K-Culture Valley Gains Momentum... Private Sector Tender Planned for Late April

by Lee YeongKyu

Published 16 Apr.2025 07:20(KST)

The 'K-Culture Valley' integrated development project in Gyeonggi Province is expected to gain momentum.

Gyeonggi Provincial Government announced on April 16 that, following the final approval of the in-kind investment proposal at the plenary session of the Gyeonggi Provincial Council on April 15, it plans to hold a public tender for private sector participants related to K-Culture Valley at the end of April to ensure the project's swift resumption and stable progress.

This in-kind investment involves contributing the K-Culture Valley site (279,101 square meters) located in Janghang-dong, Ilsandong-gu, Goyang City, and the arena structure with a 17% completion rate to Gyeonggi Housing and Urban Development Corporation (GH), in exchange for acquiring GH shares equivalent to the value of the contributed assets.

Gyeonggi Provincial Government

During this special session, the Provincial Council confirmed the in-kind investment based on a reference price of KRW 356.1 billion (KRW 284.9 billion for the land and KRW 71.2 billion for the arena). Accordingly, Gyeonggi Province plans to finalize the total investment amount once the appraisal is completed. The estimated appraisal value for the land and structure combined is expected to exceed KRW 640 billion.

Based on this in-kind investment, Gyeonggi Province plans to proceed with a public tender for private sector participants for the T2 site, including the arena, through GH at the end of April, and to accelerate construction with the goal of completing the project by 2029.

K-Culture Valley is planned as a large-scale integrated cultural complex that will include a K-POP arena, studios, a theme park, and commercial, accommodation, and tourism facilities.

Son Imseong, Director of Urban Housing at Gyeonggi Province, stated, "This in-kind investment has laid the foundation for the stable implementation of the K-Culture Valley project," adding, "Through the promotion of the K-Culture Valley project, we will strengthen our position as a global hub for culture and tourism."