Busan-Jinhae Free Economic Zone Authority reopens call for proposals to select a developer for Myeongji District business facilities site

[Financial News] The Busan-Jinhae Free Economic Zone Authority said on the 14th that it would reopen the competition to select a developer for the Business Facilities Site (2) project in Myeongji International New Town, Gangseo-gu, Busan.
The site for the competition covers 44,595 square meters of business facilities land in and around Myeongji-dong, Gangseo-gu, Busan. It is zoned for general commercial use, and the district unit plan permits the development of knowledge industry centers, offices and officetels.
Ahead of the renewed call for proposals, the authority improved the project conditions to enhance the project’s viability for private developers and encourage more qualified developers to participate.
A change to the district unit plan lowered the share of the site allocated to primary uses from 70% to 60% and raised the share for ancillary uses from 30% to 40%. The authority also adjusted the terms of the competition to facilitate the project, extending the project period to up to 10 years from the date the project agreement is signed.
The competition site was reduced from two parcels to one parcel at Business Facilities Site (2), prompting an adjustment to the base amount of the community development contribution. The permitted forms of contribution were also expanded beyond cash and in-kind contributions to include attracting and supporting businesses, allowing developers to submit a wider range of proposals.
The authority will hold a project briefing at 2 p.m. on the 21st at the Korea Land and Housing Corporation (LH) Ori office. It plans to select a preferred negotiating partner in February 2027 after comprehensively evaluating development plans, project implementation capabilities, and plans to attract and manage tenant companies.
BJFEZ Commissioner Park Seong-ho said, “This renewed call for proposals focuses on improving project viability in response to changing market conditions and broadening private-sector participation.” He added, “With the participation of capable developers that have the expertise to carry out the project and attract businesses, we will further strengthen Myeongji District’s business functions.”


[email protected] Kwon Byeong-seok Reporter