Gyeonggi Urban Innovation Corporation and City of Gwacheon enter into entrustment agreement for land provision

GGyeonggi Urban Innovation Corporation announced on June 3 that its entrustment agreement with City of Gwacheon on provision of land will be a significant step forward in its construction of apartment houses within the Gwacheon Knowledge Information Town.

Under this agreement, the entrusted party, Gyeonggi Urban Innovation Corporation will provide services and management of district units, establish land supply policies, select private contractors, make evaluations, and carry out activities relating to apartment unit sales. The entrusting party, City of Gwacheon will supply the funds for the project, negotiate purchasing of the land, and act as the coordinator between various different organizations involved in the project.

Taegyu Song, head of Trust Business Team at Gyeonggi Urban Innovation Corporation said, “the Corporation has gained a wealth of experience in new city projects from Gwanggyo and a know-how in attracting competitive businesses in Pangyo Techno-Valley. With such experience, the Corporation will contribute in the birth of Gwacheon Knowledge Information Town which will connect existing Pangyo Techno-Valley and Gyanggyo Techno-Valley and become a forefront runner in knowledge-based service industry in Gyeonggido.”

Gwacheon Knowledge Information Town will be created in Galhyeon-dong and Munwon-dong in City of Gwacheon. 223,000㎡(Bogeumjari housing accounts for 17% of overall development area of 13,530,000㎡)of knowledge-based industry lots will be developed. 12 lots of land purchased from LH Corporation with construction cost will develop and apartment houses will be sold later next year.

Attachment: Land use plan 1 copy.  End.