Busan Myeongji International New City, Large-Scale Complex Shopping District Planned

A large-scale complex shopping district consisting of facilities such as department stores, neighborhood living facilities, and accommodation facilities will be established in Myeongji International New City.

The Busan-Jinhae Free Economic Zone Authority (FEZ Authority) announced on the 7th that it completed the architectural committee review related to the construction of a large-scale complex shopping district including a department store in Myeongji International New City last February and is currently proceeding with related procedures.

The ‘Myeongji District Complex Site 5 Development Project’ underway in Myeongji International New City, Gangseo-gu, Busan, is a project to build a large-scale complex shopping district with a total floor area of 1,171,502㎡ consisting of sales facilities (department store), neighborhood living facilities, and accommodation facilities on a site of about 100,000㎡, ranging from 6 basement floors to 40 floors above ground.

Bird's-eye view of a large-scale complex shopping district.

With this project, Myeongji International New City, where the department store will be located, built a large-scale knowledge industry center worth 1.7 trillion KRW in January for new growth and advanced industries, and projects to create residential conditions are underway.

The Busan-Jinhae Free Economic Zone, where Myeongji International New City is located, is a region where the population is increasing, which is rare in the southeastern region, and is home to 1,893 automobile, marine, and materials and parts industry companies and 56,000 skilled technicians.

Also, it is a region with very high expectations for industrial growth and job creation as it includes the Gadukdo New Airport, scheduled for completion in 2030, and the Busan-Jinhae New Port.

Nature-friendly waterfront spaces and large-scale green parks, prestigious educational institutions from the UK and the US, cultural and artistic infrastructure such as the National Assembly Library and a modern art museum, university hospitals, and large hotels have also been established or are being planned.

Director Kim Ki-young said, “Projects for cultural complex facilities worth more than 3 trillion KRW and office facility projects worth 1.7 trillion KRW in Myeongji Districts 1 and 2 are being carried out with the goal of approval and groundbreaking, totaling more than 5 trillion KRW in scale. Because of this, Myeongji International New City will be reborn as an advanced international business city equipped with excellent company clusters and optimal residential conditions, and it is expected to lead economic growth in the western Busan area.”

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