Busan is good

Seokdae to become industrial complex

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An urbanized industrial complex will be built in a greenbelt over Seokdae-dong and Bansong-dong, Haeundae-gu and Hoidong-dong, Geumjeong-gu.

Busan Metropolitan City announced on January 29 during its regular policy briefing session that in order to increase lacking industrial lands, it plans to remove the greenbelt restriction on these areas and develop a low-pollution urban and high-tech industrial complex.

These areas are currently included in greenbelt, but since it is also included in development-restriction readjustable areas under the Busan metropolitan urban development plan and designated as an urbanization site under the basic urbanization plan for 2020, once the development plan of Busan is set, the greenbelt restriction can be immediately lifted and an industrial complex thus can be built.

Busan plans to divide these areas into three ditricts and develop them as an urban or general high-tech industrial complex.

The ditrict 1 in Hoidong-dong, Geumjeong-gu will attract domestic and foreign conglomerates and labs in the fields of Busan's 10 strategic industries and knowledge, culture and IT industries.

In addition, in the district 2 in Seokdae-dong, Haeundae-gu, a general industrial complex will be developed and attract urban, low-pollution industries.

The district 3 in Seokdae-dong, Haeundae-gu will be developed a centum city-type high-tech industrial complex with an industrial complex and residential and support facilities together.

For the districts 1 and 2, a domestic or foreign conglomerate, who wish to come or a joint corporation set up with a purpose of developing an industrial complex will be the developer and for the district 3, Busan will develop it itself and supply the lands at the development cost.

Busan intends to select the developer in the first half, take the necessary steps for the development such as designating as an industrial complex and lifting the greenbelt restriction, in the second half, draw the working plan up in the first half, next year and begin construction in the second half.

A Busan official said, "if a private sector develops the first and second districts, it is expected to cost around 1.5 ~ 2.0 million won per pyong, which is far cheaper than the sale price of the existing industrial complexes in Busan, and thus, we expect them to be competitive. Once the industrial complex in Seokdae is completed, it is expected to become an outpost for the industrial development of eastern Busan in connection with the existing Geumsa industrial area."

[Source: Yonhap News (January 29, 2007)]