Pohang City Completes Compensation for Old Pohang Station Site Development Project Through 'Win-Win Cooperation'

Creating a Landmark in the Old Downtown through Coexistence and Cooperation with Local Residents

A bird's-eye view of the tallest landmark project in the Daegu·Gyeongbuk region, scheduled for sale in the second half of next year.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Pohang City, Gyeongbuk Province, completed all compensation negotiations for the ‘Old Pohang Station Site Development Project’ in June this year, about eight months after starting the compensation plan inspection announcement in October last year.

The area around the former Pohang Station began to grow as the central area of Pohang since the Japanese colonial period. It is densely populated with unauthorized buildings, and a significant number of elderly residents live there. Initially, it was expected that compensation involving residential relocation would be difficult to proceed, but through continuous communication and negotiation with local residents, all compensation negotiations were completed.

This compensation negotiation is meaningful in accelerating the development of the last idle site in the old downtown through win-win consultations with local residents. With this, Pohang City has taken a step closer to constructing the tallest landmark in the Daegu-Gyeongbuk region and forming a new skyline.

The Shinsegae Construction consortium also passed the traffic impact assessment review for the residential-commercial complex building in February this year and is currently preparing for the building safety impact assessment led by the Ministry of Land, Infrastructure and Transport, aiming for sales in the second half of next year.

Mayor Kangdeok Lee said, “Since this project is promoted based on the understanding and cooperation of local residents, we will do our best, including continuously checking the goals to ensure that Pohang’s new super high-rise urban landmark can be built without any setbacks.” He added, “We will further strengthen Pohang’s future competitiveness and create a future city that grows sustainably through the harmony of beautiful nature and new technologies.”