The city development project, “Baekhyun Miles,” in Seongnam City is set to resume after controversy surrounding the “Daejang-dong Suspicion.” The private sector will participate in the development of the Baekhyun Miles project, which aims to create a mixed-use complex on Maesan Industrial Complex in Jungja-dong, Bundang-gu, Seongnam.
The project will be carried out jointly by the Seongnam Development Corporation and private operators using public development methods, with an estimated cost exceeding KRW 2.7 trillion.
The complex will include exhibition and convention centers, tourism and accommodation facilities, and office spaces on a site of over 200,000 square meters.
While traffic congestion may be a concern, many are hopeful that it will become an energizing space.
The project was originally planned to call for private sector participation in 2021, but was halted due to suspicions of favoritism in the Daejang-dong case.
After a review and improved measures, the project will proceed as planned.
Last month, 29 companies submitted letters of intent to participate in the project.
Seongnam City expects to create approximately KRW 1.4 trillion in added value and KRW 3.5 trillion in production-induced effects.
The project is expected to contribute greatly to the revitalization of the fourth industrial revolution industry in Pangyo and transform Seongnam City into a special city for the fourth industrial revolution.
The city aims to designate project implementers within this year.