Four Times the Size of Pangyo - The Next-Generation City 'Yongin Platform City'

Urbanization and urban regeneration continue to reshape South Korea's cities, leading to ongoing transformations in urban infrastructure and the housing market. Among the notable projects, Yongin Platform City stands out. In this article, we will explore the planning, current progress, and its impact on the surrounding real estate market.

 

Yongin Platform City remains a promising project with significant growth potential, set to become a focal point of the metropolitan area's economy.

 

Yongin Platform City is a collaborative project involving Yongin Special City, Gyeonggi Province, Gyeonggi Housing and Urban Corporation, and Yongin Urban Development Corporation. Its goal is to construct an integrated hub city spanning approximately 2,757,186 square meters (about 830,000 pyeong) in Bojeong-dong, Mabuk-dong, and Singal-dong in Giheung-gu, Yongin. This project was approved in 2018 as part of the "2023 Yongin Urban Basic Plan" and was designated as a significant development site for the 3rd new city in 2019. In December 2021, the compensation plan was announced, and the development process is now underway.

 

Yongin City recently announced that it has completed compensation agreement negotiations for 68.9% of the total area, which amounts to 1,301,350 square meters, earmarked for the Yongin Platform City project. This satisfies the compensation criteria for advancing the project. Furthermore, they have concluded environmental impact assessment negotiations with the Han River Basin Environmental Office, marking the project's entry into full-scale development.

 

One of the reasons Yongin Platform City has garnered attention is its designation as an economic hub city, with plans to create approximately 440,000 square meters of self-sustaining land. This area will be developed primarily for advanced knowledge and manufacturing facilities. The project aims to attract advanced medical and pharmaceutical research centers in collaboration with Green Cross Corporation. With an area four times larger than Pangyo Techno Valley and a budget of 6 trillion KRW, it is one of the largest development projects in the Seoul metropolitan area.

 

Additionally, the GTX-A Yongin Station, scheduled to open in 2024, will be located in this area. The GTX station area, known as "Yongin Flex," will include a large-scale transfer center, convention center, hotels, department stores, offices, and residential facilities spanning approximately 300,000 square meters. This area is poised to become the epicenter of the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry in the southern metropolitan area. Yongin Station will feature a comprehensive transfer center, facilitating the integration of railway transportation with high-speed and metropolitan buses.

 

The semiconductor industry plays a pivotal role in South Korea's economy, and its growth brings vitality to the region. Last year, Gyeonggi Province announced plans to establish a semiconductor cluster in Seongnam Pangyo and Yongin Platform City. Samsung Electronics has also committed to invest 30 trillion KRW over the next 20 years to create the world's largest semiconductor mega-cluster in Yongin City. Consequently, Yongin Platform City anticipates the synergy effects of the semiconductor industry.

 

As a result of these initiatives, the real estate market in Yongin City has experienced increased activity. Apartment sales transactions have surged, particularly in the surrounding areas of Giheung-gu. Apartment sales transactions in Giheung-gu increased from 97 units in January to 338 units in July of this year, showing a growth rate of approximately 3.48 times.

 

Yongin Platform City remains a promising project with significant growth potential, set to become a focal point of the metropolitan area's economy. It is expected to play a role similar to Pangyo Techno Valley and an economic self-sustaining city. Furthermore, it has injected vitality into the surrounding real estate market. However, since completion is still in the future, it remains a project to watch for future developments and changes.