Goyang Ilsan Technovalley, Phased Sale in the First Half of Next Year

Securing 154% Occupancy Demand Relative to Supply Area... Promoting Attraction of Domestic and International Anchor Companies
Acquisition and Property Tax Benefits Up to 50% Reduction · Land Purchase Cost Support Up to 800,000 KRW per Pyeong
Lee Dong-hwan, Mayor of Goyang, "Optimal Location for Advanced Industry Development... Support for Investment Attraction, Startups, and Workforce Acquisition"

Goyang Ilsan Technovalley, poised to become a key hub for the 4th industrial revolution in the northern metropolitan area, is expected to proceed with phased sales in the first half of next year. Goyang Special City plans to sell land for advanced manufacturing industries, knowledge-based facilities, and research facilities within Ilsan Technovalley, nurturing it as an innovation cluster for cutting-edge industries such as bio-medical and media-content sectors. Recently, with the designation of the venture promotion zone, venture companies within Ilsan Technovalley can enjoy tax benefits such as reductions in acquisition tax and property tax.

Lee Dong-hwan, Mayor of Goyang Special City, is conducting a briefing session on attracting investment from Japanese companies on October 25. Provided by Goyang Special City

Based on the Goyang City Investment Promotion Ordinance, Goyang Special City has prepared active support measures, including providing up to 800,000 KRW per pyeong for land purchase costs when investing in industrial facility land of 1,000 pyeong or more.

Ilsan Technovalley was selected in 2016 as a Gyeonggi Province public project and is jointly implemented by Gyeonggi Province, Goyang City, Gyeonggi Housing and Urban Corporation (GH), and Goyang Urban Management Corporation. Located in Daehwa-dong, Ilsanseo-gu, it covers an area of 872,000 square meters (approximately 260,000 pyeong) with a project budget of 850 billion KRW, developing infrastructure to attract innovative companies in bio-medical, media-content, and advanced manufacturing sectors.

Goyang Ilsan Technovalley project site. Provided by Goyang Special City

After going through administrative procedures such as development plan establishment, implementation plan approval, compensation, and detailed design, Daebo Construction Consortium was selected as the contractor in 2023, and the site development work is progressing smoothly. As of November, the construction progress rate is about 13%, with completion targeted by the end of 2026. Full-scale sales are planned to begin in the first half of 2025.

Goyang Special City has held investment briefing sessions to attract domestic and foreign companies to industrial facility land within Ilsan Technovalley, including the Korean Chamber of Commerce delegation from Osaka, Japan, the Fulton County Chairman delegation from the USA, investment briefings for ambassadors from 32 countries, and the Korea-Japan Business Exchange Goyang Global Investment Attraction Conference. It also actively promoted the project by setting up booths at the 14th International Pharmaceutical & Bio Industry Exhibition, the 2024 Digital Media Tech Show, and the 2024 Korea Software Exhibition.

The main targeted industries are bio-medical (64 companies), media-content (17 companies), and others (64 companies), with memorandums of understanding (MOUs) and letters of intent (LOIs) signed with companies wishing to move in. As of November, demand for 490,000 square meters, equivalent to 154% of the supply area, has been secured.

Lee Dong-hwan, Mayor of Goyang Special City, conducting a briefing session for the Fulton County delegation from the United States on April 27. Provided by Goyang Special City

With the opening of the GTX-A line near Ilsan Technovalley on the 28th, accessibility to downtown Seoul is expected to improve significantly. The area is accessible via Seoul Subway Line 3 (Ilsan Line) and the Gyeongui-Jungang Line, and plans for extending Incheon Subway Line 2 are underway. Additionally, it is conveniently located near the 1st and 2nd Jayuro Expressways and the Metropolitan Area 1st Ring Expressway, making it easy to use the metropolitan road network. It is also an excellent location for overseas access, being 40 minutes from Incheon Airport and 20 minutes from Gimpo Airport.

Ilsan Technovalley is gathering expectations as a new growth hub for advanced industries in the northern metropolitan area, including ICT advanced manufacturing, bio-medical, and media content. The city plans to attract core companies that will play a central role in the regional industry and establish a cooperative system where startup companies form an industrial ecosystem. Upon completion, it is expected to create about 22,000 jobs and generate an economic ripple effect of 500 billion KRW.

Furthermore, it plans to maximize growth synergy for resident companies by linking with the nearby Gyeonggi Goyang Broadcasting and Video Valley, KINTEX Exhibition Hall 3, and Janghang Public Housing District. Efforts are focused on attracting domestic and foreign companies to create a specialized area where work, residence, and enjoyment coexist.

Goyang Ilsan Technovalley Zone Map. Provided by Goyang Special City

Goyang Special City has established a basis under the 「Goyang City Investment Promotion Ordinance」 to support up to 800,000 KRW per pyeong for land purchase costs when investing in industrial facility land of 1,000 pyeong or more to attract core companies and advanced industries. Employment subsidies and training subsidies are also provided when hiring new residents registered in Goyang City and conducting education and training.

In October, for the first time in northern Gyeonggi, Ilsan Technovalley was designated as a venture company promotion zone by the Ministry of SMEs and Startups. Venture companies moving into Ilsan Technovalley are eligible for up to 50% reductions in acquisition tax and property tax, exemption from five types of development charges and other fees, and can receive management and technical support from the government.

The city is promoting the designation of the Gyeonggi Free Economic Zone, which includes Ilsan Technovalley. Once designated, it will attract excellent companies through acquisition and property tax reductions for foreign-invested companies and resident companies based on related laws, and is dedicated to driving co-growth in the northern metropolitan area and balanced development between the northern and southern regions.

Goyang Ilsan Technovalley Cooperation System. Provided by Goyang Special City

Additionally, since July last year, with the enforcement of the 「Local Decentralization Balanced Development Act」, which includes Goyang City as an eligible border area, the city plans to apply for a special opportunity development zone that supports regulatory exemptions, tax and financial support, and improvements in living conditions.

Lee Dong-hwan, Mayor of Goyang Special City, stated, “Ilsan Technovalley has optimal industrial site conditions for fostering advanced industries such as bio and advanced precision medical industries linked with seven major hospitals and research institutes in Goyang City, broadcasting and media content based on major broadcasters and the Broadcasting and Video Valley, and drone and UAM industries through the Aviation University, Drone Anchor Center, and K-UAM demonstration. We will develop it into a successful industrial cluster with various support measures including investment attraction, startup support, and securing high-quality talent.”

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