Gyeonggi Province is moving forward in earnest with the "Buk Suwon Technovalley Development Project," the second project of the Gyeonggi Opportunity Town initiative, a Gyeonggi-style urban model that integrates jobs, housing, leisure, transportation, and welfare functions.
On June 29, Gyeonggi Province announced that the proposal for in-kind contributions related to the "Buk Suwon Technovalley Development Project" was finally approved at the plenary session of the Gyeonggi Provincial Council on June 27. As a result, Gyeonggi Province can now contribute the relevant land and buildings in kind to Gyeonggi Housing and Urban Corporation (GH), which will use these assets as the foundation for the Technovalley development project.
This in-kind contribution consists of the Gyeonggi Human Resources Development Institute site (126,000 square meters) and buildings located in Pajang-dong, Jangan-gu, Suwon. The base price is set at 109 billion KRW. The final estimated price, taking into account future changes in land use, will be determined through an appraisal process.
The Buk Suwon Technovalley will include a Gyeonggi-style Integrated Care and Medical Center, the Buk Suwon Station Integrated Transfer Center, dormitories, and rental housing, all aimed at improving the quality of life for local residents. In addition, as a core hub of the "Gyeonggi AI Knowledge Industry Belt" connecting Indeokwon, Gwacheon, Gwanggyo, Yongin, and Pangyo, it is expected to secure new growth engines for the southern Gyeonggi region and provide residents with greater opportunities for a better life.
Gyeonggi Province plans to work with GH to swiftly carry out follow-up procedures such as appraisal, detailed design, and obtaining permits, and to pursue the creation of an innovative and stable Technovalley through attracting and linking with private companies.
Son Imseong, Director of Urban and Housing Affairs for Gyeonggi Province, stated, "Through this in-kind contribution, we have established a stable foundation for the Buk Suwon Technovalley development project," adding, "Buk Suwon Technovalley will become a leading example of a Gyeonggi-style urban model, where elements closely tied to residents' lives?such as jobs, housing, leisure, and care?are organically integrated."
Meanwhile, the first Gyeonggi Opportunity Town is the 3rd Pangyo Technovalley. Gyeonggi Governor Kim Dongyeon held a press conference in March last year, stating, "Through Buk Suwon Technovalley, we will revitalize the local economy and transform the industrial landscape of both Gyeonggi Province and South Korea. Starting with Buk Suwon Technovalley, we will improve the quality of life for every resident and create an innovative model that opens the future for Gyeonggi Province and South Korea."
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