LH: Compensation for Seoripul District 1 to Begin Immediately Upon District Plan Approval in March Next Year

Korea Land and Housing Corporation (LH) announced on September 27 that it is speeding up follow-up procedures such as district planning and compensation for Seoripul District 1 in Seocho-gu, Seoul, while devising measures to maximize housing supply.

Previously, LH President Lee Sung-hoon visited the Seoripul district site as his first official activity after taking office, ordering a drastic acceleration of the project speed and an increase in housing supply.

LH has decided to initiate compensation simultaneously with the district planning for Seoripul District 1 in March next year.

To achieve this, LH explained that it is conducting basic surveys on land and structures with the goal of announcing compensation plans by the end of October, while maintaining active communication with residents through win-win committees and public-private-public consultative bodies.

In addition, with the goal of starting housing construction in the second half of 2028, LH plans to accelerate the project by introducing an ultra-short-term construction model that applies a fast-track approach across all sectors of licensing, compensation, and construction.

Parts of the district will be designated as a priority business zone to promote the early supply of housing.

LH plans to supply universal public rental housing, including mid-sized units for newlywed couples and childbearing households, in the Seoripul district.

While the original plan was to increase the supply volume by 500 units compared to the initial announcement, LH is reviewing further expansion by seeking multifaceted solutions such as relaxing noise standards and consulting with the Ministry of National Defense.

LH President Lee Sung-hoon said, "To ensure a swift housing supply, we will simultaneously promote all sectors including compensation, approval, and construction to dramatically increase the project speed." He added, "We will seek ways to coexist with residents and actively consult with relevant authorities on gathered opinions to make this a successful model for urban housing supply."

(Photo provided by LH, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.