The South Korean government will lift regulations on public road ownership to allow the private sector to develop public roads and sites adjacent to those roads as part of efforts to create a futuristic city that offers more diverse experiences to the public.
The Ministry of Land, Infrastructure and Transport announced on Thursday that the government will remove red tapes to foster the private development of public roads and the space above or below a public road, which have been considered public property owned, developed and used by the state.
Following the lift of regulations, a private company will be given rights to own a public road and surroundings for more than 50 years after it develops the site. The government hopes that the new rule would facilitate creative and diverse utilization of these spaces, leading to the creation of what it called “three-dimensional use of space.”
Under the new rule, a department store or a shopping mall can be housed at an underground space of a new road. Underground of two buildings can be connected to be used as a parking lot.
Moreover, a highway off-ramp can be made to pass through a building, just like Gate Tower Building in Osaka, Japan. The rooftop of such buildings can be used to host a rest stop or a parking lot.
By Cho Si-young and Chung Soon-woo
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