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After the land developer supplied housing sites and land purchasers carried out individual construction, a small size of urban sprawling made it difficult to form a desirable downtown area.
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Also, residents, who have already moved in, suffered from a lot of inconvenience as major convenient facilities such as discount stores, hospitals and parking lots weren't being perfectly installed for a long period.
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A combined public-private PF project solves such problems by allowing the public sector participate in the entire process from preparation of land for building lots to architectural design and construction and complete the construction of convenient facilities before residents move in.
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The revised Enforcement Ordinance of Land Development Promotion Act in July 2001 stipulated grounds for public and private sectors to jointly develop a real estate after public land developers invite private companies to present excellent ideas.
The above Act was first introduced in the station area development projects in Jookjeon, Yongin in 2001 and currently is being applied to 5 projects including the theme shopping mall in Dongbaek, Yongin, compound area in Dongtan, Hwasung and convention composite center in Daejeon Expo.
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| A pleasant and convenient city made by the public & private sector
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The combined public & private PF project is all for the residents, public and private sector. |
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