Korea Land & Housing Corporation (LH) on the 2nd signed a memorandum of understanding at Gunpo City Hall with Yuhan Corporation and Gunpo City to attract strategic companies to boost the Gunpo Dangjeong industrial innovation zone.
The agreement was prepared to attract key anchor companies to the Gunpo Dangjeong industrial innovation zone and build an innovative bio research and development (R&D) ecosystem, thereby expanding the zone's self-sustaining functions and promoting industrial competitiveness and regional revitalization.
Attending the signing ceremony were Kang O-sun, head of LH's Regional Balance Headquarters, Ha Eun-ho, mayor of Gunpo, and Cho Uk-je, CEO of Yuhan Corporation.
LH will proceed without delay with permitting, site development, and the construction and supply of public rental industrial facilities to create the innovation zone. Gunpo City will provide related administrative and permitting support. Yuhan Corporation plans to cooperate to attract subsidiaries, affiliates, and related startups.
LH is promoting a redevelopment project to transform the old industrial area of Dangjeong-dong in Gunpo City into a Gyeonggi central region "bio R&D innovation hub" that integrates diverse mixed functions such as industry, commerce, and housing. The aging industrial area is a former factory site owned by Yuhan Corporation, which LH purchased through a land reserve project in 2020.
To establish an industrial innovation base in a timely manner, LH plans to push within the year for a proposal to designate an industrial (urban) innovation zone, aiming for district designation approval next year.
Kang O-sun, head of LH's Regional Balance Headquarters, said, "This agreement will be the starting point for the old industrial area in Dangjeong-dong, Gunpo, to transform into a new bio industry base in the southwestern Seoul metropolitan area that drives regional growth," adding, "We will continue to work with a variety of local corporations to create a future-oriented industrial innovation city where jobs and housing come together."