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
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)