JEJU-DO < invest Korea

According to Yonhap News,

Jeju Science Park, which opened its first chapter in 2012 driven by the relocation of Daum's headquarters to Jeju, is about to open its second chapter.

On February 5, the Jeju Free International City Development Center (JDC) said that it plans to announce construction orders and bidding with the aim of starting construction of Jeju Science Park Complex 2 within the first half of this year.

The total project cost is estimated to be about KRW 318.2 billion, including land compensation cost.

The construction is expected to take four years from the commencement date.

Jeju Science Park Complex 2 is planned to be built facing the east of Complex 1.

According to development plan by the Ministry of Land, Infrastructure and Transport (MOLIT), Jeju Science Park Complex 2 will be built on 848,163 square meters of site in Wolpyeong-dong, Jeju-si, in a way that meets the demand for high-tech industries such as information technology (IT), bio technology (BT), cultural technology (CT), and environmental engineering technology (ET).

The land use plan includes industrial facility site (339,361 ㎡), residential facility site (52,800 ㎡: 25,168 ㎡ for apartment houses, 26,840㎡ for detached houses), public facility site (372,856 ㎡), multi-purpose site (54,525㎡), and support facility site (29,413㎡).

Jeju Science Park Complex 2 will be promoted to meet the unmet demands from Complex 1, strengthen the competitiveness of high-tech industries in Jeju and create jobs.

After the project plan for Jeju Science Park Complex 2 was first included in the Jeju Island Comprehensive Plan and the second Jeju Free International City Implementation Plan in 2014, its development implementation plan was approved in 2022 after going through approval and notification of the government's national industrial complex designation and development plan in 2016.

If construction kicks off this year, it will be 10 years since the establishment of the project plan.

Jeju Science Park, which was initiated to attract high-tech companies to Jeju, is one of the core projects of JDC, a public corporation under the MOLIT.

Jeju Science Park Complex 1, which was built on a site of 1 million ㎡ in Ara-dong, Jeju-si, completed 100% of the lot sale in 2013 and currently is home to 203 companies.

Thanks to various benefits including 100% exemption from local and national taxes for five year, Kakao (previously known as Daum) and ESTsoft moved into Jeju Science Park Complex 1.

koss@yna.co.kr

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Source: Yonhap News (February 5, 2024)