Gyeonggi Province Accelerates Second 'Opportunity Town' Project, North Suwon Techno Valley Development

[Suwon Ilbo=Reporter Kim Gap-dong] Gyeonggi Province announced on the 29th that it will begin full-scale implementation of the 'North Suwon Techno Valley Development Project,' the second phase of 'Gyeonggi Opportunity Town,' a Gyeonggi-style urban model that combines functions for jobs, housing, leisure, transportation, and welfare.

According to the province, the resolution approving in-kind contribution for the 'North Suwon Techno Valley Development Project' was finalized at the Gyeonggi Provincial Assembly plenary session on the 27th. As a result, the province is now able to contribute the site and buildings to Gyeonggi Housing & Urban Development Corporation (GH), and GH is expected to accelerate the techno valley development project based on this foundation.

This in-kind contribution consists of the Gyeonggi Human Resources Development Center site (126,000 ㎡, 38,000 pyeong) and buildings located in Pajang-dong, Jangan-gu, Suwon, with a standard valuation of approximately 109 billion won. The estimated price considering future changes in land use designation will be determined after appraisal assessment.

The 'Gyeonggi North Suwon Techno Valley' will introduce △a Gyeonggi-style integrated care and medical center △North Suwon Station integrated transit center △dormitories and rental housing, aiming to improve the quality of life of residents. Furthermore, as a key hub of the 'Gyeonggi AI Knowledge Industry Belt' connecting Indeogwon, Gwacheon, Gwanggyo, Yongin, and Pangyo, it is expected to secure new growth momentum for the southern Gyeonggi region and provide residents with better life opportunities.

The province plans to cooperate with GH to promptly proceed with follow-up procedures including appraisal assessment, detailed design, and licensing, and to promote innovative and stable techno valley development through private sector recruitment and partnerships.

Meanwhile, the first 'Gyeonggi Opportunity Town' is the Third Pangyo Techno Valley. Governor Kim Dong-yeon held a press conference on March 26 last year, stating: "Through the North Suwon Techno Valley, we will revitalize the local economy and change the industrial map of Gyeonggi Province and the Republic of Korea. Starting with the North Suwon Techno Valley, we will improve the quality of life for each and every resident and create an innovative model that opens the future of Gyeonggi Province and the Republic of Korea."

Ohn Im-sung, Director of Urban Housing for the Province, said: "Through this in-kind contribution, we have established a foundation for stably promoting the Gyeonggi North Suwon Techno Valley development project. The Gyeonggi North Suwon Techno Valley will become a representative case of Gyeonggi-style urban model where elements closely related to residents' lives such as jobs, housing, leisure, and care are organically combined. We will continue our efforts to ensure smooth project implementation and create tangible changes that residents can experience."