Buksam Opyung General Industrial Complex in Chilgok County Passes Review by Ministry of Land and LH

Selected for the Public Land Stockpiling Project
LH’s Advance Land Purchase Boosts Momentum for 370,000-Pyeong Industrial Complex Development

Chilgok County in North Gyeongsang Province announced on March 18 that the Buksam Opyung General Industrial Complex development project has been officially selected as the target site for the Public Land Stockpiling Project implemented by the Ministry of Land, Infrastructure and Transport and Korea Land & Housing Corporation (LH).

Commemorative Photo for the Selection of the Public Land Reserve Project at Buksam Opyung General Industrial Complex / Photo by Lee Hwan Kim

As LH has decided to pre-purchase and support the site, the project is expected to gain significant momentum.

The Public Land Stockpiling Project is a system in which LH acquires land in advance for public interest projects and supplies it when necessary.

Target projects are selected based on a comprehensive review of policy importance, project urgency, possibility of fund recovery, and land stockpiling resources.

With this selection, Chilgok County will be significantly relieved of the initial land compensation burden required for the development of the Buksam Opyung General Industrial Complex, which spans approximately 1.22 million square meters (about 370,000 pyeong).

Since LH will provide the compensation costs, which are the largest expenditure in the development process, in advance, the overall project conditions are expected to become more stable.

The Ministry of Land, Infrastructure and Transport highly praised the fact that the Buksam Opyung General Industrial Complex is closely linked to national and regional-level master plans during the screening process.

The project's policy feasibility was further supported by its inclusion as a core industrial hub in both the “4th Comprehensive Plan for North Gyeongsang Province (2021–2040)” and the “Chilgok County Master Plan for 2040.”

The urgency of supplying industrial land was also a critical factor in the decision. Currently, virtually all available industrial land in Chilgok County has been depleted. Preliminary surveys confirmed new demand, with 196 companies expressing their intention to move in.

The Ministry of Land, Infrastructure and Transport and Korea Land & Housing Corporation (LH) selected the project after comprehensively considering this corporate demand, the potential for regional economic revitalization, and the expected job creation effects.

This industrial complex, which will be developed in Buksam-eup, will be carried out in stages.

Site acquisition will proceed phase by phase, divided into southern and northern sections along the main road. To accelerate the project, Chilgok County has adopted a sequential investment approach by section.

Specifically, the southern section will be directly undertaken by Chilgok County starting in the second half of this year, while the northern section will be gradually developed in cooperation with LH beginning next year.

Accordingly, LH plans to invest approximately KRW 64 billion in 385 lots in the northern section, while Chilgok County will secure about KRW 70 billion for 469 lots in the southern section. As these key sites are successively secured, the overall project schedule is expected to progress stably.

The Buksam Opyung General Industrial Complex will be developed on a site of approximately 1.23 million square meters, with plans to attract manufacturing-based companies in the automotive, machinery and metal, and electronic component sectors. The goal is to foster the complex as an industrial hub within the broader economic zone connected to the Gumi-Daegu industrial belt.

Chilgok County plans to expedite the project after completing the remaining administrative procedures, such as industrial complex plan approval, within the first half of this year. The target completion date is 2031.

A Chilgok County official stated, “The selection for the Public Land Stockpiling Project signifies that the necessity and business viability of the Buksam Opyung General Industrial Complex have been officially recognized by the government. We will work closely with LH to develop the complex into an industrial hub that will secure the future economic foundation of Chilgok.”

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