Waterfront City Being Developed at Mangyeong River 'Interest ↑'

【Financial News Iksan=Kang In Reporter】 The project to create a comprehensive residential city in Jeonbuk Iksan has begun, drawing attention.
According to Iksan City on the 14th, the city has started recruiting private participants for the project and will receive letters of intent to participate until the 23rd.
Iksan City expects that the creation of a waterfront city at Mangyeong River, which is a connecting axis to Saemangeum and the central area of Jeonbuk, will become a new growth hub for the Jeonbuk region.
On a 1.41 million ㎡ site around Mangyeong River, the city is designing a complex residential area that goes beyond simple housing supply, encompassing everything from youth to retirees, and integrating industry, medical care, education, and culture.
The project is attracting attention as it is being promoted based on a stable business structure in which Iksan City and private participants jointly establish a Project Financing Vehicle (PFV).
By directly participating in the implementation, the public sector reduces initial business risks and provides comprehensive administrative support, including permits.
The entire project cost is borne by the private sector, but the participants' profit rate is clearly set within 10% of the total project cost. Excess profits are reinvested in expanding infrastructure after public recovery, presenting a sustainable and transparent development model that secures trust from construction companies.
Iksan is the transportation and logistics hub of the Jeonbuk region, with optimal location conditions for waterfront city development. KTX Iksan Station is a railway triangle where the Honam Line, Jeolla Line, and Janghang Line intersect, and it is the center of Jeonbuk railway transportation.
In addition, with the opening of the Saemangeum-Jeonju Expressway this year, four expressways and national highways 1, 23, 26, and 27 are connected, providing a wide-area transportation infrastructure that allows quick access from anywhere in the province.
Moreover, it is a city where industry, tourism, and residential infrastructure are evenly developed, including the nation's only National Food Cluster, the KTX station area, the National Iksan Museum, and World Heritage sites.
Until now, Jeonbuk had a structure where residential infrastructure and industrial bases were dispersed, leading to fragmented living and economic zones.
The emergence of the Mangyeong River waterfront city is expected to be a catalyst for reorganizing that axis to Iksan.
The competitiveness of Iksan's waterfront city lies not only in its scale or location. It has attracted the Ministry of Employment and Labor's specialized industrial accident hospital and is accelerating efforts to secure complex functional facilities such as the Jeonbuk Career Convergence Education Center (Jeonbuk Office of Education) and the Elderly Healing Village (Jeonbuk Province) through public project bids.
In this bid, 2 to 10 corporate consortiums with construction capabilities can participate. Following the submission of letters of intent, Iksan City plans to receive project applications by October 17 and select the preferred negotiation target within November to start full-scale development.
An Iksan City official said, "The waterfront city is not just about housing supply, but a strategic project leading the transition of Jeonbuk's population and industrial axis," adding, "We will create the best new city in the Jeonbuk region with excellent private partners."


kang1231@fnnews.com Kang In Reporter