Busan Urban Corporation Issues Order for Phase 1 Construction of Centum 2 District

Full-Scale Promotion of Urban High-Tech Industrial Complex Project

Busan Urban Corporation (President Kim Yonghak) announced on the 8th that it has placed an order for the construction of Phase 1 of the Centum 2 District Urban High-Tech Industrial Complex Development Project to begin full-scale construction.

The Centum 2 District Urban High-Tech Industrial Complex Development Project was planned to promote balanced regional development by creating future growth engines in the southern region and to secure jobs for young people in Busan.

This project will lead the Fourth Industrial Revolution in the southern region by investing a total of 2.0411 trillion KRW in an area of 1.91 million square meters in the Banyeo, Bansong, and Seokdae areas of Haeundae-gu. After the initial announcement of the industrial complex designation plan in 2016, the development restriction zone was lifted in 2020, and the industrial complex plan was approved in 2022. The project is currently in preparation.

The entire project will be carried out in three phases, with Phase 1 covering 170,000 square meters, taking into account the relocation of major facilities within the site and the compensation schedule.

The Phase 1 construction of Centum 2 District aims for completion in 2027, with approximately 20.1 billion KRW of BMC's own funds invested to develop industrial, support, and relocation sites. In particular, since major obstacles in Phase 1 are concentrated in the western section, the construction is divided into two packages for efficient project implementation. The construction cost is 10.5 billion KRW for Package 1 of Phase 1 and 9.5 billion KRW for Package 2, and contractors will be selected through a regional restricted bidding process to expand the participation of local construction companies.

Kim Yonghak, President of Busan Urban Corporation, said, "We expect that the construction of Phase 1, the priority section of Centum 2 District, will serve as a catalyst for the overall project," and added, "We will actively promote the project to foster Busan's future industries and create jobs for young people, ensuring its success."