Myeongji District

Myeongji

Myeongji District

Creation of an Int'l Business City
with Foreigner-Friendly Living Environment

Introduction

  • Location : A designated area of Myeongji-dong, Busan
  • Project period : 2003 ~ 2020
  • Area : 4,476,271㎡ (1,106.1106ac)
  • Project cost : 1,908.6 billion Won (Land preparation : 789,5, Land compensation 1,017.4, Other 101.7)
  • Project developer : Korea Land & Housing Corporation
  • Expected population : 56,532People
Myeongji District
 

Development Direction

  • To develop an international business city in Northeast Asia with international business facilities, foreign educational institution, foreign medical institution, hotels, convention center and ecological parks
  • To construct residential area for better living environment for foreign expatriates as well as Koreans engaged in international businesses, maritime affairs, manufacturing and other service industries.
 

Current Status

  • Oct 2003 : Designation of a district
  • Dec 2008 : Scheme of execution approved
  • Jul 2010 : 1-5 work area commencement
  • Oct 2011 : Changed the development plan (4 times) (Changed small sizes (a pyeong unit) to apartment houses)
  • Apr 2013 : Changed the development plan (5 times) (Reflect the result of educational environment evaluation)
  • Jun 2013 : Change of total cost for building entrance road (KRW 34.7 billion → KRW 40.9 billion)
  • Apr 2014 : Change of total cost for building entrance road (KRW 40.9 billion → KRW 37.5 billion)
  • Dec. 2013: Change the development plan (6 times) (reflected the decision of Seobu District Prosecutors' Office)
  • Jul. 2014: Changed the development plan (7 times) (Urban planning facilities – reflected the decision of the mayor)
  • Mar. 2015: Change of the development plan (8 times) (Period extension: Oct. 2003 –Dec. 2015 →Oct. 2003 – Dec. 2016)
  • Jul 2015: Changed (nine times) the development project
    • Changed the land use plan for global campus (Medical 1→ International schools)
  • Dec. 2015: Changed (ten times) the development plan - Reflected the conclusion survey for the completion of the phase 1-1
  • Feb. 2016: Completed the phase 1-1
  • Jun. 2016: Changed the development and implementation plan
  • Aug. 2016: Soft ground treatment and construction work (87% progress)
 

Future plan

  • Jun. 2017: Completed the phase 1-2
  • Dec. 2017: Completed the phase 1-3