Korea Railroad Reopens Bidding for Former Pohang Station Site Development with 'Operator Burden Reduction'

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Korea Railroad Corporation (KORAIL) will re-tender for private developers to participate in the redevelopment of the former Pohang Station railway site. The re-tender will be conducted through a development sale method based on KORAIL's land acquisition, with the application period from March 29 to April 4.

According to KORAIL on the 29th, the redevelopment project of the former Pohang Station site involves developing the railway land (27,000㎡) near the old Pohang Station, which ceased operations due to the establishment of the KTX Pohang Station.

Previously, in May last year, KORAIL invited bids for the redevelopment of the former Pohang Station railway site as an urban development project using a land readjustment method in cooperation with Pohang City, but the bid was unsuccessful. The land readjustment method compensates landowners within the urban development area by providing them with land created within the development zone instead of direct monetary compensation.

In response, KORAIL held a meeting with participating companies to gather their opinions, improved project conditions by increasing the scoring weight for development plans in the evaluation criteria, and expanded consortium membership to ease the burden on developers, thereby conducting the re-tender.

Detailed information, including the tender guidelines, can be found on the KORAIL website.

Sung Kwang-sik, Head of Business Development at KORAIL, stated, “The redevelopment project of the former Pohang Station site will serve as a focal point to revitalize the old downtown by creating a high-rise residential-commercial complex.” He added, “KORAIL will cooperate with related organizations to ensure the project proceeds smoothly and contributes to the revitalization of the local economy.”

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