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Korean Gov't Identifies Site for New City

SEOUL-The newly identified site is designed for the development of 56,000 new homes. Increased supply should help prices stabilize.

By Anita Howarth | Updated on October 30, 2006

(To read more on the multifamily market, click here.)

SEOUL-The Geomdan area in the port city of Incheon has been earmarked by the government as the site of a new satellite city. The new city is intended to increase the supply of housing in the capital, seen by government officials as essential in the stabilization of real estate prices.

Officers of the Ministry of Construction and Transportation say that the site was selected because of its location close to the capital. The proposal is to build on 18.15 million sm to create 56,000 new homes that can house 300,000 residents. The homes will be sold around 2010. The area of the new city will be slightly smaller than Bundang, south of Seoul.

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