INCHEON — Incheon's Guwol 2 district, long stalled by deadlocked compensation talks, has begun paying landowners for their property, kicking off a race to deliver housing. Incheon Metropolitan City Development Corporation, known as iH, said on the 12th that it had opened compensation negotiations for the Guwol 2 public housing district, in line with a government drive to expand housing supply in the greater Seoul area.
The corporation has set up formal negotiating sessions with landowners and started the payout process. It plans to pay in cash or in bonds, handled separately for local residents and for absentee property owners. It is also accepting applications for compensation in the form of replacement land, a measure meant to help original residents resettle, as it moves to secure the site quickly.
The start of negotiations follows more than 20 rounds of talks with about 10 resident committees. iH has kept a compensation council running to narrow points of conflict, including the selection of appraisers and the method of payment. The corporation is also carrying out basic and detailed design work at the same time to shorten the permitting and construction preparation period.
iH aims to pull its schedule forward as far as possible to match the government's plan to supply 1.35 million homes in the greater Seoul area by 2030. It intends to wrap up land acquisition quickly and break ground on site development in the first half of next year. From there it plans to keep the project on track through completion in the second half of 2029, contributing to housing stability for low- and middle-income households.
Guwol 2 is a mini new town-scale public housing site spanning 2.2 million square meters across Guwol, Namchon and Susan neighborhoods in Namdong District, Seonhak in Yeonsu District, and Gwangyo and Munhak in Michuhol District. A total of 15,996 homes will be built there, including 4,857 public sale units and 4,843 public rental units, housing 38,845 residents. With Munhak Stadium Station on Incheon Subway Line 1 and the Second Gyeongin Expressway nearby, the site is regarded as a key residential hub in the southwestern part of the greater Seoul area.
"Guwol 2 is a core strategic project for Incheon that will drive both housing stability for low- and middle-income households and balanced regional development," an iH official said. "We will move as quickly as possible on land compensation through smooth negotiations with landowners." The corporation plans to complete compensation within this year to meet the early groundbreaking schedule in the first half of next year.