820 Billion KRW Invested in 'Gwangmyeong Cultural Complex'... Gyeonggi-do Designates Urban Development Zone

Aerial View of Gwangmyeong Cultural Complex

The creation of the ‘Gwangmyeong Cultural Complex’ near Gahak-dong, Gwangmyeong Cave in Gwangmyeong City, Gyeonggi Province, is expected to gain momentum.

Gyeonggi Province announced on the 25th that it has designated the Gwangmyeong Cultural Complex urban development zone and established a development plan for the area around lot 10, Gahak-dong, Gwangmyeong City, where Gwangmyeong Cave is located.

This project will be carried out through a public-private joint development method, with the Gwangmyeong Cultural Complex PFV, established by public entities such as Gwangmyeong Urban Corporation contributing 50.1% and private entities 49.9%, investing a total of 824.2 billion KRW to develop cultural, tourism, commercial, and residential facilities on a site of 549,120㎡ (approximately 170,000 pyeong).

The project is expected to generate about 640 billion KRW in production inducement effects, about 270 billion KRW in added value inducement effects, and create approximately 3,000 jobs.

The Gwangmyeong Cultural Complex will be an open cultural complex equipped with various facilities such as leisure, culture, and shopping. As part of the project to develop Gwangmyeong Cave and its surrounding areas into a tourist attraction, it will be linked with the Gwangmyeong-Siheung Technovalley and the Gwangmyeong-Siheung Public Housing District to become a representative cultural complex hub in the southwestern metropolitan area.

The project was initially promoted after selecting a private preferred negotiator in September 2019 but was halted in June 2022 due to amendments and enforcement of the Urban Development Act.

This is because the amended Urban Development Act in 2022 introduced regulations for the public recruitment process of private participants and added provisions requiring approval from the governor for agreements between public and private developers.

Subsequently, the project was resumed following the enforcement of the Urban Development Act in July 2023, which deferred the re-application process for private participants for three years.

Accordingly, after the enforcement of the Urban Development Act, Gyeonggi Province became the first in the country to approve the public-private joint urban development project agreement in January this year, as well as the designation of the zone and establishment of the development plan, putting the project on track.

Lee Gye-sam, Director of the Urban Housing Office of Gyeonggi Province, stated, "The public-private joint urban development projects in cities and counties were restricted for a long time due to legal amendments, limiting property rights. Gyeonggi Province expedited the approval of the urban development zone designation and development plan establishment." He added, "We expect the Gwangmyeong Cultural Complex project to gain momentum, and we will actively work to promptly resolve residents’ inconveniences caused by compensation delays and ensure timely urban development."

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