Positive Signs for Jinju Ppuri Industrial Complex Sale... Sales Rate at 61%

Excellent Location with Competitive Pricing

Various Benefits Including Tax Incentives and More

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] The land sales of Jinju Ppuri Industrial Complex in Gyeongnam are gaining momentum.

Despite the challenging real estate economic conditions caused by the triple hardships of high interest rates, high inflation, and high exchange rates, land sales at Jinju Ppuri Industrial Complex continue steadily as government and local governments’ policy projects related to aerospace, transportation, and urban infrastructure bring favorable prospects.

Jinju Ppuri Industrial Complex has maintained steady land sales due to various policy project benefits despite prolonged economic downturns and weakened investment sentiment caused by COVID-19 and the Ukraine war.

The policy project benefits from the government and local governments, combined with price competitiveness and various incentives that give it an advantage over other industrial complexes, are interpreted as factors revitalizing the land sales.

Gyeongnam Jinju Ppuri Industrial Complex.

Jinju Ppuri Industrial Complex is fully developed, allowing immediate property rights exercise upon purchase, and it holds a price competitiveness advantage compared to nearby industrial complexes.

All administrative procedures for the industrial complex development project have been completed, so land with full payment of the purchase price can immediately exercise property rights. This advantage allows collateral loans from commercial banks.

In particular, its price competitiveness is outstanding compared to nearby areas where sales have recently begun.

Additionally, it is a representative industrial complex that benefits from the halo effect of government and local government policy projects. It is adjacent to Gyeongnam Aerospace National Industrial Complex and Jeongchon Industrial Complex and has excellent location conditions with a three-dimensional transportation network including highways, national roads, airports, railways, and ports.

Moreover, the Southern Inland High-Speed Railway will open in 2027, and in line with this, Jinju City is promoting the development of a national road connecting Jinju Station, Jeongchon, and Sacheon Chukdong, linked with Ppuri Industrial Complex.

The government’s Aerospace Agency and Gyeongnam Investment Agency are also planned to be located nearby, making it a favorable location for businesses, and a public hospital for Western Gyeongnam is scheduled to open nearby in 2027.

Within the complex, the ‘Happiness Dream Center,’ a welfare facility for workers, will be built, and excellent human resources from six regional universities including Gyeongsang National University can be easily secured.

Notably, in December last year, Gyeongnam including Jinju City was designated as a satellite-specialized zone within the aerospace industry cooperation district by the Ministry of Science and ICT, and Jinju City is the first basic local government to promote a microsatellite development project, presenting an opportunity to become a hub for the aerospace industry.

There are also many tax and incentive benefits. Industrial complex resident companies receive various benefits such as acquisition tax and property tax reductions.

When ownership is transferred, acquisition tax is reduced by 50%, and property tax is reduced by 75% for five years. The loan ratio is also high at 80% of the sale price, enabling small investments, and local investment promotion subsidies are significantly supported for investing companies.

As of December last year, out of the 620,000㎡ of land available for sale in Jinju Ppuri Industrial Complex, 380,000㎡ has been sold, resulting in an overall sales rate of 61%. Based on the number of lots, it reaches as high as 73%. The sale targets include not only industrial and logistics land but also support facility land and parking lots.