Housing Supply, Industrial Complex Development to Speed Up: LH to Invest Additional KRW 2 Trillion in Gwangmyeong-Siheung and Yongin Semiconductor National Industrial Complex
Total project budget raised to KRW 41 trillion
KRW 1.3 trillion to be invested in Gwangmyeong-Siheung
Additional KRW 700 billion for Yongin industrial complex
Korea Land and Housing Corporation (LH) announced on Nov. 12 that it will invest an additional KRW 2 trillion in the Gwangmyeong-Siheung public housing district and the Yongin Semiconductor National Industrial Complex. It also plans to expedite land compensation procedures to speed up construction of the industrial complex and housing supply.
LH decided to increase the project budget for the industrial complex from KRW 40.7 trillion to KRW 41 trillion. By executing the budget more efficiently, it plans to secure KRW 1.7 trillion in available funds and add another KRW 300 billion, bringing the total investment in the Gwangmyeong-Siheung public housing district and the Yongin Semiconductor National Industrial Complex to KRW 2 trillion.
LH will invest an additional KRW 1.3 trillion in the Gwangmyeong-Siheung public housing district. The Gwangmyeong-Siheung project will build 67,000 homes on a site of approximately 12.71 million square meters, making it the largest of the third-generation new towns. LH plans to allocate funds early for negotiated compensation, which began in July, quickly complete the compensation process, and proceed with follow-up work, including construction of the district.
LH will invest an additional KRW 700 billion in the Yongin Semiconductor National Industrial Complex. It plans to complete compensation procedures, including expropriation adjudication, by the end of the year and accelerate site preparation and infrastructure construction. Following the start of construction on the priority zone last month, LH aims to support the start of construction on the first semiconductor production facility (fab) in 2028.
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LH President Lee Seonghun said, "We will mobilize all available funds to complete initial procedures, including compensation, ahead of schedule and press ahead with subsequent work."
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