The old city center around Jemulpo Station in Michuhol-gu, Incheon, on the 26th morning when the Ministry of Land, Infrastructure and Transport announced the 4th candidate site for the urban public housing complex project. The cities development was slow as railways such as Jemulpo Station, Dongam Station, and Gulpocheon Station in Bupyeong-gu divided the cities, but the plan is expected to boost the development of old cities around the station. 2021.5.26.

Selection of 'city public housing complex project' for the first time in the old downtown area in Incheon.

Government to give incentives… 76% improvement in existing counter floor area ratio and 24% improvement in land yield

At least 10% of the residents concerned need consent... City, follow-up procedures by next year.

For the first time in Incheon since the government announced its Feb 4th real estate measures (public-led 3080+, plans to expand housing supply in metropolitan areas), three old downtown areas were selected as candidates for the "city public housing complex project."

The Ministry of Land, Infrastructure and Transport announced on the 26th that it has selected three candidates for the city's public housing complex project: Jemulpo Station in Michuhol-gu, Incheon, Dongam Station in Bupyeong-gu, and Gulpocheon Station in Bupyeong-gu.

The urban public housing complex project is a policy that allows public institutions such as LH (Korea Land and Housing Corporation) to take charge of housing redevelopment and reconstruction projects that were carried out in the private sector, such as large construction companies and implementers.

The government selected 98,961㎡ (3104 households) of Jemulpo Station, 51,622㎡ (1,731 households) of Dongam Station in Bupyeong-gu, and 59,827㎡ (2531 households) of Gulpocheon Station in Bupyeong-gu. These areas have been slow in urban development due to the division of the cities by railways such as Gyeongin Subway.

In the case of near Jemulpo Station, it was designated as a reorganization promotion zone, but was lifted in 2010 due to the slump in the real estate market, and the Dongam Station area was also lifted from the redevelopment zone, which has poor residential environment. The Incheon Metropolitan Government expects the government's plan to boost the development of old city centers around the station area.

The government plans to give various urban planning incentives to urban housing complex project zones, including raising floor space rates, relaxing urban regulations and guaranteeing profits for landowners.

The Incheon Metropolitan Government plans to proceed with follow-up procedures for full-fledged development projects by next year as the government has selected three candidate sites in the Incheon area. In order to practically promote the urban public housing complex project, more than 10% of the residents in the area and two-thirds of the landowners must agree.

The Ministry of Land, Infrastructure and Transport announced a total of eight sites, including three in Incheon, as candidates for the fourth urban public housing complex project. According to the Ministry of Land, Infrastructure and Transport's analysis of the business feasibility of eight candidate sites, the average floor space ratio compared to existing projects such as redevelopment increased by 76%p and supply housing increased by 396 households (37.8%) on average.

In addition, due to improved business feasibility due to increased supply, the sale price of land stocks will be lowered to an average of 69.4% compared to the market price, and the return on land stocks will improve by 24.0%p on average.

"Based on the high response from local residents, we are quickly exploring more business candidates than expected," said Kim Soo-sang, head of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport.

Kim Myeongho

Source : http://www.kyeongin.com/main/view.php?key=20210526010005184