What Existing Property?

It is referred to buildings and sites in capital area, owned by public agencies, who are supposed to move into local cities such as Innocity, Sejong-si, etc. in accordance with 'Special Act on Nationwide Balanced Development' and 'Special Act on Building and Support of Innocity Related to Relocation of Public Agencies'.

Why public agencies should sell their existing property?

As the government decided and announced the relocation plan of public agencies on June, 2005, the public agencies concerned should sell their existing property in order to finance the relocation cost such as site purchases and building constructions in Innocity.

“Successful development of ten Innocities in 2012
depends on the sale of existing property owned by
move-to-local cities public agencies”

Advantage of Location

  • Situated in a core part in capital area; in Seoul, Anyang, Suwon, Seongnam, Yongin, etc.
  • Situated in mature neighborhoods where trading areas have been fully developed.
  • Most of them located in traffic access-convenient areas.

Potentiality for development

  • Lower development density than permitted floor-area ratio under law
  • Great potentiality for future development including extentions and new constructions.
Potentiality for development
Agencies Current FAR Permitted FAR
Korea Infrastructure Safety & Technology Corporation vacant lot 400%
Korea Seed and Variety Service 23.89% 800%
National Agricultural Products Quality Management Service 33.28% 800%
ional Plant Quarantine Service 56.94% 800%
Korea Land & Housing Corporation 106.01% 400%
Korea Institute of Ceramic Engineering & Technology 103.44% 400%

Saving costs including financing cost

  • Simple ownership transfer due to undivided ownership
  • Installment payment is available until ownership is transferred
  • Preliminary administration procedures can be implemented for development as soon as the agreement is made.
  • Payment of various taxes can be deferred until the time of final acquisition of ownership, saving financing cost.

Possibility of Upgrading Land Use

  • Current sites and buildings of public agencies were established to serve as public office facilities, which is inevitably subject to comprehensive regulations on land use.
  • Possibility of upgrading current use to more extensive one (change in zoning)
Possibility of Upgrading Land Use
Agencies Zoning Designated Facility
National Tax Office Training Institute General Residential Area(Type 1) Government Office
Agricultural Training Institute General Residential Area(Type 1) Government Office
Korea Energy Economics Institute General Residential Area(Type 1) Research Facility
Korea Rural Economic Institute General Residential Area(Type 1) Research Facility
Korea Food Research Institute Natural Green Area Research Facility

When the existing property starts to be on market and sold?

Time Table of Sales

Possibility of Upgrading Land Use
Items Total by 2010 by 2011 by 2012 undecided
Total 117 14 70 27 6
general sale 81 4 52 25 -
sale by local governments 10 6 3 1 -
sale by LH corporation 15 1 12 1 -
others 11 3 2 - 6

※ 117 sites, 95 public agencies of 157 are to be on market
※ 48 sites of 52 are to be sold in 2011(4sites have been complete in sales)