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According to Yonhap News,
(YONGIN=Yonhap News) The city of Yongin in Gyeonggi Province announced December 27 that its project to create an international logistics zone has passed the Ministry of Land, Infrastructure and Transport's logistics zone actual demand verification test.
The actual demand verification test, a process introduced after the ministry discontinued the logistics zone total volume system in 2014 to prevent speculation and indiscriminate development, evaluates the feasibility of the demand for the logistics zone and the project implementation capacity of the developer to recognize the suitability of creating the logistics zone.
Now that the project has passed the ministry's actual demand verification test, once it goes through the province's project approval process, the developer will able to commence construction of the logistics zone.
The international logistics zone will be created on 968,411 square meters of land in San-28-6, Gorim-dong, Cheoin-gu, Yongin City.
A special-purpose corporation (based in Yongin) established by KT&G, Fursys and GS Engineering & Construction, will invest KRW 300 billion to develop logistics, support, public and residential facilities. Construction is scheduled to begin next year and end in 2020.
When it opens, eleven companies including KT&G, Fursys, Fashion Group Hyungji, and a Seoul joint brand business cooperative, are set to move into the industrial zone.
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Source: Yonhap News (Dec. 27, 2017)
** This article was translated from the Korean.