LH Starts Compensation for Gwangmyeong-Siheung New City, Four Months Ahead of Schedule

South Korea's state housing developer, LH, has initiated compensation for landowners in the Gwangmyeong-Siheung public housing district, accelerating the process by four months. The compensation, which includes land, property, and business rights, began on July 31 and will continue through the end of the year, affecting around 13,000 individuals.

LH has expanded its compensation project office and bolstered its workforce to expedite procedures. A reservation system is available for owners to schedule visits to the compensation office. The developer plans to disburse compensation funds within the year and proceed with subsequent steps like relocation and livelihood support plans. The construction is slated to begin by the end of 2027.

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The Gwangmyeong-Siheung public housing district is a project that lays the foundation for housing supply and future growth in the southwestern part of the Seoul metropolitan area.

The Gwangmyeong-Siheung project is the largest among South Korea's third new city initiatives, covering 12.71 million square meters and planning to deliver 67,000 housing units. Its strategic location southwest of Seoul offers convenient access to the capital, with a roughly 20-minute drive to Yeouido and 10-15 minutes to the Guro and Gasan Digital Complexes. The area is also well-connected by major roadways and is near developing industrial and commercial hubs.

LH intends to develop the area into a self-sufficient city with integrated housing, industrial, and business functions. An LH official stated the project is crucial for housing supply and future growth in the southwestern Seoul metropolitan area, emphasizing their commitment to smooth compensation and subsequent procedures to minimize resident inconvenience.

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We will proceed with compensation and subsequent procedures to reduce resident inconvenience and ensure the project progresses as planned.