Securing an Additional 4.3 Billion KRW in National and Provincial Funding
for Parking Lot and Small Park Construction
Seongnam City, Gyeonggi Province (Mayor Shin Sang-jin) is injecting new vitality into the Seongnam High-Tech Valley regeneration project.
Perspective view of Seongnam High-Tech Valley parking lot and small park construction project. Provided by Seongnam City
On the 6th, Seongnam City announced that it has swiftly responded to the rising construction costs of the parking lot and small park construction projects, which are part of the regeneration project, and secured an additional 4.3 billion KRW in national and provincial funding through continuous consultations with the Ministry of Land, Infrastructure and Transport.
The total project cost for the regeneration project, initially estimated at 23.2 billion KRW (including construction, compensation, and incidental expenses), increased to 27.8 billion KRW due to rising construction costs and labor expenses just before the start of the parking lot construction project. While an additional 4.6 billion KRW was expected, Seongnam City succeeded in securing 4.3 billion KRW of this amount from national and provincial funds. This achievement is the result of Seongnam City's prompt and proactive administration and smooth cooperation with the Ministry of Land, Infrastructure and Transport, giving great momentum to the project’s progress.
With this additional funding secured, not only will the parking lot construction proceed smoothly, but synergy effects with other industrial complex revitalization projects promoted by Seongnam City, such as the ‘Beautiful Street Creation Project’ and the ‘Complex Cultural Center Construction Project,’ are also expected to be maximized.
The parking lot, scheduled for completion in 2027, will be built with 149 parking spaces (from two basement floors to one above ground floor), expanding the insufficient parking space within the industrial complex. The upper area will be developed into a park to provide a pleasant resting space for workers.
Mayor Shin Sang-jin emphasized, “The Seongnam High-Tech Valley regeneration project is more than just refurbishing aging facilities; it is a foundational project for a new leap forward in the old downtown through strengthening corporate competitiveness and improving working environments.” He also expressed his ambition, saying, “With the additional national and provincial funding secured this time, we will push forward with the parking lot construction without setbacks and transform the industrial complex into a vibrant area where workers and citizens harmoniously coexist through the creation of beautiful streets and a complex cultural center.”
Meanwhile, Seongnam City is showing tangible results through the regeneration project. In 2023, the completion of 194 units of happy housing for workers within the industrial complex contributed to housing stability for workers. In the same year, sidewalks were newly constructed in seven sections as part of pedestrian environment improvement projects, creating a safe and pleasant walking environment. Furthermore, in June 2024, the LH Knowledge Industry Center (Seongnam I-Park Dearban), a building with four basement floors and 23 above-ground floors, will be completed and is currently recruiting tenants, expected to become a new landmark of the industrial complex.
Seongnam City plans to actively promote various projects to expand infrastructure, revitalize corporate attraction, and improve worker welfare. Through these efforts, the city aims to transform Seongnam High-Tech Valley into a future-oriented industrial complex where advanced technology and a pleasant environment coexist, which is expected to lead to a new leap forward for the old downtown area.
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