Gyeongju City Advances Partial Completion by Zone of Gangdong General Industrial Complex Unfinished for 13 Years

Tenant Companies Unable to Exercise Property Rights

Review of 7 Uncompleted Industrial Complexes

Gyeongju City announced on the 29th that it will promote partial completion by zone for the Gangdong General Industrial Complex, which is being developed by five private developers including Gangdong Industrial Complex, due to the prolonged incomplete status.

This measure is part of a solution to address the difficulties faced by resident companies in exercising property rights due to the long-term incomplete status.

Gangdong General Industrial Complex.

The Gangdong General Industrial Complex is an industrial complex that has remained incomplete for 13 years since its industrial complex plan was approved in April 2010 for an area of 991,631㎡ in Wangsini, Gangdong-myeon, Gyeongju.

Due to the nature of industrial complexes allowing occupancy even before completion, the current occupancy rate of the Gangdong General Industrial Complex is 99%, meaning that sales have effectively been completed.

However, in the incomplete state, resident companies face difficulties in exercising property rights such as securing land ownership and obtaining loans from financial institutions.

Accordingly, Gyeongju City held continuous meetings with the project implementers of the industrial complex and the resident companies' council to resolve complaints caused by the incomplete industrial complex and requested cooperation to ensure smooth administrative procedures.

The project implementer, Gangdong Industrial Complex, stated, “Although the Gangdong General Industrial Complex has faced many difficulties due to the prolonged incomplete status, a solution has been prepared through Gyeongju City’s proactive administration,” and added, “Gangdong Industrial Complex will actively work to resolve the difficulties of resident companies by carrying out the necessary administrative procedures for partial completion.”

Mayor Joo Nak-young emphasized, “This measure can be evaluated as a case where Gyeongju City presented an appropriate solution through proactive administration targeting long-term incomplete industrial complexes,” and added, “Gyeongju City will continue to take the lead in actively improving regulations to alleviate corporate difficulties.”

Starting with the partial completion by zone of the Gangdong General Industrial Complex, Gyeongju City plans to actively review the possibility of partial completion for other industrial complexes as well. Currently, there are eight industrial complexes in the Gyeongju area, including the Gangdong General Industrial Complex, that have been incomplete for more than 10 years.