Total Project Cost of 510 Billion Won Invested... Formation of East-West Railway Axis Intersection Station Area
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[Asia Economy Reporter La Youngcheol] Sokcho City in Gangwon Province has been selected as a government-led investment promotion 'Transit-Oriented Development (TOD) Project Zone.'
According to Gangwon Province and Sokcho City, a total of 510 billion KRW will be invested by 2030 to develop 720,000㎡ in the Nohak-dong and Joyang-dong areas of Sokcho City. The area will be granted over 70 special regulatory exemptions, including relaxed building coverage ratio and floor area ratio.
A complex transfer center connecting the railway and metropolitan transportation networks with Sokcho city public transportation will be established. Additionally, a MICE complex town and tourism-specialized complex will be developed to link local tourism industries with marine and international cruise sectors.
Through this, Sokcho City plans to drive regional economic revitalization and urban growth centered around Sokcho Station on the Dongseo High-Speed Railway, scheduled to open in 2027, and strengthen the broader competitiveness of northern Gangwon Province by attracting domestic and international stay-type tourists.
In particular, the relaxation of building coverage and floor area ratios, along with over 70 types of regulatory exemptions including various permits and approvals, will shorten the time required for preliminary administrative procedures, raising high expectations for corporate attraction.
Domestic and international companies moving into the investment promotion zone will receive various tax and fee reductions, and the zone can also serve as a catalyst for regional revitalization through private investment in areas where direct investment by Sokcho City is difficult.
As the government leads the project, state-owned enterprises such as LH and the Korea National Railway Corporation can participate in various development projects, enabling Sokcho to grow into a future transportation hub linking rail, port, and air transport, including Sokcho Port international cruises and Yangyang International Airport.
Through this, the region expects to create various jobs and increase population by expanding employment opportunities for local youth and residents in MICE, tourism, and marine-related industries.
Kim Jin-tae, Governor of Gangwon Province, said, "We expect the rapid promotion of the Sokcho Station area development project in connection with the opening of the Dongseo High-Speed Railway and Donghae Northern Line, which are long-awaited projects in Gangwon Province, to lead the co-growth of the Seorak area centered on Sokcho City."
Lee Byung-sun, Mayor of Sokcho City, said, "The Sokcho Station area development project will be the largest project since Sokcho City's elevation 60 years ago, leading the city's century-long future," adding, "We will do our best to develop an optimal transit-oriented development that satisfies both tourists and citizens."
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