Color Change in Ulsan KTX Station Area Map... 'Station Area Complex Specialized District Development Project' Sets Sail

Creating a 'Self-Sufficient New Town' with Advanced Industry Workplaces and Living Spaces by 2025

On the 22nd, Ulsan City, Urban Corporation, Ulju-gun, and Hanwha Solutions Sign 'Business Agreement'

Seoulsan Area New Town to Develop as a 'Co

Location map of KTX station area complex specialized district development.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The ‘Ulsan-type New Deal’ project, the ‘KTX Station Area Complex Specialized District Development Project,’ has set sail.

The ‘KTX Station Area Complex Specialized District Development Project’ is a project to establish a growth hub in the Seoulsan area to achieve regional balanced development.

It is a representative project for creating a ‘Ulsan-type hopeful workplace, new jobs, and happy living space’ to solve the ongoing population decline problem.

Ulsan City plans to lead the development of the Seoulsan area and expand the city’s boundaries by creating a ‘self-sufficient complex new town’ equipped with industrial, research, education, residential, and corporate support functions behind the KTX Ulsan Station.

Ulsan City is promoting the project in a public-private joint investment form, investing a total of about 905 billion KRW by 2025 to create a ‘workplace and living space’ where about 28,000 people (11,000 households) can live on a 1.53 million square meter site in Samnam-eup, Ulju-gun.

To officially promote the project, on the 22nd at 2 p.m., Ulsan City held a business agreement (MOA) signing ceremony for the ‘Ulsan KTX Station Area Complex Specialized District Development’ project at the 7th-floor situation room of City Hall with Hanwha Solutions Co., Ltd., Ulju-gun, and Ulsan Urban Corporation.

The signing ceremony was attended by Song Cheol-ho, Mayor of Ulsan; Lee Gu-young, CEO of Hanwha Solutions Co., Ltd.; Lee Seon-ho, Ulju-gun Governor; and Sung In-soo, President of Ulsan Urban Corporation. Hanwha Solutions Co., Ltd., Ulju-gun, and Ulsan Urban Corporation will establish a special purpose corporation as joint project implementers, and Ulsan City promised to actively support administrative tasks such as permits and approvals.

With public and private joint investment (55:45), Ulju-gun and the Urban Corporation, holding the majority stake, will lead securing the project’s public nature and smooth progress. The development profits generated will be reinvested in public projects for regional community development after consultation with Ulsan City.

Ulsan City plans to complete the establishment of the special purpose corporation within this month, announce the implementation plan approval in November, and begin full-scale construction in December.

28% of the total area will be designated as an advanced industrial complex, focusing on fostering future growth engine specialized industries such as Information and Communication Technology (IT), Biotechnology (BT), and Nanotechnology (NT).

Additionally, to actively attract companies related to advanced industries such as future cars, genome bio, and energy sectors, industrial land will be supplied at about 60% of the development cost.

Ulsan City expects that by 2025, when the ‘KTX Station Area Complex Specialized District’ is successfully developed, it will generate a production inducement effect of 1.8 trillion KRW and an employment inducement effect of 8,300 jobs.

Along with the complex specialized district development, the second phase of the ‘Ulsan Station Complex Transfer Center’ construction will also be completed in 2025, further boosting the development of the Seoulsan area.

Mayor Song Cheol-ho of Ulsan said, “The KTX Station Area Complex Specialized District will become a new center of Ulsan as a high-quality self-sufficient new town equipped with advanced industry jobs and excellent residential conditions,” adding, “It is also expected to play a central role in the Yeongnam region’s grand mega city.”

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