MDM Group to Develop 2 Trillion Won Senior Town in Dongtan, Hwaseong

Hwaseong City and MDM Group Sign MOU for Healthcare REITs Project at "MARS 2025"
Mayor Jeong Myunggeun: "Achieved 20 Trillion Won Investment Target Early... Raising Goal to 25 Trillion Won"

Real estate developer MDM Group is planning to build a large-scale senior town worth 2 trillion won in Dongtan New Town, Hwaseong, Gyeonggi Province.

On the 19th, at COEX in Samseong-dong, Seoul, Jeong Myunggeun, Mayor of Hwaseong (left), and Moon Juhyun, Chairman of MDM Group, are holding up a memorandum of understanding for the promotion of the "Dongtan2 Healthcare REITs Project" at the investment attraction briefing hosted by Hwaseong City. Provided by Hwaseong City

On June 19, at an investment attraction briefing held as part of the AI expo "MARS 2025" at COEX in Samseong-dong, Seoul, Hwaseong City signed a memorandum of understanding (MOU) with MDM Group to promote the "Dongtan2 Healthcare REITs Project," valued at approximately 2 trillion won.

This MOU, attended by Jeong Myunggeun, Mayor of Hwaseong, and Moon Juhyun, Chairman of MDM Group, aims to develop a mixed-use residential complex on an 180,000-square-meter site in the Dongtan2 district. The project will include 2,000 senior housing units as well as officetels, medical, office, commercial, and cultural facilities.

The project will be financed through a "healthcare REITs" structure. REITs (Real Estate Investment Trusts) raise funds from multiple investors to invest in real estate, allowing the general public to participate through public offerings. Investors receive a share of the profits generated from real estate operations. Previously, in April of last year, MDM Group's affiliate, MDM Plus, was selected as the preferred bidder for Korea Land and Housing Corporation (LH)'s healthcare REITs project.

Through this MOU, Hwaseong City and MDM Group pledged to: actively cooperate on permits and administrative support; jointly use convenience facilities for local residents; continuously pursue large-scale investment projects; and mutually cooperate to revitalize the local economy, including creating jobs for Hwaseong citizens.

With this investment by MDM, the city has achieved its investment attraction goal of 20 trillion won for the 8th popularly elected administration ahead of schedule. Mayor Jeong stated, "As a result of the strong interest shown by many companies in Hwaseong, we were able to achieve our core goal of attracting 20 trillion won in investment for the 8th administration ahead of schedule. We will not be satisfied with this achievement and will set a new goal of attracting 25 trillion won in investment during my term for a better city and greater growth."

Meanwhile, more than 120 people attended the investment briefing session, including representatives from over 50 domestic and international companies such as MDM Group, as well as officials from related organizations such as the Korea Semiconductor Industry Association, Korea Water Resources Corporation, Hwaseong Urban Corporation, Hwaseong Industry Promotion Agency, and Hwaseong Chamber of Commerce and Industry.

During the briefing, Mayor Jeong directly promoted Hwaseong City's investment environment, highlighting the following: a transportation network accessible from anywhere in the country within two hours; its position as the center of a semiconductor mega-cluster based on the Gyeongbu Expressway; its role as the core of the K-Future Car Valley centered around the Hyundai and Kia Namyang Research Center; and the growth potential of the bio and pharmaceutical industries based on the nation's largest Hyangnam Pharmaceutical Industrial Complex.

At the briefing, representatives from the operators of Songsan Green City National Industrial Complex, Hwaseong Ujeong National Industrial Complex, and H-Techno Valley General Industrial Complex presented their business and sales plans, and on-site consultation booths were also available.

"MARS 2025" is an AI expo independently planned and hosted by Hwaseong City, marking the first time a basic local government in Korea has done so. The event began on June 18 and will close on June 20.