Gyeonggi Urban Innovation Corporation, comes forward with the first parcel-out of Dasan New Town, Namyangju in April

– Public parcel-out of about 2,800 housings with individual area of 60~85㎡, constructed by Daelim Industrial Co., Ltd. · Lotte Engineering & Construction Co., Ltd.

– Successively parcel-out, in total, approximately 30 thousand housings from 2015… starts moving-in from 2017

– Able to access to Gangnam, Seoul within 30 minutes… convenient traffic network and accessibility 

Gyeonggi Urban Innovation Corporation begins in earnest Dasan New Town project on the land of 4 million and 750 thousand ㎡ covering Jigeum-dong and Donong-dong, Namyangju-si, Gyeonggi and will successively parcel out, in total, approximately 30 thousand housings by end of 2018, starting from the first parcel-out in April.

On 12th, Gyeonggi Urban Innovation Corporation announced that public parcel-out of total 2,801 housings, consisting of 1,615 housings constructed by Daelim Industrial Co., Ltd. (B4 block) and 1,186 housings contracted by Lotte Engineering & Construction Co., Ltd. (B2 block) respectively after making joint venture contract for the public tract house on B2 and B4 blocks in Dasan Jingeon District, will begin in April. The parcel price is supposed to be set as the mid-9 million KRW.

As a part of business diversification of Gyeonggi Urban Innovation Corporation, the apartments, of which the Corporation takes charge of land procurement and parcel-out, and Daelim Industrial Co., Ltd. and Lotte Engineering & Construction Co., Ltd. take charge of housing construction, are constructed with the area of exclusive use of 60∼85㎡ popular in consumers and move-in is supposed to be the end of 2017. As large-scaled residential land development parcel-out within the confines of the capital is rare in this year, all eyes are particularly now on the fact that Dasan New Town apartment is only parcel-out of public housing district in eastern area of the confines of the capital.  

Namyangju ‘Dasan New Town’ is an integrated brand of Dasan Jingeon district and Dasan Jigeum district and the first new town-sized project exclusively implemented by Gyeonggi Urban Innovation Corporation after Gwanggyo New Town. Dasan New Town will be created in total area of 4 million and 750 thousand ㎡ covering Jigeum-dong, Donong-dong, Gaun-dong, Suseok-dong, Ilpae-dong and Ipae-dong, with capability of approximately 86 thousand population acceptance and 31 thousand and 9 hundred housings.  

Choi, Geum-sik, the president of Gyeonggi Urban Innovation Corporation addressed “the area where Dasan New Town is built has the best locational conditions, such as convenient traffic network running in all directions, accessability of public transportation and gifted natural environments” and “(we) will develop Dasan New Town as a central city in northeastern area of the confines of the capital, with our know-how and implementation experience of Gwanggyo New Town reborn as a brand city, receiving the popularity of consumers”.   

<Overview of Namyangju Dasan New Town Project>

The biggest strength of Namyangju Dasan New town is excellent traffic network as it is located in the center of east and west development axis connecting Guri-Donong-Hopyeong in northeastern area of the confines of the capital and south and north development axis connecting Byeollae-Galmae-Hanam·Misa-Wirye New Town.

In terms of subway, Dasan Jingeon district has accessibility to Jamsil station within 30 minutes as it includes Jingeon district station among 6 stations of subway line 8 with the direction of Byeollae and Donong station in central line adjacent to Dasan Jigeum district has accessibility to Cheongyang-ri station within 20 minutes. Byeollae line, which will begin construction in this year, is a double track railway with 12.9 km, starting from Amsa station of subway line 8 to Byeollae station of Gyeongchun line through Guri station and a newly constructed station in Jingeon district of Dasan New Town, supposed to be opened in 2022.

In terms of road network, Pangyo-Guri expressway and 4 national highways (6th, 43th, 46th and 47th) and 4 local roads pass through Dasan New Town. Also, The area is directly linked to Bukbu Expressway (Dasan Jingeon district) and Gangbyeon Expressway (Dasan Jigeum district) and adjacent to Namyangju IC, Guri IC and Topyeong IC.

