Land Purchase Agreement Worth 410 Billion Won Also Concluded with LH
On December 15, Bucheon City in Gyeonggi Province signed the 'Bucheon Daejang Urban High-Tech Industrial Complex Residency Agreement' with four companies: Korean Air, SK Innovation, SK Hynix, and DN Solutions. The four companies also concluded a land purchase agreement worth 410 billion won with Korea Land & Housing Corporation (LH).
This marks the first instance of companies moving into an industrial complex within the third phase new towns, and it is an unusual case where both the residency agreement and the land purchase agreement were finalized simultaneously at the same venue. With this agreement, 36% of the industrial facility land (approximately 130,000 square meters, or about 39,000 pyeong) has been secured for early occupancy. The companies plan to invest about 2.6 trillion won, including land acquisition costs, to establish research complexes and other facilities by 2030.
DN Solutions is scheduled to complete construction and move in first, by March 2029. SK Innovation and SK Hynix plan to move in by the end of 2030, and Korean Air by the end of 2031. Once all companies have moved in, more than 3,700 researchers with master's and doctoral degrees are expected to be based at the complex.
Mayor Jo Yong-ik of Bucheon (center) is taking a commemorative photo with attendees after signing the 'Bucheon Daejang Urban High-Tech Industrial Complex Residency Agreement' with four companies?Korean Air, SK Innovation, SK Hynix, and DN Solutions?at the Ojeong District Office on the 15th. Bucheon City, Gyeonggi Province
The event was attended by Kim Dong-yeon, Governor of Gyeonggi Province; Jo Yong-ik, Mayor of Bucheon; Seo Young-seok, National Assembly Member (Bucheon-gap); Woo Ki-hong, Vice Chairman of Korean Air; Kim Pil-seok, Chief Technology Officer (CTO) of SK Innovation; Park Ho-hyun, Vice President of SK Hynix; Kim Won-jong, CEO of DN Solutions; Oh Hee-seok, Head of the LH Gyeyang-Bucheon Project Division; and Lee Jeong-man, Head of Urban Development at Bucheon Urban Corporation.
The participating companies requested the expansion of infrastructure such as transportation, housing, and electricity, as well as administrative support, to ensure the smooth operation of the future R&D cluster. Mayor Jo stated, "We will work closely on each specific issue," adding, "In addition, we will ensure that company employees can enjoy Bucheon's cultural and welfare benefits together."
With these leading companies representing advanced industries such as aviation mobility, energy, semiconductors, and precision machinery confirming their move-in, the Bucheon Daejang Urban High-Tech Industrial Complex is expected to become a core hub for future industries in the western metropolitan area.
On the same day, the groundbreaking ceremony for the 'Daejang-Hongdae Line Metropolitan Railway Project' was held at Ojeong Grand Park, adding further significance to the occasion. The Daejang-Hongdae Line is a project spanning approximately 20 kilometers with 12 stations, connecting Daejang District to Hongdae Entrance. In the Bucheon section, there will be four stations: Daejang, Wonjong, Ojeong, and Gogang. Once operational, travel time from Bucheon to Mapo and Hongdae in Seoul will be reduced to just 25 minutes, significantly improving industrial accessibility to the Bucheon Daejang Urban High-Tech Industrial Complex.
Mayor Jo stated, "With the move-in of leading companies and the groundbreaking of the metropolitan railway, Bucheon has taken another step forward as a cutting-edge science and education city equipped with balanced industrial, educational, and transportation infrastructure. We will create a city where companies and people grow together."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
