Gyeonggi Province is officially launching a development project to transform the idle bio land in Gwanggyo Technovalley, Suwon, into a global bio hub.
On June 27, Gyeonggi Province announced that the Gyeonggi Provincial Council had passed a resolution in its plenary session to approve an in-kind investment of the Gwanggyo Technovalley bio idle land to Gyeonggi Housing and Urban Development Corporation (GH). As a result, Gyeonggi Province will contribute the designated land to GH, and GH will independently carry out the project based on this asset.
The in-kind investment covers 18 parcels of land totaling 25,171 square meters, located in the Gwanggyo Technovalley area of Suwon. The standard price, based on the officially assessed land value, is 63.3 billion won, and the final investment amount will be determined according to an appraisal. Gyeonggi Province plans to acquire GH shares in return for the investment.
The development site boasts excellent transportation accessibility, being adjacent to the Yeongdong Expressway and Yongin-Seoul Expressway, and located within 1 kilometer of Gwanggyo Jungang Station on the Shinbundang Line. In particular, it is situated within the Gwanggyo Bio Cluster, which has a foundation for bio innovation, and is surrounded by more than 200 companies and public and private research institutes that make up the Gyeonggi Bio Metropolitan Cluster.
Major supporting organizations within the Gwanggyo Bio Cluster include the Gyeonggi Institute of Economic Science and Technology, Gyeonggi Bio Center, Institute of Convergence Technology, Korea Nanotechnology Research Society, and Ajou University Medical Center.
To establish a global bio hub, Gyeonggi Province is formulating related policies in cooperation with the Gyeonggi Institute of Economic Science and Technology and GH, while also advancing strategies in collaboration with universities, hospitals, anchor companies, and global associations.
Following the in-kind investment, GH will pursue a mixed-use development consisting of a 16-story above-ground and 4-story underground office facility (with a total floor area of approximately 145,000 square meters), integrated public rental housing, dormitories, and neighborhood living facilities.
Lee Seongho, Director-General of Future Growth Industries at Gyeonggi Province, stated, "The GwanggyoTV bio idle land was originally designated as a site for a long-term bio research center, but development was delayed for about 20 years. With this in-kind investment, it will be transformed into a core base for the biohealth industry, a future growth engine. We will develop it as a global bio hub for Gyeonggi Province, focusing on nurturing bio startups and training specialized talent."
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