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Gangnam, Bundang Residents Receive Compensation for Pangyo Site

Gangnam, Bundang Residents Receive Compensation for Pangyo Site

Posted July. 25, 2005 03:04,   


It was revealed that residents of south of Seoul (Gangnam) and Bundang, Seongnam, Gyeonggi Province, were paid more than half of the land compensation for the Pangyo new town site in Seongnam, Gyeonggi Province, which incited land prices in the metropolitan area to increase.

According to Korea Land Corporation and Korea National Housing Corporation reports submitted to Grand National Party member Ahn Taek-soo on July 24, 1.4567 trillion won, 57 percent of the total of the 2.5189 trillion-won land compensation for Pangyo new town, was given to those who live in Gangnam and Bundang.

A total of 563.65952 billion won was given to 54 people who were paid more than five billion won respectively. 22.3 percent of the land compensation was paid to 1.7 percent of all recipients (3,115 people).

A total of 12 recipients were given more than 10 billion won each, and there were four people who were paid more than 20 billion won. A certain Ji living in Bundang was recently paid 28.3 billion won in compensation for 39,675 square meters of land in the vicinity of Pangyo, which was purchased a few years ago.

Ahn insisted that some construction companies also enjoyed capital gains from lands in the area, which they had purchased prior to the notice of the Pangyo new town development plan.

A company called “A” bought a total of 76,075 square-meters of land in Sampyeong-dong, Bundang-gu, Seongnam, for two years since 2000 and is to be paid 8.6 billion won in compensation. Another company called B was paid 6.7 billion won for a total of 14,861 square meters of land in Hasanwoon-dong, Bundang-gu.

A large company called C was known to be given 13.249 billion won compensation for a total of 23,324 square meters of land in Woonjoong-dong, Bundang-gu.

Seung-Heon Lee ddr@donga.com