Hyundai Engineering and Osan City Collaborate on Unamtteul Smart City Development

[Asia Economy Reporter Yuri Kim] Hyundai Engineering is promoting joint cooperation with Osan City to develop the 'Osan Unamtteul Complex' into a smart city.

Hyundai Engineering and Osan City announced on the 15th that they signed a comprehensive Memorandum of Understanding (MOU) for 'Osan Unamtteul Smart City Development Cooperation.' The signing ceremony held at Osan City Hall in Gyeonggi-do was attended by Hyundai Engineering CEO Kim Chang-hak, Osan Mayor Gwak Sang-wook, and other officials from both sides, where they discussed future cooperation plans.

Hyundai Engineering has been proceeding with the project since being selected as the preferred negotiator through a private business operator competition in July last year and signing the 'Osan Unamtteul Complex Development' business agreement in November of the same year. The Osan Unamtteul Complex Development project involves supplying land for knowledge industry facilities, multi-family housing, neighborhood living facilities, and complex facilities on farmland east of Osan City Hall. The project is being promoted as a public-private joint development method, with Osan City and private business operators investing 5 billion KRW in capital to establish a Project Financing Vehicle (PFV).

The Osan Unamtteul project site is adjacent to the Gyeongbu Expressway and is considered a key location in the southern metropolitan area. It is also attracting attention as a large-scale joint investment development project carried out by both private and public sectors.

Hyundai Engineering and Osan City are pursuing goals to improve citizens' quality of life and establish sustainable urban growth strategies through the Osan Unamtteul Complex development project. They plan to build a master plan centered on smart education, smart mobility, and digital twin technologies. To this end, they will collect and reflect diverse ideas from citizens, expert advisory groups, local universities and institutions, and government agencies in the master plan.

A Hyundai Engineering official stated, "With the signing of this Unamtteul smart city development cooperation, we expect that administrative support, technology, and network sharing between Osan City and Hyundai Engineering will maximize mutual synergy," adding, "We will prepare so that Osan Unamtteul Smart City can be recognized as a model case of privately proposed smart cities."

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