Woomduem Farm Completes Land Acquisition for Seosan Agri-Bio Complex... "Smart Farm Development Accelerates"

KOSDAQ-listed company Woomduem Farm has completed the acquisition of land in Seosan, South Chungcheong Province, for the construction of the largest smart farm complex in Korea.

With the completion of this critical step in securing the site, the project is expected to enter full-scale development.

On October 17, Woomduem Farm announced that its subsidiary, Nine Farm, had acquired 152,135.2 square meters (approximately 46,000 pyeong) of land in Gasari, Buseok-myeon, Seosan, South Chungcheong Province, from Hyundai Engineering & Construction. The sales contract for the land was previously signed on May 30 for 15.153 billion won.

The land acquired this time will be used as the site for the first phase of the "Korean-Style Global Smart Farm Complex" project, which will involve a total investment of 305.5 billion won. The first phase of the project is a public-private partnership involving Daol Asset Management, which will establish a regional revitalization investment sub-fund, together with South Chungcheong Province, Seosan City, and Woomduem Farm.

As a major shareholder in the project, Woomduem Farm has established a special purpose company (SPC) since December of last year and is overseeing the project as a whole. Woomduem Farm is serving as the main operator for the smart farm construction segment, which will involve an investment of approximately 90 billion won, and plans to build an advanced glass greenhouse-based smart farm on the site.

Woomduem Farm expects to produce more than 6,000 tons of fruits and vegetables annually at this location, secure stable distribution channels, and generate new annual sales of 50 billion won.

A Woomduem Farm representative stated, "With this land acquisition, we expect to accelerate the development of the smart farm complex," adding, "We aim to realize a high value-added industrial model that goes beyond traditional agriculture by combining smart agriculture with biotechnology."

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