Posco Group in Jeonnam Heats Up with Development Prospects, Large-Scale Investment 'Anticipated' as Gwangyang Prugio Center Park Draws 'Attention'

- POSCO Plans to Invest at Least 4.4 Trillion KRW by 2033 in Gwangyang Steelworks Site
- Gwangyang Prugio Center Park, Benefiting from Development, Holds Events for Mercedes-Benz and Other Contract Holders

The real estate market in Jeonnam is heating up significantly. This is because POSCO Group announced a business plan worth 4.4 trillion KRW over the next 10 years for the Donghoan site in Gwangyang. Due to the anticipation of this large-scale development, demand is focusing on beneficiary complexes in the area.

Donghoan is located offshore to the east of the Gwangyang Steelworks. It is a structure installed to prevent erosion of the steelworks site by the sea. POSCO has been reclaiming the sea between Gwangyang Steelworks and Donghoan since 1989 after obtaining approval for reclamation of public waters to expand its facilities.

The area is approximately 7,603㎡, and POSCO is considering new business investments utilizing idle land and unreclaimed areas along with existing infrastructure. The plan is to transform this site into a "future-type industrial complex" by maximizing synergy between existing steel and national advanced industries. In line with this, the government has expressed its intention to actively review the relaxation of industry regulations currently restricted to the Donghoan site in Gwangyang.

This plan represents the largest private investment made in the Jeonnam region to date, and the resulting economic ripple effects are expected to be substantial. According to POSCO Management Research Institute, it anticipates approximately 3.6 trillion KRW in production inducement effects, about 1.3 trillion KRW in added value inducement effects, and an annual employment inducement effect of around 9,000 jobs.

Additionally, the POSCO Group’s development benefits in the Yulchon 1st Industrial Complex are notable. In June this year, POSCO Future M, a secondary battery cathode material manufacturer, signed an investment agreement worth 2.5 trillion KRW to build an additional cathode material production plant for secondary batteries.

Furthermore, POSCO Philbar Lithium Solution, a company producing and selling lithium hydroxide, held a groundbreaking ceremony in June for a lithium hydroxide plant worth 575.1 billion KRW. As the first domestic plant to produce lithium hydroxide from lithium carbonate raw materials, this is expected to further strengthen the competitiveness of the secondary battery industry. Through this, Gwangyang is expected to become a core hub for the battery material business, creating jobs and revitalizing the local economy.

Amid these developments, "Gwangyang Prugio Center Park" is identified as a beneficiary complex. The complex will be the first branded apartment launched in Yonggang District, a new residential hub in Gwangyang.

Currently, it is possible to reach the Gwangyang Steelworks, where large-scale development is planned, within about 30 minutes by car. The Gwangyang Yulchon Industrial Complex, where expansion of electric vehicle battery-related factories is planned, can be reached within 10 minutes, making it a residential and workplace proximity complex that will offer convenient commuting once development is completed.

Other development benefits are also diverse. These include Gwangyang’s complex cultural space "Park 1538 Gwangyang" (scheduled for completion in December 2024) and Suncheon’s "Space Launch Vehicle Assembly Site" (scheduled for completion in 2025). These projects are expected to expand leisure opportunities for local residents, increase regional value, and bring about groundbreaking development.

Currently, reasonable sale prices and various financial benefits are being offered, which are expected to enhance the beneficiary effect. Unlike the usual requirement to pay a deposit of 10-20% of the sale price for a formal contract, contracts can be made with a relatively small amount. A fixed first deposit of 10 million KRW and full interest-free benefits on the second deposit are provided to significantly reduce the initial financial burden.

Additionally, full interest-free benefits on intermediate payments reduce financial uncertainty for buyers. Since the project owner bears the interest, even if additional interest rate hikes occur in the future, buyers can avoid interest burdens. Moreover, when expanding the balcony, a large art wall in the living room will be provided as a standard feature.

Meanwhile, Gwangyang Prugio Center Park is conducting an event for contract holders. Various prizes will be offered through a lottery, including a Mercedes-Benz for 1st place, a Louis Vuitton bag for 2nd place, an LG PuriCare air purifier for 3rd place, an LG CordZero cordless vacuum cleaner for 4th place, a Mini Velo bicycle as a lucky prize, and a 100,000 KRW Shinsegae gift certificate as a consolation prize. Detailed information can be found by visiting the model house. Move-in is scheduled for December 2025.