LH Signs Agreement to Establish Bio R&D Center in Myeongji International New City

LH Supports Land Supply and Site Securing for Bio R&D Center Construction
Presstige Biopharma to Start Construction in Second Half, Target Completion in First Half of Next Year

[Image source=Yonhap News]

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 18th that it signed a "Business Agreement for the Construction of the Myeongji Bio R&D Center" at Busan City Hall together with Singaporean biopharmaceutical company Prestige BioPharma, Busan City, and the Busan-Jinhae Free Economic Zone Authority.

Through this agreement, LH, Busan City, the Busan-Jinhae Free Economic Zone Authority, and Prestige BioPharma agreed to build a bio R&D center with a total floor area of 45,000㎡ in the Busan Myeongji International New City. To this end, LH will sign a land sale contract with Prestige BioPharma in the second half of this year to supply the site for the R&D center and support the administrative procedures necessary for securing the site.

Busan City and the Busan-Jinhae Free Economic Zone Authority plan to support related administrative and permit procedures such as construction. The R&D center is scheduled to begin construction in the second half of this year and be completed in the first half of next year.

Busan Myeongji International New City is an approximately 6.4 million㎡ free economic zone located in Gangseo-gu, Busan. Development began in 2010 and is scheduled for completion in 2025. Currently, 80% of the land has been sold. LH has made efforts to revitalize the district by attracting anchor companies, resulting in the attraction of the Descente R&D Center in 2016, which has been operating since 2018. Additionally, to facilitate the relocation of overseas universities and companies to Myeongji International New City, LH supplies land for foreign schools and complex facilities, and related organizations including Busan City are promoting the attraction of overseas institutions.

An LH official said, "At a time when the whole world has once again realized the importance of the bio industry producing vaccines and therapeutics amid the COVID-19 pandemic, it is meaningful that LH is participating in the construction of the bio R&D center," adding, "We will actively support the supply of the R&D center site in the second half of the year so that construction can begin within the year."

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