Mayor Shin Sangjin: "Pangyo Complex Development Shortened by 4 Months... Boosting Inflow of Young Residents"

Seongnam City Gains Momentum for Pangyo Botdeul Reservoir Complex Development Project
Early Start on Follow-up Administrative Procedures Expected... Anticipated Boost to Local Economy

The "Pangyo Botdeul Reservoir Complex Development Project" being promoted by Seongnam City, Gyeonggi Province (Mayor Shin Sangjin), is expected to gain momentum as the Ministry of the Interior and Safety has granted an exemption from the local finance investment review, significantly streamlining administrative procedures.

Current view (photo above) and expected image of the Pangyo Botdeul Reservoir Complex Development Project in Seongnam City. Provided by Seongnam City

With this exemption, administrative procedures that would have taken about four months can be omitted, allowing the city to begin follow-up actions such as budget formulation and the establishment of a shared property management plan at an early stage. Seongnam City plans to begin basic and detailed design in 2026, start construction in 2028, complete the project in 2030, and officially launch occupancy in 2031.

The "Pangyo Botdeul Reservoir Complex Development Project" aims to maintain the reservoir function of the Botdeul Reservoir located at 667 Sampyeong-dong, Bundang-gu, while developing the upper space as a complex. The project will provide residential facilities for young workers in Pangyo Techno Valley, where there is a shortage of housing supply, and seeks to revitalize the local economy and return development profits to the community.

The complex will consist of a total of 646 units, including 304 job-linked supported housing units and 342 public sale units for young people and newlyweds. In addition, various ancillary facilities such as commercial spaces, citizen convenience facilities, a public library, a startup center, and community facilities for residents will be included.

In particular, the complex will feature a "Youth Street" based on K-content, a digital public library equipped with a multimedia room, a children's reading room, and study rooms, as well as a startup center with shared offices and seminar rooms. There will also be open community facilities such as a fitness center, shared lounge, and shared kitchen, which will be available for both residents and local community members.

In January of this year, the project was selected for the Ministry of Land, Infrastructure and Transport's "2024 Second Half Job-Linked Supported Housing Project," receiving approximately 29 billion KRW in government funding and being designated as a target for streamlined administrative procedures (investment review exemption).

Subsequently, at the 13th Cabinet Meeting held on March 25, the project was designated as a local government investment review streamlining project. After a preliminary review by the Korea Research Institute for Local Administration, the Ministry of the Interior and Safety's exemption from investment review was finalized and officially notified through Gyeonggi Province on July 22.

As a result, the investment review process, which would have taken about four months, can be omitted, enabling early commencement of follow-up administrative procedures such as budget formulation and the establishment of a shared property management plan.

Pangyo Techno Valley is a representative job hub densely populated by young people, entrepreneurs, and small and medium-sized enterprise workers. However, the lack of a resident population has led to concerns about urban hollowing-out. In response, Seongnam City expects this complex development project to balance residential and job opportunities, revitalize local businesses, and generate tourism demand.

Shin Sangjin, Mayor of Seongnam City, stated, "Following the project's selection for the Ministry of Land, Infrastructure and Transport's supported housing program, the exemption from the Ministry of the Interior and Safety's investment review is another meaningful achievement. By creating youth-specialized housing close to workplaces for Pangyo Techno Valley workers, we will reduce the housing burden for young people and provide a stable living foundation, thereby revitalizing the local economy and encouraging the inflow of young residents."