Yojin Construction Launches Full-Scale Development of 4 Trillion Won 'Guri Smart City'

Perspective view of the Han River waterfront urban development project in Guri City (Photo by KDB Industrial Bank Consortium)

[Asia Economy Reporter Moon Jiwon] Yojin Construction Industry announced on the 3rd that the 'Guri A.I. Platform City Development Project Group' has signed a joint business agreement with Guri City and Guri Urban Corporation regarding the 'Guri Han River Riverside City Development Project (tentative name)' and will officially proceed with the project.

The Guri A.I. Platform City Development Project Group is composed of KDB Industrial Bank as the lead company, along with KT, Kakao Enterprise, Eugene Corporation, Daewoo Construction, POSCO Construction, and Yojin Construction Industry. It was selected as the preferred negotiator for the project last November.

The Guri Han River Riverside City Development Project involves lifting the development restriction zone in the Topyeong-dong area of Guri City, Gyeonggi Province by 2027 in accordance with relevant laws, and creating a 1.5 million square meter smart city applying 4th Industrial Revolution technologies such as artificial intelligence (AI). The total project cost is estimated at 4 trillion KRW.

Based on this joint business agreement, Guri Urban Corporation and private businesses have established essential basic matters such as specific roles, enabling planned project execution. Administrative procedures for lifting the development restriction zone and designating the urban development zone will be expedited, with plans to complete the administrative procedures for lifting the development restriction zone within next year.

A Yojin Construction Industry official stated, "We are very excited to participate in a representative smart city construction project in Gyeonggi Province," and added, "We will continue to build a sustainable business portfolio in various fields including private projects, housing projects, and hotel projects."