Yangsan City Announces Progress of 'Jeungsan District Urban Development Project'

Jeil Construction Consortium Selected as Preferred Negotiation Partner
Mayor Nadongyeon Presents Vision at Press Conference on the 29th

Yangsan City in South Gyeongsang Province has selected the 'Jeil Construction Consortium' as the preferred negotiation partner for the 'Jeungsan District Urban Development Project' through an evaluation by the Private Participant Selection Committee.

On the morning of September 29, Nadongyeon, mayor of Yangsan, held a press conference at the Yangsan City Hall press center to announce the progress of the 'Jeungsan District Urban Development Project' and present a vision for the future.

Nadongyeon, mayor of Yangsan, announcing the progress of the 'Jeungsan District Urban Development Project'.

The Jeungsan District Urban Development Project is the last large-scale undeveloped site in Yangsan New Town. With a total project cost of approximately 833.1 billion won, the plan is to develop an 800,000 square meter area with 7,069 units of multi-family and single-family housing, an elementary school, a kindergarten, a library, and a multi-purpose community facility.

This development is expected to help achieve the planned population of 480,000 by 2040 and serve as a bridgehead for Yangsan City's future growth.

The 'Jeil Construction Consortium' is led by Jeil Construction (ranked 17th in construction orders) and includes a total of three companies, such as Korea Investment & Securities. Notably, Korea Investment & Securities is participating as a financial investor, enhancing the project's stability. Jeil Construction plans to directly purchase and utilize 72% of the total land for sale, thereby minimizing long-term financial risks.

The consortium's proposal is to create a 'self-sufficient mixed-use city where the urban environment, nature, and people coexist,' with about 29% of the entire Jeungsan District designated as parks and green spaces.

The plan includes a large-scale waterfront and neighborhood park covering 100,000 square meters, an urban agriculture park of 50,000 square meters, children's parks, and additional green spaces. In particular, the consortium proposed to reinvest all private investment profits generated from the urban development project into public contributions, such as constructing a pedestrian overpass and specialized facilities linked to Hwangsan Park, aiming to create an eco-friendly landmark representing the region.

Urban Development Project Chart for Jeungsan District. Provided by Yangsan City

Yangsan City plans to sign an agreement with the preferred negotiation partner within this year, establish a project financing vehicle (PFV) next year, and complete the designation of the project operator by 2026. Afterward, the city aims to go through the necessary licensing procedures in 2027, begin construction in 2028, and complete the project by 2032.

Mayor Nadongyeon stated, "The development of the Jeungsan District will greatly contribute to the creation of a self-sufficient city that integrates residential, educational, and cultural elements, as well as to revitalizing the local economy," adding, "We will work closely with the Jeil Construction Consortium to ensure the successful implementation of the project."

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