Yongin Deokseong 2 Industrial Complex 'Green Light'... Agreement Signed with Hanwha Consortium

[Asia Economy (Yongin) = Reporter Lee Young-gyu] A green light has been given for the creation of Deokseong 2 General Industrial Complex in Yongin, Gyeonggi Province.

Yongin City announced on the 29th that it signed an agreement with the Hanwha Consortium for the establishment of the 'Deokseong 2 General Industrial Complex,' covering an area of 295,133㎡ at 596-3 Deokseong-ri, Idong-eup, Cheoin-gu.

Known as the 2nd Yongin Technovalley, Deokseong 2 Industrial Complex will be developed through a public-private partnership by establishing a Special Purpose Company (SPC), similar to the nearby Yongin Technovalley.

The SPC, established with a capital of 5 billion KRW, will have Yongin Urban Corporation investing 20% (1 billion KRW), while Hanwha Urban Development, Hanwha Construction, and Korea Development Bank will invest the remaining 80% (4 billion KRW).

Yongin Urban Corporation will oversee the overall management and supervision of the Deokseong 2 Industrial Complex construction project. The Hanwha Consortium will be responsible for the SPC’s management, financing for project implementation, and the construction of the complex.

Yongin Urban Corporation had previously selected the Hanwha Consortium as the private developer for Deokseong 2 Industrial Complex through a public offering last year.

Following the agreement with the Hanwha Consortium, the city plans to complete administrative procedures such as industrial complex approval and land compensation, start construction next year, and complete the complex by 2024.

Right next to Deokseong 2 Industrial Complex, the 840,342㎡ Yongin Technovalley is being developed, with companies currently moving in.

Accordingly, the Deokseong-ri area of Idong-eup, which was once a rural area, is rapidly transforming into an industrial city.

Baek Gun-gi, Mayor of Yongin, expressed expectations, saying, "Deokseong 2 Industrial Complex will play a pivotal role as an advanced base for domestic semiconductor materials and equipment localization, along with the semiconductor cluster in Wonsam-myeon."

This content was produced with the assistance of AI translation services.