6.2 Trillion Won 'Baekhyeon MICE Urban Development' Smooth Sailing... Seongnam Urban Development Corporation Selected as Preferred Negotiator

A bird's-eye view of the 'Baekhyeon MICE Urban Development Project,' which Seongnam Urban Development Corporation is investing a total of 6.2 trillion KRW to complete by 2030.

A total of 6.2 trillion KRW will be invested in the 'Baekhyeon MICE Urban Development Project,' scheduled for completion in 2030, which gained momentum with the selection of the preferred negotiation partner.

Seongnam Urban Development Corporation finalized the Meritz Securities consortium, consisting of Meritz Securities, DL E&C, Samsung Securities, Taeyoung Construction, and strategic investors, as the preferred negotiation partner for the Baekhyeon MICE Urban Development Project at the end of last month and signed an agreement.

The Baekhyeon MICE Urban Development Project is a complex MICE industry cluster supporting a '4th Industrial Revolution-based global city' for exhibitions, conferences, and tourism, developed on a 206,350.2㎡ site at 1 Jeongja-dong, Bundang-gu, Seongnam City, linked with Pangyo Techno Valley.

According to the project plan proposed by the preferred negotiation partner, the Meritz Securities consortium, the total project cost is 6.2 trillion KRW, of which 2.54 trillion KRW is public contribution. The urban development project aims to break ground in the first half of 2025 and complete construction in the second half of 2030.

To secure public interest, Seongnam Urban Development Corporation will receive the exhibition convention center (6 floors) and public support facilities (15 floors) constructed by the project implementer as donations, and will also acquire underground roads, pedestrian bridges connecting to Sunae Station, and smart parks free of charge to revitalize the complex and resolve traffic issues.

Additionally, the public offering guidelines reflect measures addressing issues from the Daejang-dong development project, including ▲excess profit recovery ▲prohibition of specific money trust investments ▲construction company participation in AMC investments ▲exclusion of corporation employees from private participant evaluations ▲mayor’s approval and city council reporting before signing the project agreement.

Park Kyung-seop, Acting President of Seongnam Urban Development Corporation, stated, "After establishing the Project Finance Vehicle (PFV) and designating the project implementer, we will complete the application for implementation plan approval by December 27, 2023," adding, "We will do our best to ensure a fair and transparent project execution."

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