Bando Construction Secures Residential Land near Singyeongju Station... Launches Complex New Town Development

Location Map of the Site for the Purchase in the New Town Development Project near Singyeongju Station Area

[Asia Economy Reporter Donghyun Choi] Bando Construction announced on the 16th that it has signed a contract to purchase residential land for the development project of the Sin-Gyeongju Station New Town in Gyeongju, Gyeongbuk.

The Sin-Gyeongju Station New Town development project is a project to develop the area around Sin-Gyeongju Station on a 533,630㎡ site in Hwacheon-ri 1212, Geoncheon-eup, Gyeongju, with a total project cost of 245.9 billion KRW. The new town will consist of 6,300 households, with a resident population of approximately 16,000.

Bando Construction purchased two residential land plots (B-4, B-5 blocks) within the development site. On a 68,441㎡ site, the large-scale project will build a total of 1,673 households, including 1,168 units sized 60~85㎡ (exclusive area) and 505 units under 60㎡.

The Sin-Gyeongju Station New Town is attracting attention as a new transportation hub in Gyeongbuk with a wide-area transportation network. It is expected to be a mixed-use new town with abundant industrial complex demand and an excellent live-work proximity environment. Public institutions and private companies are participating as joint investors in the project, which is highly regarded for its stability and reliability.

The site is adjacent to the 'KTX Sin-Gyeongju Station,' where the Gyeongbu Line high-speed trains (KTX·SRT) and the Donghae Nambu Line and Jungang Line, scheduled to open in 2022, intersect. The National Road No. 7 bypass road is scheduled to open in 2023, and the relocation and expansion of Local Road No. 904 is planned for 2022. Nearby, there are two Gyeongbu Expressway ICs (Gyeongju IC and Geoncheon IC) as part of the wide-area road network.

It takes 2 hours from Sin-Gyeongju Station to Seoul, 18 minutes to Dongdaegu Station, 11 minutes to Ulsan Station, and 35 minutes to Busan Station. After the completion of the double-track electrification project of the Donghae Line in 2022, it is expected to be possible to travel the 'Pohang~Sin-Gyeongju~Ulsan~Busan' section within about 50 minutes via the Donghae Nambu Line.

A Bando Construction official said, “We are very excited to take a leading role in the development of Sin-Gyeongju Station, which is gaining attention as a wide-area triple station area.” He added, “As the first introduction of the ‘Bando Ubora’ brand in the Gyeongju area, we will do our best to make it the best landmark complex in the Sin-Gyeongju Station area.”