Sandangong, Full-Scale Development of Gyeyang General Industrial Complex Begins
Commencement of Large-scale Land Compensation
Korea Industrial Complex Corporation (Chairman Lee Sang-hoon, hereinafter referred to as KICO) announced on the 26th that it will intensify the 'Gyeyang General Industrial Complex Development Project,' jointly promoted with Gyeyang-gu, Incheon. The Gyeyang General Industrial Complex is a project to develop a 243,086㎡ site located at 255-2, Byeongbang-dong, Gyeyang-gu, Incheon, adjacent to the Gyeyang IC of the Metropolitan Area 1st Ring Expressway, through a public development method by KICO and Gyeyang-gu.
Since the approval of the industrial complex plan on April 10, KICO announced on the same day the 'land-for-land compensation plan,' which compensates landowners with land within the same industrial complex instead of cash, if desired, according to the land compensation payment procedure. KICO and Gyeyang-gu Office plan to proceed with the compensation payment process through appraisal following the announcement and aim to complete the project by the end of 2026.
KICO aims to create an eco-friendly industrial complex in the metropolitan area by designating 21.9% of the total complex area as parks and green spaces, providing rest areas for workers and a smooth pedestrian environment. A startup support center for fostering small and medium-sized enterprises will be established in the knowledge industry center within the industrial complex, and a dedicated parking building will be constructed to support parking spaces.
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According to the Korean Society of Land and Urban Planning, the development of the Gyeyang General Industrial Complex is expected to generate a production inducement effect of 249.9 billion KRW and create 1,583 jobs. Along with the nearby Seoun General Industrial Complex and Gyeyang Technovalley, it will supply locations for fostering advanced industries in the metropolitan area, contributing to strengthening corporate competitiveness. Lee Sang-hoon, Chairman of Korea Industrial Complex Corporation, said, "The competitiveness of industrial sites is becoming increasingly important due to recent changes in the domestic and international economic environment," adding, "KICO will strive to provide customized industrial sites reflecting industrial structure changes and corporate location demands based on accumulated expertise."
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