Goyang Ilsan Technovalley Begins First Land Sale... Six Knowledge-Based Facility Plots Up for Competitive Bidding

Goyang City to Promote Phased Land Sales
Land Purchase Subsidies, Employment Support
Various Incentives Offered

Goyang Ilsan Technovalley, which is set to become a key hub for the fourth industrial sector in northern metropolitan Seoul, officially began its land sale process on October 30, starting with a public announcement for land parcel sales.

Exterior view of Goyang Special City Hall. Provided by Goyang Special City

Goyang Special City (Mayor Lee Donghwan) announced on the 31st that it has opened the sale of six plots of knowledge-based facility land in the southern section of Janghangsu-ro, Ilsan Technovalley, with plans to sell the land in phases by 2026 in line with the development timeline of Ilsan Technovalley.

The land currently available for sale consists of six plots in Block 12, designated for knowledge-based facilities, totaling 14,478 square meters (approximately 4,390 pyeong). The sale will be conducted through a competitive bidding process based on appraised value.

The city has prepared a variety of incentives to help resident companies successfully settle in Ilsan Technovalley.

First, under the 'Goyang City Investment Promotion Ordinance,' companies investing in more than 1,000 pyeong of industrial facility land will be eligible for up to 800,000 won per pyeong in land purchase subsidies, as well as employment and training subsidies for hiring new Goyang citizens.

In particular, companies that hire more Goyang citizens than their regular workforce and provide training will receive subsidies of 500,000 won per person per month for six months, up to a maximum of 100 million won per company.

Additionally, with the designation of a Venture Business Promotion Zone in 2024, venture companies moving into Ilsan Technovalley will benefit from up to a 50% reduction in acquisition and property taxes, as well as exemptions from five major fees (traffic generation, development, forestry, grassland, and farmland fees).

A city official stated, "Starting with the sale of knowledge-based facility land in the southern section of Janghangsu-ro, we plan to complete the sale of the southern section by the second half of this year, followed by the sale of the Urban High-Tech Industrial Complex in the first half of next year, and the northern section of Janghangsu-ro in the second half of next year." The official added, "With its fast and convenient transportation infrastructure, Ilsan Technovalley is expected to become an excellent industrial complex for business, attracting a wide range of domestic and international companies."