▲ Song Hyun-dong Korean Air site


The Seoul city government announced on the 5th that it had prepared a plan to pay 466.733 billion won for compensation for the Korean Air site in Songhyeon-dong, Jongno-gu, next to Gyeongbokgung Palace, and divide it into 2022.

According to the proposed change of the Bukchon District Unit Plan Decision that issued the market price, the compensation cost is the amount obtained by applying the compensation ratio to the public price.

The city has set an internal policy to skip this year this year and pay in installments over 2021-2022.

The amount of payment is 467.11 billion won in 2021, and 42.42 billion won in 2022.

In addition, the city has already set aside 17 billion won in construction costs, 2.9 billion won in subsidies, and 487 billion won in reserve.

It is the city's plan to complete compensation by 2022 and begin executing construction costs in 2023 and finish in 2024.

Adding all the costs together, the amount is 553.75 billion won, and the city has calculated the total cost.

The city's plan is only an internal policy at this time, but it is inconsistent with Korean Air's doctor, the land owner.

Korean Air, which is currently in the midst of a liquidity crisis, has devised a self-help plan, including the sale of the Songhyeon-dong site to at least 500 billion won this year.

However, if the city of Seoul, which holds a license, sets the level of compensation that will become a kind of'price guideline' in advance as it designates a cultural park for the land, free trade between private actors will be difficult in practice.

The city seems to be promoting the purchase of the site in Songhyeon-dong in a public interest project based on urban planning, such as a district unit plan decision rather than a one-on-one negotiation.

An official of the city said, "If you publish the proposed change of the district unit plan, you will send a formal letter to interested parties such as the landowner. I sent a letter to Korean Air yesterday to give an opinion."

(Photo = provided by Seoul City, Yonhap News)