<Diagram of Broad Traffic Network of Namyangju Dasan New Town>

The president, Choi, Geum-sik stressed “the plan to create an eco-friendly green city with excellent cultural and educational environments and ecological residential town to enjoy natural environment, such as Wangsukcheon stream, a branch of Han River, waterfront landscape of Hongneungcheon stream, and Munjaesan and Hwanggeumsan mountains”.  

Dasan New Town is to be completed with total 9 trillion and 3 hundred billion KRW of project cost in June 2018 and the 2nd government office building of Namyangju, an education office and a court (registry office) will be built to create one-stop administration town. Also, a nursery school, 6 elementary schools, 2 middle schools and 3 high schools will be established.

Also, various cultural and welfare facilities such as a mega discount store, a complex shopping mall, a movie theater and a performance place, an exhibition and event hall, a public health center, and necessary infrastructures of industry and distribution are to be built up. (End)

GICO, takes the first step for the successful development of Namyangju Dasan New Town

– 12 apartment lot parcel sellers in attendance… Informing of the current progress and collecting feedback

– 2,800 apartment units jointly made available by GICO, Daelim E&C and Lotte E&C this April

On the 3rd,  GICO (CEO Choi Geum-shik) held a meeting to gain feedback on the progress of land development for apartment construction and the difficulties experienced during project implementation from the 12 construction firms, which had received land for development in Dasan New Town.

This meeting was organized so that GICO and the private construction firms could improve the living environment of Dasan New Town through mutual cooperation, and such meetings are scheduled to be held on a regular basis in the future.

In Dasan New Town this coming April, some 2,800 apartment units will be made available for sale by Daelim E&C and Lotte E&C, which are currently collaborating with GICO, and private apartment sales will take place in sequence.

Go Pil-yong, the Dasan New Town Project Team Manager of GICO, stated, “By ensuring a pleasant natural environment and convenience in transportation through the extension of Byeolnae Line and other efforts, we will turn Dasan New Town into a city that is pleasant to live in.”

Namyangju Dasan New Town covers an area of 4.75 million m2 in Jigeum-dong and Donong-dong of Namyangju-si, with the capacity to accommodate 85,000 people and 30,000 households. Its construction and development is expected to be completed by 2018.

GICO, resolved to strive toward a new beginning with a brand new vision

– Declaration of the new vision: “Top public corporation creating a city of happiness”

Gyeonggi Urban Innovation Corporation (GICO, CEO Choi Geum-shik) is resolved to strive toward a new beginning under its new vision. At 3 p.m. on January 28, some 400 executives and employees of GICO attended the New Vision Declaration Ceremony, held at the Gyeonggi Arts Center.

Under the new vision of becoming the “top public corporation creating a city of happiness,” the members of the organization became determined to contribute to raising the quality of life in our communities and improving the welfare of the citizens of Gyeonggi-do Province. Moreover, mid- and long-term management objectives such as maintaining the loan ratio to below 200% and achieving the highest customer satisfaction rate.

The declaration ceremony was held with the aim to inform the executives and employees of the need to establish a new vision in response to the changes in the external environment, which include the inauguration of the new government administration, as well as the necessary changes in the business direction reflecting the changes in the development project paradigm.

The ceremony kicked off with video messages from Nam Gyeong-pil, the Gyeonggi-do Provincial Governor, Kang Deuk-gu, the Chairman of the Gyeonggi Provincial Assembly, as well as partner firms and Gwanggyo residents, who shared what they expected from GICO. This was followed by the recitation of the vision and objectives and pledges by the executives and employees in attendance.

