Gyeonggi Province Sells Mixed-Use Residential Site (C6) in Gyeonggi Convergence Town... 21 Billion Won in Provincial Budget Saved
Suwon NewsUpdated 2019.12.30 06:23
Published 2019.12.30 06:23
Updated 2019.12.30 06:23
Securing Mixed-Development Revenue... Invested in Building Infrastructure for Residents
[Suwon Ilbo = Reporter Park No-hun] Gyeonggi Province announced on the 30th that it would save a total of about 210 billion won in provincial budget through the sale of the C6 block mixed-use residential site in the Gyeonggi Convergence Town in Gwanggyo New Town on the 24th.
The sale of the mixed-use residential site was carried out on the 18th through an open competitive bidding process overseen by Gyeonggi Urban Innovation Corporation, and the contract was finalized on the 24th when the review of the bidding qualifications of Company A, which bid 168.1 billion won, was completed.
Accordingly, combining the profit from the sale of the existing business site with the profit from the sale of the mixed-use residential site, a total of about 210 billion won in mixed-development revenue was secured, and the full amount will be invested in building facilities for residents within the Gyeonggi Convergence Town.
The development revenue is planned to be used not only for spaces for residents' leisure and rest, such as the Gyeonggi Garden and the sunken plaza within the Gyeonggi Convergence Town, but also for building various transportation infrastructure, including the expansion of a road lane adjacent to the Convergence Town and an underground parking lot.
Yoon Sung-jin, head of the Gyeonggi Convergence Town Promotion Team, said, "With this mixed-development revenue secured, we have achieved the dual effect of saving provincial budget and returning development revenue to residents," adding, "As sufficient revenue has been secured to give momentum to the project, we will do our best to swiftly build shared facilities for residents and infrastructure in the future."
Meanwhile, the Gyeonggi Convergence Town established a mixed-development plan in which the joint project operators (Gyeonggi Province, Suwon City, Yongin City, and Gyeonggi Urban Innovation Corporation) changed part of the government complex site into business facilities or mixed-use residential sites, following the 2015 recommendation of the Gyeonggi Provincial Council for the "relocation of the new provincial office through fiscally sound funding measures," and received approval from the Ministry of Land, Infrastructure and Transport at the end of 2016.
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