Jeong Il-young “We need to inspect the entire land management from purchase to supply”

Jeong Il-young “We need to inspect the entire land management from purchase to supply”

(Seoul = Yonhap News) Reporter Jaeha Park = Among the business land owned by Korea Land and Housing Corporation (LH), the size of unsold land that could not be sold to the private sector was found to have increased about 2.5 times in four years.

According to data submitted by LH by Rep. Jeong Il-young of the Democratic Party of Korea, a member of the Land, Infrastructure and Transport Committee of the National Assembly on the 3rd, the unsold land held by LH in July of this year amounted to 21.8892 trillion won based on supply price. This is a 2.5-fold increase from 8.7 trillion won in 2022.

The number of lots also increased approximately 2.6 times from 2,340 lots to 6,189 lots during the same period.

Among the unsold lands, the land that had not been sold for more than 15 years was counted as 23 lots (KRW 775.2 billion based on supply amount).

The oldest case is the general commercial land in Cheongbuk, Pyeongtaek, which had not found an owner for 19 years until July of this year, even though supply announcements were made 12 times after supply began in May 2007.

There is also land that has not been sold for a long time even after the sales conditions have been greatly relaxed. The site of Goyang Samsong General Hospital has not been sold to date despite 12 supply announcements since supply began in 2009.

The land is currently available for use, and benefits such as 5-year interest-free installments, deferred payment, and land return system are being applied, but a buyer is still not found.

Nevertheless, Rep. Jeong said that LH is recently pursuing the purchase of new reserve land for supply and demand control worth 500 billion won, which can be used to build apartment complexes in the metropolitan area.

Rep. Jeong said, "The fact that some of the land that has already been supplied has not been sold for nearly 10 or 20 years means that there is a need to reexamine whether the judgment on land demand and usability was appropriate," and added, "We need to inspect the entire land management from purchase to supply to avoid a repeat of public funds being tied up in land that has not been utilized for a long time."