– Shift in the paradigm of development projects from large-scale new town construction to urban renewal

At the ceremony, it was declared that the focus of development projects will shift from the construction of new towns to urban renewal, from government-led and supplier-oriented development to user-oriented development, from large-scale projects to small, medium and high potential projects, and from simple development to advanced and convergence projects. One of the measures implemented to achieve these objects, GICO signed an agreement with Incheon City Government in relation to the comprehensive plan for regional development on January 27.

GICO also selected 4Cs as the core values: Promoting “Creativity” to become the top corporation in its field; “Customer-first”; Undertaking “Challenges” in response to changes; and customer trust and “Communication.” These core values will become the basis on which the new vision and mid- and long-term management objectives are to be realized.

CEO Choi stated, “Government policies and development projects are undergoing rapid changes, which means GICO needs to change its business strategies and operating system just as swiftly. For this purpose, all of the members of the organization should strive toward the same direction and invest greater efforts to resolve the current local issues for Gyeonggi-do Province and its citizens.”

GICO, performs organization and personnel reshuffling for the reinforcement of housing welfare

– Promotion of the Housing Welfare Division and establishment of the Future Strategy Division

On January 21, Gyeonggi Urban Innovation Corporation (GICO) announced that it has performed an organization and personnel reshuffle, which included the promotion of the Housing Welfare Headquarters. To be more specific, the former 4-Headquarters, 15-Division and 49-team system has been changed to a 4-Headquarters, 15-Division and 42-team system.

The organization reshuffle was accompanied by the modifications to the Headquarters system, order of the organization setup and names according to the changes in the management environment. The focus was also on eliminating barriers and management inefficiencies by integrating and removing similar and redundant functions.

Attention was drawn to the promotion of the Housing Welfare Headquarters as the superior headquarters for the purpose of reinforcing the housing welfare function as well as the establishment of the Future Strategy Division with the aim to discover business area that could potentially become the next growth engines. In addition, the Urban Development Headquarters was changed to the Urban Renewal Headquarters, reflecting the shift in focus from the establishment of new towns to the renewal of existing cities. On the other hand, the Regional Economy Headquarters was reorganized into the Economic Promotion Headquarters as a means to strengthen its role in economic promotion and job creation through the development of high-tech industrial complexes in urban areas and other projects. Furthermore, the General Affairs and Personnel Division was transformed into the Customer Support Division for the purpose of establishing customer-oriented service culture within the corporation and ensuring the satisfaction of external and internal customers. Other changes included the integration of similar teams for the purpose of improving management efficiency.

– Appointment of a Headquarters manager from the first group of employees hired through open recruitment and the HR Division Manager among technical department managers

Another notable matter in relation to the recent personnel decisions is the appointment of Jeong Dong-seon as the Housing Welfare Headquarters Manager. This was the second time following last year that an employee of the corporation was promoted to the position of a Headquarters manager. Jeong is the foremost expert in the construction and development field, who was hired during the first open recruitment in 1997, and he is held in great esteem for having successfully executed major housing construction works including the Wirye Housing Project.

Moreover, personnel decisions were made for 13 major job positions including department and team managers based on internal promotions, and it is notable that a former technical department manager was appointed as the HR Division Manager (presently, Customer Support Division Manager), which had been typically assigned to former administrative department managers.

Choi Geum-shik, the CEO of GICO, said, “We at GICO will make our utmost effort to successfully implement the Gyeonggi-do policy projects and actively respond to the shifts in the paradigm of the development projects by operating an organization with a focus on achievement, responsibility and specialization.”

Gyeonggi Urban Innovation Corporation, achieved the sales performance in excess of 5 trillion Won for the first time in the history of the Corporation!

– Achieved the performances in excess of 176% of the target set at the beginning of the year, which is equivalent to more than 2 trillion Won in monetary value –

– Achieved the debt ratio of 287%, which is in excess of the target for reduction of the debt ratio to 320% set by the Ministry of Government Administration and Home Affairs –

Gyeonggi Urban Innovation Corporation announced on the 30th that the sales performance of a total of 5.815 trillion Won has been achieved this year.

