BUSAN < invest Korea

According to Yonhap News,

The construction of the 3rd phase of the Busan International Financial Center (BIFC) project, which will play a key role as an Asian financial hub city, has commenced. .

Busan Metropolitan City and Busan Metropolitan Corporation (BMC) said on March 8 that Daewoo Engineering & Construction, the construction company of BIFC's 3rd phase complex development project, submitted a notice of construction commencement to the Nam-gu Office on March 7 and started construction in earnest.

The 3rd phase development project is to build an office space of 146,553 square meters with 5 basement floors and 45 floors above the ground on a site area of 10,293 square meters (3,114 pyeong).

The total project budget is KRW 270 billion, and the construction is scheduled to be completed in the second half of 2025. The implementer is Kyobo Asset Trust.

BMC selected a preferred bidder in April 2020 through public competition for private project operators and signed a project agreement in October.

The 3rd phase the development project provides a space for digital convergence financial sectors such as fintech and blockchain.

Busan-si plans to use it as a strategic space in preparation for the relocation of secondary financial institutions such as KDB, in line with its vision to be a financial hub city in Asia.

In addition to financial work spaces, it will be equipped with public living facilities such as workplace daycare centers, children's financial libraries, and community space infrastructure, among others.

Since Busan was designated as a financial center in 2009, the Korea Technology Finance Corporation, the Busan Headquarters of the Bank of Korea, and the BNK Busan Bank have moved in the BIFC.

The 1st phase was completed in June 2014 with 63 floors, followed by the completion of the 2nd phase in November 2018 with 49-floor and 36-floor buildings.

35 institutions, including the Korea Exchange, Korea Asset Management Corporation, and Korea Securities Depository, have moved in, with around 4,500 people working here.

ccho@yna.co.kr

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Source: Yonhap News (March 8, 2022)