GIMPO — Gimpo is moving to accelerate a long-stalled plan to build City Road No. 22, a route connecting Gomak-ri and Yonggang-ri, by tapping a public land banking program run by the Korea Land & Housing Corporation (LH) to ease the upfront funding burden.
The city said on the 14th that it had signed an agreement with LH on public land banking for the project. The move follows the project's selection in March as a site under the Ministry of Land, Infrastructure and Transport's 2026 public land banking program for development projects.
Under the program, LH's land bank buys up sites for public projects in advance and completes compensation payments to landowners, then supplies the land when construction is ready to begin. The arrangement relieves Gimpo of the large lump-sum compensation costs that come at the start of a project and gives the city a footing to move up its construction timeline.
The road will run from Gomak-ri, near Gimpo International Sculpture Park and the city's youth training center, to the Civilian Control Line in Yonggang-ri. It will stretch 4.2 kilometers, with two lanes across a width of 12 meters, at a total project cost of about 39.1 billion won. The route had already been mapped out, but the project stalled at the land compensation stage because the city could not secure the payments from its own budget.
Following the agreement, the city plans to win approval for the public land banking project in the second half of this year, begin land compensation procedures in earnest through LH from early next year and complete construction by the end of 2029.
Gimpo Mayor Lee Ki-hyung said the city would move quickly on land compensation and other follow-up steps through close cooperation with LH. "We will do our utmost to ease traffic inconvenience for residents in border areas at an early date and to promote balanced development in areas that have been left behind," the mayor said.