This is the first time that the Corporation achieved sales performances in excess of 5 trillion Won in its history, and exceeded the sales performance target of 2.9 trillion Won set at the beginning of the year by more than 2 trillion Won.

Key contents of the sales included land for residential and commercial complexes in the vicinity of the lakeside park in Gwanggyo New Urban Center valued at 2.85 trillion Won, land for the apartment building in the Jingeon District of the Dasan New Urban Center valued at 600.2 billion Won, land for the apartment building in the Jigeum District in the Dasan New Urban Center valued at 980.7 billion Won and sales of the apartment in the A2-2 block in the Wirye New Urban Center valued at 498.4 trillion Won, etc.

The efforts of all the staffs of the Corporation were the foundation for the achievement of such sales performances in excess of the target. We held resolution conference for promotion of sales in March and October to fortify our volition to achieve sales and ceaselessly urged the sales volition by sharing the sales performances by all the staffs by installing the electronic signboard for the sales performances at the front entrance on the 1st floor of the headquarters building. We also ceaselessly pondered over the appropriate size and time of the sales.

Through these efforts, it is forecasted that the Corporation will be achieving the management performances including the sales revenue of 3.4229 trillion Won, net profit of 122.9 trillion Won and debt ratio of 287%. The debt ratio of 287% is a level that substantially lower than the target for reduction of the debt ratio to 320% set by the Ministry of Government Administration and Home Affairs in 2014. It is highly significant that the debt ratio has fallen to the 200% level for the first time since the commencement of the New Gwanggyo Urban City project in 2006.

Gyeonggi Urban Innovation Corporation, on the basis of such management performances, is planning to assertively pursue the project for the Dasan New Urban Center in Namyangju and NEXT Pangyo Techno Valley, etc. in 2015.

Supply of the last mega-scale development site for the apartment building in the capital region in 2014

– Supply of a total of 6 lots of land for the apartment building valued at 960 billion Won in the Jigeum District in the Dasan New Urban Center –

Gyeonggi Urban Innovation Corporation announced on the 21st that the land for the apartment building in the Jigeum District in the Dasan New Urban Center, Namyangju will be supplied. Land to be supplied is the land for the apartment building with units with floor spaces in the range of 60㎡~85㎡ and includes a total of 6 blocks of land with total area of 357,238㎡ valued at 961.3 billion Won.

This is not only the largest patch of land to be supplied for apartment building development in the capital region since the announcement of the 9.1 real estate policies by the government to abolish the law on the promotion of residential estate development but also the last land for the apartment building to be sold this year. It is anticipated that there would be a high level of interest from the corporations and investors wishing to secure highly promising location for residential development.

The Dasan New Urban Center in Namyangju is a new city development with total land area of 4.75 million ㎡ and is situated at the center of the east to west development axis that links Guri, Donong and Hopyeong, and the south to north development axis that links Byeolnae, Galmae, Hanam Misa and Wirye New Urban Center.

In addition, the location is equipped with excellent public transportation network that enables the residents of the area to reach the Jamsil Subway Station in 30 minutes by using the Seoul Outer Beltway Road or extension line of the Seoul Subway Route No. 8 (Byeolnae Line).

The 7 lots of land for the apartment building in the Dasan Jingeon District (311,645㎡ valued at 600.2 billion Won) in the vicinity of the Dasan Jigeum District was sold completely in the last June with the competition rate among the prospective buyers of 148:1 at the maximum.

Schedule for the supply includes completion of reception of application on and drawing of the winner will be held on December 8, and sales contracts will be executed from December 11. More details can be found in the official website of the Gyeonggi Urban Innovation Corporation ( http://www.gico.or.kr) and the government’s land sales system ( http://buy.gico.or.kr).

Dasan New Urban Center is the integrated brand city of the Dasan Jigeum District and Dasan Jigeon District and will be established to accommodate a total of 30,000 households with anticipated number of residents of approximately 85,000 in the general regions of Jigeum-dong and Donong-dong in Namyangju City.