation (LH) announced today (the 23rd) that it will apply the land banking scheme to the Sungkyunkwan University Baseball Stadium site in Dobong-gu, Seoul—which was announced as an urban housing supply site in the September 7 measures last year—to accelerate the project.
The land banking scheme allows public entities to preemptively secure land so that it can be utilized immediately without separate compensation or administrative procedures when needed for purposes such as housing supply.
General land banking (project-linked), through which LH secures its own project sites, eliminates various procedures involved in the compensation stage after designating a public housing district, significantly reducing the project period.
Previously, the government announced idle sites for urban housing supply in the September 7 measures, including the Sungkyunkwan University Baseball Stadium (2,100 households), Wirye Business District in Songpa-gu (999 households), the former Gangseo-gu Office relocation site (450 households), and the former Korea Educational Development Institute site in Seocho-gu (700 households).
LH explained that among these, it is pursuing land acquisition for three sites using the general land banking method, excluding the former Korea Educational Development Institute site, which has been designated as the Seoul Yangjae public housing district.
Among the four sites, the Sungkyunkwan University Baseball Stadium has the largest supply volume with a scale of 48,000 square meters, boasting a prime location adjacent to Dobong Station on Subway Line 1 and Suraksan Station on Line 7.
LH expects that by pursuing the project through the land banking scheme, it can reduce the time required for land acquisition by more than a year compared to the conventional method that goes through compensation procedures following public housing district designation.
The Sungkyunkwan University Baseball Stadium site aims to break ground in the first half of next year.
To accelerate the project, LH is simultaneously pursuing land banking and preparations for construction.
LH President Lee Seong-hoon visited the Sungkyunkwan University Baseball Stadium site on this day to inspect land acquisition and construction progress, site conditions including nearby transportation and convenience facilities, and overall readiness for acquisition and groundbreaking.
"The Sungkyunkwan University Baseball Stadium is a location where land can be secured rapidly through the land banking scheme, making it a very important site where large-scale housing supply can be expected in a short period," President Lee said. "We will actively promote the supply of universal rental housing centered on prime locations preferred by actual consumers such as newlyweds, thereby providing broad housing choices."
(Photo provided by LH, Yonhap News)
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