Development Profits from Gyeonggi Yongin Platform City to Be Reinvested in Yongin

A panoramic view of Bojeong-dong and Mabuk-dong areas in Giheung-gu, Yongin-si, where the Yongin Platform City for sports will be developed

Development profits from the Gyeonggi Yongin Platform City will be reinvested in the Yongin area.

The Gyeonggi Yongin Platform City is an urban development project jointly implemented by Gyeonggi Province, Yongin City, Gyeonggi Housing and Urban Corporation (GH), and Yongin Urban Corporation, with a total project cost of 6.2851 trillion KRW. It aims to create an economic downtown-type complex self-sufficient city over an area of 2,757,186㎡ covering Bojeong-dong, Mabuk-dong, and Singal-dong in Giheung-gu. This area will include semiconductor materials, parts, and equipment industries, advanced industrial research facilities, a transportation hub, and residential facilities. The project plan was approved this year, construction will begin next year, and completion is scheduled for the end of 2029.

Gyeonggi Province and Yongin City announced on the 25th that the "Agreement on the Basic Agreement of Joint Project Implementers for the Gyeonggi Yongin Platform City Urban Development Project," which includes the use of development profits from Platform City in the Yongin area, was recently approved consecutively by the Yongin City Council and the Gyeonggi Provincial Council.

According to the basic agreement passed by the local councils, regarding the previously controversial issue of the use of development profits, all profits must be reinvested within the project area. Furthermore, if the profits are to be used outside the development zone but within the Yongin area, GH and Yongin Urban Corporation must consult to ensure the funds are used in locations related to the original project.

Additionally, the ongoing Platform City development, where compensation is currently underway within the project area, will be carried out with Yongin City handling permits and approvals, while Gyeonggi Province oversees the overall project plan. Here, development profits refer to the remaining revenue after deducting investment costs, capital costs, profits, and taxes associated with the Platform City project implementation.

GH and Yongin Urban Corporation, holding 95% and 5% shares respectively in the Gyeonggi Yongin Platform City, will jointly handle tasks from project planning to site development, compensation and relocation measures, and land sales.

A provincial official explained, "Gyeonggi Province and Yongin City have experienced difficulties in narrowing differences regarding the use of development profits. However, with the approval of this basic agreement by the local councils, 'full reinvestment of development profits in Yongin' has become possible. The agreement between joint project implementers will be finalized within this month."

Yongin City expects that once Platform City is completed, a semiconductor ecosystem will be established connecting the advanced system semiconductor national industrial complex being developed in Namsa and Idong, Cheoin-gu, and the semiconductor cluster being constructed in Wonsam-myeon.

Mayor Lee Sang-il of Yongin said, "Since taking office in July last year, I have focused efforts to clearly ensure through this agreement that the profits generated from the development project in Platform City are fully reinvested in Yongin, and now we are seeing the results. I will do my best to ensure the project proceeds smoothly."

Meanwhile, in December last year, Yongin City secured approval from the Ministry of Land, Infrastructure and Transport for the Platform City wide-area traffic improvement plan, increasing the project cost by 260.6 billion KRW to 1.0784 trillion KRW from the original amount proposed by GH.

As a result, the underground road on Local Road No. 23, which has been chronically congested and causing inconvenience to citizens, can be extended from the previous 3.1 km to 4.3 km (from the Driver’s License Test Center to the Samsung Renault Car Intersection).

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