Gwangmyeong-Siheung Technovalley Development Project 'On Track'... Groundbreaking for General Complex on 3rd Next Month

Construction of General Industrial Complex to Begin on June 3
‘Hoban Industrial Consortium’ Selected as Final Contractor
Construction Cost Approximately 61.6 Billion KRW... Scheduled for Completion in 2025

[Asia Economy Reporter Tae-min Ryu] The Gwangmyeong-Siheung Technovalley, a representative convergence high-tech industrial complex in the southwestern metropolitan area, will break ground early next month.

According to the Korea Land and Housing Corporation (LH) on the 24th, the general industrial complex within the Gwangmyeong-Siheung Technovalley will begin construction first on the 3rd of next month. The Gwangmyeong-Siheung Technovalley is a convergence high-tech industrial complex developed on a scale of 2,449,000㎡ in Gahak-dong, Gwangmyeong City, and Nongok-dong, Siheung City, consisting of four complexes: a general industrial complex, a distribution complex, a high-tech industrial complex, and a residential complex. Among these, the general industrial complex is the largest of the four complexes (974,792㎡), developed by LH with a project cost of 789 billion KRW. This project aims to relocate small and medium-sized manufacturing companies that were scattered disorderly due to the cancellation of the Gwangmyeong-Siheung public housing district in 2015.

LH announced that it issued a bid notice for the general industrial complex in February, and after conducting contractor eligibility screening and comprehensive evaluation, it finally selected a consortium consisting of Hoban Industry and three other companies (Hanyang, Geumgang Industry, Daewoo Shipbuilding & Marine Engineering Construction) as the contractor on the 20th of last month. The contract construction cost is approximately 61.6 billion KRW, with a total construction period of 48 months. A total of 27 companies participated in the bid based on the representative company.

LH will also invest 256.7 billion KRW to develop a 297,000㎡ distribution complex. About 500 wholesale and retail distribution companies, including those dealing in daily necessities and flowers, are expected to move in. The construction contractor will be selected through a construction bid starting on the 26th, and construction is expected to begin around July.

The Gyeonggi Housing and Urban Corporation (GH) is responsible for developing the high-tech industrial complex and the residential complex. The high-tech industrial complex will be developed on a scale of 494,000㎡ with a project cost of 453.6 billion KRW. It will house knowledge-based service industries for manufacturing advancement, high-tech manufacturing, machinery, and automobile parts companies.

Meanwhile, GH received approval last year for a change in the complex plan due to the expansion of the residential complex (from 253,000㎡ to 683,000㎡). It plans to select a construction company in the second half of this year and begin construction of the residential complex, with completion scheduled for December 2026.

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