Jungheung Construction Group to Supply 109 Lots Including Residential Land in Pyeongtaek Brain City

Aerial view of Pyeongtaek Brain City.

[Asia Economy Reporter Donghyun Choi] A special purpose company (SPC) called 'Brain City Project Finance Investment,' consisting of Joongheung Construction Group and Pyeongtaek Urban Corporation, will supply land in Pyeongtaek's 'Brain City.'

Joongheung Construction Group announced on the 21st that it will supply a total of 109 lots including residential land, mixed-use residential and commercial land, single-family housing land, commercial land, and support facility land within Brain City in Pyeongtaek, Gyeonggi Province.

Brain City is a project to develop an advanced industrial complex, universities, residential and commercial facilities on approximately 4.82 million square meters in the Doil-dong area of Pyeongtaek City. Among these, Phase 1 (about 1.45 million square meters) will be developed as industrial facility land directly by Pyeongtaek Urban Corporation, a public enterprise under Pyeongtaek City. Then, Phase 2 (about 3.36 million square meters) will be developed by Brain City Project Finance Investment, a joint venture established by Joongheung Construction Group’s Joongheung Togeon and Pyeongtaek Urban Corporation, to create public facilities, residential facilities, and support facility land.

The supply volume this time is 109 lots out of Phase 2, totaling 207,529 square meters. Specifically, it includes ▲ 2 residential land lots (90,533㎡) ▲ 1 mixed-use residential and commercial land lot (26,052㎡) ▲ 30 single-family housing lots (7,091㎡) ▲ 14 commercial land lots (38,133㎡) ▲ 62 support facility land lots (41,783㎡).

The bidding will be conducted on Onbid, with applications accepted from the 19th to the 28th of this month, and the bid opening results announced on the 29th. The successful bidders will be announced on the 29th, and contracts will be signed over five business days from December 30th to January 6th, 2021, excluding holidays. Residential land will be allocated by lottery, while the rest will be supplied through competitive bidding.

Brain City, developed as the largest general industrial complex in Gyeonggi Province, is estimated to have an economic ripple effect of about 1.7 trillion KRW and create approximately 7,879 jobs. Accordingly, Brain City is expected to have a significant impact on revitalizing the local economy of Pyeongtaek City.

Pyeongtaek Brain City is adjacent to five expressways, five national highways, and five railways, and major airports and ports such as Incheon Airport (72.7 km), Gimpo Airport (63.6 km), Cheongju Airport (50.7 km), Pyeongtaek Port (24.8 km), and Incheon Port (64.2 km) are within a two-hour distance. In particular, Suseo High-Speed Railway (SRT) 'Jije Station' is located within 2 km in a straight line, allowing travel to Seoul Gangnam within 20 minutes, and commuting to and from Seoul is possible using Seoul Metropolitan Subway Line 1.

Additionally, it is adjacent to 21 industrial complexes that are either completed or under development, including Samsung Electronics Godeok Industrial Complex, LG Electronics Digital Park, and Jinwi Industrial Complex, which is expected to create synergy effects. Pyeongtaek City anticipates that this area will become the largest industrial belt in Korea leading the Fourth Industrial Revolution. Furthermore, a medical complex cluster for the development of medical and bio-healthcare industries, including a university hospital with about 800 beds, will also be established.

A representative of Joongheung Construction Group said, “Since advanced industrial complexes leading the Fourth Industrial Revolution will be linked with education, medical, research facilities, and commercial facilities, we expect to provide a differentiated residential environment that has been hard to find until now.”

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