Gyeonggi Province Sells Mixed-Use Residential Land (C6) in Gyeonggi Convergence Town...Saves 210 Billion Won in Provincial Budget
Suwon NewsPublished 2019.12.30 06:23
Securing Complex Development Profits...To Be Invested in Public Facilities for Residents
[Suwon Ilbo=Park No-hun Reporter] Gyeonggi Province announced on the 30th that the sale of mixed-use residential land C6 block within Gyeonggi Convergence Town in Gwanggyo New City has resulted in savings of approximately 210 billion won in provincial budget.
The mixed-use residential land sale was conducted through open competitive bidding led by the Gyeonggi Urban Development Corporation on the 18th, and the final contract was completed on the 24th after completion of the bidding qualification review for Company A, which bid 168.1 billion won.
Accordingly, combined with the profit from the existing commercial land sale, a total of approximately 210 billion won in complex development profits has been secured, and the entire amount will be invested in the creation of public facilities for residents within Gyeonggi Convergence Town.
The development profit will be utilized not only for spaces such as Gyeonggi Garden and sunken plazas within Gyeonggi Convergence Town for residents' leisure and rest, but also for construction of various transportation infrastructure including the expansion of one lane of adjacent roads and underground parking facilities.
Yoon Sung-jin, head of the Gyeonggi Convergence Town Promotion Division, stated, "The securing of complex development profits has achieved a double benefit of budget savings and returning development profits to residents," and added, "As sufficient profits have been secured, the project will gain momentum, and we will do our best to rapidly create public shared facilities and infrastructure for residents going forward."
Meanwhile, Gyeonggi Convergence Town was developed based on a recommendation from the Gyeonggi Provincial Council in 2015 for the "relocation of the new provincial government building through financially sound financial measures." The joint project operators (Gyeonggi Province, Suwon City, Yongin City, and Gyeonggi Urban Development Corporation) established a complex development plan to convert part of the government building site into commercial or mixed-use residential facilities, and received approval from the Ministry of Land, Infrastructure and Transport at the end of 2016.
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