Bucheon-si and GS Consortium Sign Agreement for Complex Development Project of Video Culture Industry Complex

Jang Deok-cheon, Mayor of Bucheon (left), and Kim Gyu-hwa, CEO of GS Construction Consortium, are signing the agreement for the 'Bucheon Video Culture Industry Complex Development Project' on the 24th.
[Photo by Bucheon City]

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province signed an agreement on the 24th with the GS Construction consortium regarding the 'Bucheon Video Culture Industrial Complex Integrated Development Project.'

According to the agreement, the GS Construction consortium plans to invest approximately 4.19 trillion KRW to develop a video culture industrial complex on the site of Sangdong 529-2 (382,743㎡).

The site will be developed as a new content production hub utilizing AR, VR, and global IP, envisioning the establishment of a one-stop content platform where planning, investment, production, exhibition, and distribution are all conducted in one place.

To this end, 28 leading domestic and international companies in the video culture content sector, including Sony Pictures and EBS, will be attracted, and a landmark tower with 70 floors, including a convention center and hotel, will be constructed.

Additionally, on a 12,600-pyeong corporate site, video and content-related companies will be concentrated, providing opportunities for collaboration, investment, and education with leading companies, laying the foundation for future growth into global unicorn companies.

Bucheon City plans to actively invest in the content industry, recognized as a next-generation high value-added core industry, through this project, securing new growth engines that will be responsible for Bucheon's next 100 years.

Furthermore, to promote balanced regional development, a portion of the sale proceeds will be invested in expanding insufficient infrastructure such as parking lots in the old downtown area.

Mayor Jang Deokcheon stated, "We expect the Video Culture Industrial Complex to be developed as a world-class new content production hub, and we will work with the GS Construction consortium to successfully carry out the project."

Meanwhile, the project site at Sangdong 529-2 was purchased by Bucheon City from the Korea Land Corporation in 2001.

For over 20 years, it has been utilized through small-scale rental development without a master plan, frequently experiencing lawsuits and complaints from local residents, continuously raising the need for systematic development of the entire complex.

Accordingly, the city sought to promote sustainable development based on private creative ideas and selected the GS Construction consortium as the preferred negotiator in April 2019 through a public contest for the project implementer of the 'Bucheon Video Culture Industrial Complex Integrated Development Project' in 2018.

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