Pohang Complex Self-Sufficient New Town Pentacity Phase 1 Sale ... Contracts to be Signed in July

Priority Allocation of Industrial Facilities, Multi-family Housing, Commercial/Office, and Single-family Residential Sites
45% Construction Progress, Completion in 2022... Designated as Gangso Research and Development Special Zone

Aerial view of Pohang Convergence Technology Industrial Complex.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Dongwook Park] Penta City (Pohang Economic Free Zone), being developed as a complex self-sufficient new city in the Pohang Convergence Technology Industrial Complex, is launching full-scale sales.

According to Pohang City on the 11th, Penta City, implemented by Pohang Convergence T&I Co., Ltd. and constructed under the responsibility of Hyundai Engineering Co., Ltd., began construction in September 2018 and currently shows a progress rate of 45%. The site development is scheduled to be completed in the second half of 2021, with project completion targeted for 2022. In July last year, it was designated as a production base district of the Small Giant Research and Development Special Zone, the first pilot model of the Small Giant Special Zone after the reform of the research and development special zone system.

This area, located in Daeryeon and Iin-ri, Heunghae-eup, Buk-gu, Pohang City, covers 1.48 million square meters (approximately 450,000 pyeong) and is being developed into a next-generation premium complex self-sufficient new city based on five innovative growth elements: bio, energy, nano, residential, and global business, with an investment of 372 billion KRW.

On the 5th, Pohang Convergence T&I, the developer that announced the sales notice and started the first phase of sales, is prioritizing the sale of 21 lots totaling 71,099 square meters, including industrial facility land, multi-family residential land, commercial land, office land, and single-family residential land.

In Penta City, the East Sea Regional Headquarters, the second government office of Gyeongbuk Province, is about to begin construction. Additionally, construction is underway for national-level research institutions such as the 'Membrane Protein Research Institute' to revitalize the new drug development industry, the 'Plant Vaccine Enterprise Support Center,' the first plant-based vaccine corporate support facility in Korea, and the 'Pohang Knowledge Industry Center' to establish a future-leading creative space and provide youth entrepreneurship opportunities.

Moreover, numerous companies plan to move into Penta City, including BioApp Co., Ltd., which obtained the world's first plant vaccine manufacturing product approval, Hanseong Foundation, a medical corporation operating Pohang Semyung Christian Hospital, and HMT Co., Ltd., a technology innovation venture company, each having signed memorandums of understanding (MOUs). Since 2021, it is expected to fully demonstrate the stature of a Small Giant Research and Development Special Zone.

Real estate experts predict that upon completion of Penta City’s development, it will form a massive new city along with the KTX station area, Iin district, and Chogok district, emerging as a new center leading Pohang’s industrial economy and lifestyle culture.

Mayor Kangdeok Lee of Pohang emphasized, "We will spare no support in promoting the project so that Penta City can become a successful model driving the local economy as a new growth engine leading Pohang’s future."

Detailed supply areas and estimated prices for each land parcel for sale can be found on the Pohang Convergence Technology Industrial Complex Penta City website.