85 Billion Won 'Goyang Ilsan Technovalley' to Break Ground Possibly Within This Year

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Goyang Ilsan Technovalley development project, which will become a new growth hub in northern Gyeonggi Province, is set to begin construction as early as this year.

On the 31st, according to Gyeonggi Province, Goyang City approved and announced the designation (change) of the district, development plan (change), and implementation plan for the 'Goyang Ilsan Technovalley Urban Development Project,' which is being jointly carried out with Gyeonggi Province, Gyeonggi Housing and Urban Corporation, and Goyang Urban Management Corporation.

Ilsan Technovalley is a project promoted to achieve balanced development in Gyeonggi Province, create jobs, and strengthen self-sufficient cities.

It is a project to establish a location base for attracting innovative companies in media and content, bio and medical, and advanced manufacturing sectors, investing 850 billion KRW in an area of 870,000㎡ (260,000 pyeong) around Daehwa-dong, Goyang City.

So far, the joint project implementers, including Gyeonggi Province, have completed preliminary administrative procedures such as ▲starting survey and design services (September 2018) ▲designation of urban development district and establishment of development plan (December 2019) ▲passing central investment review (June 2020) ▲announcement of land compensation plan (December 2020) ▲confirmation of metropolitan traffic improvement measures (June this year).

Once administrative procedures such as selecting a contractor for demolition work of obstructing structures are completed, compensation negotiations for incorporated land (65% as of the end of August) and approval of the implementation plan will proceed, and construction will begin in December.

The joint project implementers have planned about 37% (320,000㎡) of the total area of Ilsan Technovalley as industrial facility land for knowledge-based, research, and advanced manufacturing, and 52% (450,000㎡) as infrastructure land including roads, parks, and green spaces.

Along with the broadcasting and video valley, Janghang public housing district, CJ Live City, and KINTEX to be formed nearby, Gyeonggi Province expects this to establish a virtuous cycle system contributing to the creation of quality jobs and realization of a future self-sufficient city.

In particular, the Second Jayu-ro within the project area will be undergrounded and the upper part developed into a cultural park, and Janghang waterway will be turned into a waterfront park to develop it as a local attraction.

According to the feasibility study by the Korea Institute of Local Administration, the project's economic effects are predicted as a production inducement amount of 464.2 billion KRW, value-added inducement amount of 151.8 billion KRW, and employment inducement of 2,753 people.

Hong Ji-seon, Director of the Urban Housing Office of Gyeonggi Province, emphasized, "We will actively strive to ensure the smooth progress of the project so that Ilsan Technovalley can grow into a regional hub that enhances the development of northern Gyeonggi beyond Goyang City."

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