Jungheung Group Jungheung Construction Co. and Jungheung Construction's joint venture, Seonwol High Park Valley, said on the 29th that it has completed a land purchase agreement for the site of the Costco Suncheon branch in the Gwangju–South Jeolla region.
Seonwol High Park Valley on the day signed a site purchase agreement for the global retail chain Costco's Suncheon branch, confirming the store's entry. The deal has moved forward following an investment agreement (MOU) in Sep. 2025 among South Jeolla Province, Suncheon City, the Free Economic Zone Authority, and Costco Korea, and the project gained momentum as the land purchase agreement was finalized in Apr. this year.
Seonwol High Park Valley, the project operator, and Costco Korea have coordinated detailed terms during the process of signing the land purchase agreement. Considering past cases of contract cancellations or project delays in other regions, they reviewed potential permitting changes and focused on stable project execution.
A Seonwol High Park Valley official said, "At the time of the letter of intent and the investment agreement, consensus was reached on the broad framework, and even in the detailed terms, there was cooperation that considered regional development rather than weighing gains and losses between corporations," and added, "Cooperation in the spirit of contributing to the local community led to this contract."
The Costco Suncheon branch will be built on a site within Seonwol High Park and aims to open in 2028. It is set to become the first Costco store in the Gwangju–South Jeolla region.
Seonwol High Park is located in the Gwangyang Bay Free Economic Zone, an area that receives national-level development support and regulatory relief. It has transportation access that links to key areas such as Gwangju, Jeonju, the western part of South Jeolla, and Jinju in about an hour. It also offers proximity between home and work, with Suncheon, Gwangyang, and Yeosu—major industrial areas—reachable in about 20 to 30 minutes.
In addition to existing industrial bases such as Gwangyang Steelworks, the Yeosu National Industrial Complex, and the YulChon Industrial Complex, new industrial developments are also underway, including phase two of the Sepung General Industrial Complex, phase two of the Haeryong General Industrial Complex, and the RE100 Semiconductor National Industrial Complex. As a result, job creation and revitalization of the regional economy are expected.
In addition, commercial, office, cultural, neighborhood living, and educational facilities are planned, and the area is expected to be developed into a mixed-use city with living infrastructure in the eastern part of South Jeolla.