LH to inject W2tr into Gwangmyeong-Siheung, Yongin semiconductor projects

Korea Land and Housing Corporation (LH) said Thursday it will inject an additional 2 trillion won ($1.5 billion) this year into key national projects, including the Gwangmyeong-Siheung public housing district and the Yongin semiconductor national industrial complex, to keep both on schedule and deliver early results.

The move is aimed at swiftly fulfilling national priorities — expanding housing supply in the greater Seoul area and building advanced industrial infrastructure — by securing upfront compensation funding and accelerating subsequent construction phases.

To that end, LH raised its total project budget for the year from 40.7 trillion won to 41 trillion won. The corporation said it will generate 1.7 trillion won in available funds through more efficient budget execution and secure an additional 300 billion won in supplementary project costs, channeling the combined 2 trillion won into the two flagship projects.

For the Gwangmyeong-Siheung public housing district — the largest of the third-generation new towns at roughly 12.71 million square meters and 67,000 units — LH plans to fast-track the project by injecting 1.3 trillion won into the negotiated compensation phase that began in July. The early infusion is intended to complete land compensation quickly and immediately link it to site development and subsequent construction, bringing forward the housing supply schedule.

At the Yongin semiconductor national industrial complex, LH will inject an additional 700 billion won to complete all compensation procedures, including compulsory acquisition rulings, by year-end. Following the ground-breaking for the priority zone in October, the corporation plans to press ahead with site preparation and infrastructure development to ensure the on-time launch of the first fabrication plant in 2028.

"The Gwangmyeong-Siheung public housing district and the Yongin semiconductor national industrial complex are core national policy projects essential to housing stability for the public and securing future growth engines for the country," LH President Lee Seong-hun said. "We will mobilize all available resources to complete early-stage procedures such as land compensation as quickly as possible, and push subsequent phases forward with the same urgency to deliver tangible policy results."

Meanwhile, President Lee Jae Myung visited the Incheon Gyeyang district — one of the third-generation new towns — on Oct. 20 and ordered a review of the compulsory acquisition process itself. Lee directed officials to consider moving directly to compulsory acquisition proceedings when negotiated compensation talks fail to progress after one or two rounds, and to establish legal mechanisms to handle cases where residents refuse to vacate after receiving compensation.