GH to Supply Self-Sufficient Facility Site in 3rd Pangyo Technovalley in September

Perspective view of 3rd Pangyo Techno Valley

Gyeonggi Province and Gyeonggi Housing and Urban Corporation (GH) have decided to supply self-sufficient facility sites to attract leading companies in advanced industries such as system semiconductors and artificial intelligence (AI) to the 3rd Pangyo Technovalley, and plan to launch a public offering in September.

The 3rd Pangyo Technovalley is a public-private integrated knowledge industry center being developed on a 73,000㎡ site within the ‘Seongnam Geumto Public Housing District’ with a total floor area of 500,000㎡, at a cost of 1.7 trillion KRW, scheduled to begin construction in 2025.

In January, Gyeonggi Governor Kim Dong-yeon presented the blueprint for the 3rd Pangyo Technovalley as a startup paradise where people can live, work, enjoy, and learn (Job (職) · Residence (住) · Enjoyment (樂) · Learning (學)), stating that Pangyo will be made the heart of industry and various innovations to quickly respond to global changes.

The sites subject to this public offering are self-sufficient facility sites No. 1-4 (6,168㎡) and No. 3 (5,696㎡). Duplicate applications are not allowed. Eligible companies for the public offering include those in advanced industries such as system semiconductors, ICT, robotics, artificial intelligence, and gaming.

Gyeonggi Province expects these companies to take a leap forward as a global advanced industry-academia cluster by linking with advanced academic departments at universities scheduled to move into the 3rd Pangyo Technovalley.

Additionally, affordable office spaces will be rented out to startups and developers, along with providing testbeds, equipment based on the sharing economy, meeting rooms, a dedicated fund for startup financial support, and 1,000 public dormitory units to eliminate commuting burdens.

Gyeonggi Province and GH will hold a supply plan briefing session with detailed evaluation criteria in August, proceed with the public offering process in September, and finalize the selection of recipients by the end of the year. The sites will then be supplied at appraised prices in the first quarter of next year, with construction expected to begin by the end of 2025.

A Gyeonggi Province official stated, "Starting with the preliminary announcement of land supply for leading advanced industry (anchor) companies, we expect to establish a genuine global convergence cluster by introducing support measures for universities, research institutes, mid-sized companies, and startups," adding, "We will apply the same development concept as the 3rd Pangyo to the 3rd New Town and other Gyeonggi Technovalley areas to make Gyeonggi Province the capital of advanced industries."