Pyeongtaek Hwayang New Town Development Project Gains Momentum

The Largest Private Urban Development Project... 20,000 Households Planned on Yeouido-Sized Area

Aerial View of Pyeongtaek Port Hwayang New Town Section

[Asia Economy Reporter Kang Juhee] The development of the Pyeongtaek Hwayang District, known as the largest private-led urban development project, is gaining momentum. The Hwayang District covers an area of 2,791,195㎡, similar in size to Yeouido in Seoul, and is planned to include up to 20,000 housing units.

This area has been referred to as 'Pyeongtaek Port Hwayang New Town' since the development stage. To secure development funds, Meritz Securities and Korea Investment & Securities were selected as financial lead managers in July, facilitating project financing (PF) worth 670 billion KRW. The Urban Development Association previously selected DL Construction as the lead contractor in October last year, and after the completion of PF, infrastructure construction has commenced.

Choi Seoncheol, head of the Urban Development Association, stated, "Starting with the sale of 1,468 apartment units by Ilsin Geonyeong in October, urban development and housing construction will accelerate. Leading large construction companies have expressed their intention to participate, so we expect to create a premium new town featuring a series of major apartment brands."

The advantage of Hwayang New Town lies in its abundant nearby infrastructure. The Anjung branch office of Pyeongtaek City Hall is scheduled to relocate to the new town, and a general hospital with 350 beds is planned. Eight elementary, middle, and high schools are also planned. Within 5 km, there are key hubs such as the Asan National Industrial Complex, Poseung 2 General Industrial Complex, and the Gyeonggi Free Economic Zone, which serve as the hinterland for Pyeongtaek Port. The area is well connected by highways including the Seohaean Expressway and national roads, and it is expected to conveniently utilize the Seohaean double-track railway line scheduled to open in 2022. The association explained that investment plans from companies such as Samsung Electronics' semiconductor plant, LG Electronics, and Hyundai Mobis electric vehicle factories represent potential demand for the new town's development.