3rd Generation New Towns Transform, Embracing Major Corporations... “Race to Attract Businesses”

[Financial News] The development formula for new towns in the Seoul metropolitan area is moving beyond the limitations of “bed towns” and being transformed into one that creates self-sufficient cities embracing major corporations and advanced industries. Whereas the focus in the past was on large-scale housing supply and expanding transport links to Seoul, the ability to secure quality jobs and self-sufficiency has recently become a key competitive factor determining the success or failure of a new town.
According to industry sources on the 3rd, Namyangju Wangsuk District plans to develop an urban high-tech industrial complex spanning approximately 1.2 million square meters to foster future industries centered on artificial intelligence (AI) and information and communications technology (ICT). Kakao Corp. is pursuing plans to invest about 600 billion won to build the “Kakao Digital Hub,” while major financial firms, including Woori Financial Group and Shinhan Financial Group, are lining up investments in IT and AI infrastructure. Namyangju City is accelerating efforts to attract businesses after approving the development implementation plan for the urban high-tech industrial complex last October. Incheon Gyeyang New Town has also recently completed approval of the industrial complex plan for the entire Gyeyang Techno Valley urban high-tech industrial complex, covering approximately 750,000 square meters, laying the groundwork for full-scale business attraction. Hanam Gyosan District is also pursuing an innovation cluster bringing together AI research facilities and data infrastructure.
Among 3rd Generation New Towns, Bucheon Daejang District has been the quickest to make business attraction a reality. Last December, Bucheon City signed occupancy agreements for the urban high-tech industrial complex with four major corporations: SK Innovation, SK hynix, Korean Air and DN Solutions. The companies have completed land purchase agreements with the Korea Land and Housing Corporation (LH) and are proceeding with investments totaling 2.6 trillion won. The First Urban High-Tech Industrial Complex will house SK Innovation and SK hynix (energy and semiconductor R&D) and DN Solutions (AI, robotics and automation R&D), while the Second Urban High-Tech Industrial Complex will host Korean Air’s aviation R&D and flight training facilities. Once occupancy is completed in stages, starting with DN Solutions in March 2029, followed by SK Group at the end of 2030 and Korean Air at the end of 2031, around 3,700 highly paid research staff are expected to be based there. This is expected to directly boost nearby businesses and increase housing demand.
As large-scale investment by major corporations and efforts to strengthen self-sufficiency gather momentum, nearby newly marketed housing developments with convenient access between home and work are also attracting strong interest.
In Bucheon, Gyeonggi Province, LH and the Namkwang Construction consortium will offer “Bucheon Daejang Howstory Descent” in Block A-2 of Bucheon Daejang District this November. The project is a public-sale apartment development with private-sector participation, comprising 548 units with exclusive floor areas of 59, 74 and 84 square meters, and is subject to the price ceiling system. The complex is expected to benefit from proximity to jobs, with the First Urban High-Tech Industrial Complex—where SK Innovation and SK hynix are scheduled to move in—nearby. It also offers favorable living conditions, with a planned station-area location near the future Daejang Station on the Daejang–Hongdae Line and sites for a kindergarten and elementary, middle and high schools planned within walking distance.
In Sejong, BS Hanyang is offering “Sejong Smart City L Sujain” in Neighborhood Unit 5-1 of Hapgang-dong, comprising 2,191 homes with exclusive floor areas of 84 square meters and 125 officetel units. The development is expected to directly benefit from the positive news of Samsung Electro-Mechanics’ investment in semiconductor package substrates for AI servers. In Cheonan, South Chungcheong Province, POSCO E&C will offer “The Sharp Cheonan Rakwon” in the Buseong 2 Urban Development District in Budae-dong, Seobuk District, with 1,290 units and exclusive floor areas of 84 to 118 square meters. Its proximity to the Samsung SDI Cheonan Plant and Cheonan General Industrial Complex is expected to bring strong housing demand from workers at nearby industrial complexes.

[email protected] Jeon Min-gyeong Reporter