Pyeongtaek's Long-Stalled 'Hyunduk District Development Project' Gains Momentum

[Suwon Ilbo=Seo Dong-young] The Hyunduk District development project in Pyeongtaek, which has been sluggish for over a decade, is gaining traction.

On the 21st, Pyeongtaek held an online briefing at City Hall and announced that the Pyeongtaek City Council had voted to approve Pyeongtaek Urban Corporation's investment in the 'Gyeonggi Economic Free Zone Hyunduk District Development Project.'

Han Byung-soo, Director of Planning and Port-Coastal Economy at the city, said at the briefing, "In addition to 1.5 billion won from the Gyeonggi Provincial Council on the 12th, with an additional 1 billion won from Pyeongtaek Urban Corporation, a total capital of 2.5 billion won has been secured."

Going forward, Hyunduk District will be developed with investments from Gyeonggi Housing & Urban Development Corporation (30%), Pyeongtaek Urban Corporation (20%), and the business operator Daegu Bank Consortium (50%) according to their respective equity stakes, and after concluding a business agreement in February next year, a Special Purpose Company (SPC) will be established to proceed with development.

The Hyunduk District, covering an area of 2.32 million square meters (approximately 700,000 pyeong) in Jangsu-ri and Kwangwan-ri, Hyunduk-myeon, Pyeongtaek, is located within the Gyeonggi Economic Free Zone along with the Poseung (BIX) District. It is a development project being pursued with the goal of complex development including distribution, commercial, tourism, and residential facilities.

Originally designated as the Yellow Sea Economic Free Zone in 2008 and separated from the Poseung District in 2012 to be pursued at its current scale, the business operator, Daehan Jungguk China Sung Development Co., Ltd., had its designation as the business operator cancelled in August 2018 due to delays in land acquisition. Lawsuits were filed as a result, but were all dismissed, including at the Supreme Court appellate level, and the Gyeonggi Economic Bureau ultimately prevailed in September.

Pyeongtaek plans to support promotional efforts including investor recruitment briefings for smooth project implementation in Hyunduk District, connect with surrounding tourism industries, and expand infrastructure with administrative support.

Additionally, the city is considering linkage between the Hyunduk District and the country's first hydrogen energy convergence complex within the Poseung industrial complex, which is being promoted as a priority. In addition, there are plans to develop a maritime complex culture city through the development of cultural and tourism resources such as the Pyeongtaek Lake tourism complex and waterfront recreation spaces at Pyeongtaek Port, laying the groundwork for development into a global hub for new growth industries in the West Sea era and a cultural tourism city.

Meanwhile, Gyeonggi Province Governor Lee Jae-myung recently said, "The development of Hyunduk District is the first application target of the development profit return-to-residents system," and announced, "I will invest 12 billion won in development profits into infrastructure expansion projects such as parks and sports facilities for residents to use."

In response, a Pyeongtaek Urban Corporation official explained, "The 12 billion won figure was based on business profits submitted by the business operator, but it is not confirmed. The actual amount can vary depending on the actual profit scale, so we need to discuss and coordinate on this."