LH secures land for 2,100 homes near Seoul without compensation
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Korea Land and Housing Corporation (LH) will acquire the Seongdae Baseball Stadium site in Dobong-gu, South Korea, without compensating current landowners, and plans to begin construction on 2,100 homes there in the first half of next year.
LH is using a land stockpiling system that allows it to bypass standard compensation and administrative procedures, shortening the land acquisition period by over a year.
The company also plans to secure other sites in Seoul, the Wirye business area and a former Gangseo District facility, to provide a total of 3,549 homes. LH is accelerating the acquisition of urban land through this stockpiling system, which was outlined in the government’s September 7 housing supply plan. The system has two parts: public stockpiling and general stockpiling, the latter of which LH uses to secure future project sites.
With general stockpiling, LH negotiates directly with landowners, avoiding the lengthy process of public designation and potential disputes over compensation. The Seongdae Baseball Stadium site, at 48,056 square meters, will yield the most homes of the three locations. LH signed a memorandum of understanding with Sungkyunkwan University last October to discuss the land purchase.
LH President Lee Seong-hoon inspected the site and stated the company will prioritize supplying universally accessible rental housing for newlyweds and other potential residents, expanding housing choices. LH also announced a 500 billion won plan to purchase additional unused land, both public and private.
