Alphabiz - Tax Delinquency Leads to Seizure of Cheonan Development Site as KCC Engineering Project Stalls

KCC headquarters in Seocho-gu, Seoul. (Photo courtesy of KCC)

 

 

[Alpha Biz= Kim Jisun] A mixed-use development project in Cheonan, led by KCC Engineering & Construction Co., has faced further setbacks after the project site was seized last year due to tax delinquencies by the developer.

According to industry sources on March 18, Philip Holdings, the project developer, was notified in July and August of last year by the Dongnam District Office of Cheonan City and the Suseong Tax Office of the land seizure resulting from unpaid taxes. The total amount of delinquent taxes has not been disclosed. Woori Asset Trust, which is overseeing the project under a land trust arrangement, is currently working to settle the outstanding taxes and lift the seizure.

The Cheonan Oryong-dong mixed-use development project involves the construction of a residential and commercial complex comprising 294 apartment units and neighborhood facilities, spanning from four basement levels to 45 stories above ground, located at 20 Oryong-dong, Dongnam-gu, Cheonan.

KCC Engineering & Construction began work on the project in 2021 as the main contractor. However, the project has effectively been halted due to prolonged weakness in the regional housing market. As of the third quarter of last year, the construction progress rate remained at just 0.005%.

 

 

 

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)