Pyeongtaek Hyeondeok District Development 'Green Light'... Priority Negotiator to Be Selected in December

Location map of Pyeongtaek Poseung and Hyeondeok districts where the Yellow Sea Economic Free Zone Authority is promoting corporate investment attraction

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The development project of the Hyeondeok District in Pyeongtaek, Gyeonggi Province, has gained momentum.

The Gyeonggi-do Yellow Sea Free Economic Zone Authority announced on the 25th that the Supreme Court Special Division 1 ruled on the 24th to dismiss the plaintiff, China Seong Development's lawsuit against the Yellow Sea Authority regarding the "cancellation of the designation as the developer of the Hyeondeok District development project," consistent with the decisions of the first and second trials.

Previously, the Yellow Sea Authority canceled the designation of China Seong Development as the developer of the Hyeondeok District development project in August 2018, citing reasons such as ▲expected failure to complete development within the implementation period ▲non-compliance with land compensation and implementation orders without justifiable reasons ▲failure to secure capital, which constitute grounds for project cancellation.

In response, China Seong Development filed a lawsuit in October of the same year requesting the cancellation of the cancellation of the designation as the developer. In July last year, the first trial court, Suwon District Court Administrative Division 3, dismissed the plaintiff, stating, "The reasons for the disposition presented by the defendant exist, and there is no abuse or deviation of discretion or procedural defect." Subsequently, in April, the second trial court, Suwon High Court Administrative Division 1, also dismissed the plaintiff, consistent with the first trial.

The Hyeondeok District development project is a project promoted over an area of 2,316,000 m2 in Jangsu-ri and Gwongwan-ri, Hyeondeok-myeon, Pyeongtaek-si, Gyeonggi Province. Gyeonggi Housing and Urban Corporation (30% + 1 share) and Pyeongtaek Urban Corporation (20%) participate, sharing equity with private developers (50% - 1 share) to proceed with the project.

The Yellow Sea Authority announced a public recruitment for private developers on the 28th of last month, aiming to select a preferred negotiator in December. As a result of receiving letters of intent to participate from private developers on the 16th, 18 companies submitted letters of intent.

A Yellow Sea Authority official stated, "With this Supreme Court ruling resolving the legal dispute, we can proceed smoothly with the ongoing public recruitment for private developers in the Hyeondeok District," and emphasized, "We will promptly designate an alternative developer and proceed with the Hyeondeok District project normally."

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