Seeking for Land Developer
The Busan-Jinhae Free Economic Zone (BJFEZ) Authority announced on July 28 that it will invite private operators to develop business facilities in the Myungji District in Myungji-dong, Gangseo-gu of Busan.
The Myongji district, which covers a total area of 4,467,000 square meters, is being developed into an advanced business city by the state-run Korea Land and Housing Corporation (LH). The district has major infrastructure such as Gimhae Airport, Busan New Port, the Namhae Expressway and the National Highway No. 2 and is also close to large-scale residential complexes such as Myongji Ocean City and the Sinho District.
Not only will the Busan Western District Court and Branch Office open on July 31 but also as hotels and convention centers among others will be built in the district. So the district is attracting attention as a business area that will lead the development of the western are of Busan in the future.
The Busan-Jinhae Free Economic Zone Authority will hold a business briefing session on August 22 to select a preferred bidder, and will receive business proposals from consortiums including foreign investors among others from October 23 to 25.
"I expect that the selection of a preferred bidder through the contest for this commercial land will put the development of Busan’s western area on the right track," said Jin Yang-hyun, commissioner of the BJFEZ Authority.