GH Resumes Call for Private Partners for 3rd Pangyo Project... Construction Cost 1.9 Trillion Won

Gyeonggi Housing and Urban Development Corporation (GH) resumed the call for private sector participants for the 3rd Pangyo Technovalley construction project on July 9, after having suspended it in February.

This call includes plans to build a research institute with a total floor area of 23,000 square meters. As a result, an environment will be created where research institutes, anchor companies, and startups can collaborate organically, which is expected to strengthen the industry-academia-research cooperation system within the 3rd Pangyo Technovalley.

To successfully attract research institutions, GH will conduct a preliminary demand survey and recruit preliminary candidates for research institutes in December.

The 3rd Pangyo Technovalley is a large-scale construction project located on a 60,000-square-meter site within the Seongnam Geumto public housing district, with a total floor area of 440,000 square meters. The total project cost amounts to 1.9 trillion won. This is the largest private sector construction project call in South Korea.

3rd Pangyo Technovalley Land Use Plan Map

The complex will include knowledge industry centers, office facilities, commercial facilities, dormitories, and research institutes. Groundbreaking is scheduled for the second half of next year, and occupancy will begin in early 2030.

The application period lasts for a total of 70 days. Letters of intent to participate and project application confirmations will be accepted on the 16th and 30th of this month, respectively. The preferred negotiation partner will be selected in September.

Lee Jongseon, acting president of GH, stated, "This project is a large-scale initiative with private sector investment alone amounting to at least 1.3 trillion won, and the resumption of the call has attracted significant attention from the construction industry. Together with the selected private partner, we will successfully promote the 3rd Pangyo Technovalley construction project and create a sustainable innovation cluster."

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