The site of the Incheon Guwol 2 public housing district development project [iH]
The site of the Incheon Guwol 2 public housing district development project [iH]

Incheon Urban Corporation (iH) has begun loss compensation consultations for the Incheon Guwol 2 public housing district development project.

iH said Monday it is moving up the compensation schedule for the Guwol 2 district as part of the government's Greater Seoul housing supply expansion policy, which targets ground-breaking on about 1.35 million units between 2026 and 2030. Consultations opened Monday.

The compensation process is based on a land compensation plan announced in the second half of last year and appraisal results completed in the first half of this year.

Consultations will run through the end of this year. Land compensation will be paid in either cash or bonds depending on the recipient's status — whether they are local residents or absentee real estate owners.

Compensation for structures, other physical assets and business losses, however, will be paid entirely in cash, with iH aiming to complete those payments by year's end.

Land-for-land compensation will also be offered alongside the cash and bond options. Landowners who wish to receive compensation in the form of plots to be created after the project's completion may apply by visiting iH's Guwol 2 compensation field office from Monday through Nov. 11.


gilbert@heraldcorp.com