IKEA is Coming to Godeok Biz Valley in Gangdong-gu

Gangdong-gu Holds Briefing Session on Development Project of Block 1 for Distribution and Sales Facility Land in Godeok Biz Valley... To Be Developed as a Large Complex Facility Including IKEA, Cinema, and Shopping Mall, Targeting Completion in 2024

[Asia Economy Reporter Park Jong-il] Gangdong-gu (Mayor Lee Jeong-hoon) held a project briefing session on the 27th at the second conference room of the district office's second building, attended by representatives from the IKEA Korea-JK Mirae consortium and related department heads including Mayor Lee Jeong-hoon of Gangdong-gu.

In October last year, the IKEA Korea-JK Mirae consortium was selected as the project operator for Block 1 of the distribution and sales facility site within the Godeok Biz Valley in Gangdong-gu (area 353-23, Godeok-dong, 35,916㎡), and is currently undergoing related administrative procedures such as building review.

The site is planned to be developed into a large complex facility consisting of IKEA Korea, a cinema, shopping mall, offices, and more, with construction scheduled to begin in the first half of 2021 and completion targeted for 2024.

During the briefing, discussions were held regarding the facility composition, operation plans, and ways to contribute to the local community, as well as sharing the future project schedule.

Mayor Lee Jeong-hoon of Gangdong-gu stated, “We expect this to become a leading commercial and business complex facility in the eastern metropolitan area, creating new jobs and serving as a growth engine that revitalizes the local economy. We will work together to ensure the project is successfully advanced at an early stage.”

Meanwhile, Godeok Biz Valley is expected to house over 150 companies including distribution and sales facilities, hotels and convention centers, and R&D centers. Upon completion, it is anticipated to generate an economic inducement effect of 9.5 trillion won and create 38,000 jobs.

On the 27th, a briefing session on the development project of Block 1 for the distribution and sales facility site in Godeok Biz Valley was held in the medium conference room of the 2nd office building of Gangdong-gu Office.