Mirae Asset will create 1.8 trillion won (US$1.65 billion) of funds and invest in the project to develop a mega fourth Industrial platform-based complex in Pangyo, south of Seoul.
Mirae Asset Global Investments announced on December 11 that it will create real estate funds and enter into a real estate sales contract with Alphadom City, which currently builds the cutting-edge mixed-use center in Pangyo Stations, by the end of December. The company plans to set up an innovation platform in where creative talents and innovative companies coexist in Pangyo that is growing into an incubator of the fourth industrial revolution such as information and communications (IT) and biotechnology.
Mirae Asset will develop a multi-use complex of 363,636 square meters (110,000 pyeong) in total, including office buildings of 264,463 square meters (80,000 pyeong) and retail and commercial facilities of 99,174 square meters (30,000 pyeong), for three years from 2018. After the completion, the complex will play a role as a mega fourth industrial cluster in where 13,000 workers and 40 businesses gather. The office buildings will be high-tech enough to meet the demand of IT and fourth industrial enterprises. Mirae Asset will help strengthen the connection and integration between emerging industries. The company also plans to create a smart space embracing sports, concert and entertainment so that workers can create innovative ideas. Based on it, the complex is expected to become a landmark in Pangyo.
Alphadom City is located in the center of Pangyo Techno Valley, which is considered the Silicon Valley in South Korea. It has a good accessibility to Seoul and other metropolitan regions and continues to grow as an IT cluster. The combined sales of Pangyo Techno Valley came to 77.5 trillion won (US$70.97 billion) as of the end of 2016, which is the seventh largest in the nation, and show an average annual growth of 13 percent since 2013.
Choi Chang-hoon, head of the real estate unit at Mirae Asset Global Investments, said, “This is the project that suits for the investment DNA of Mirae Asset that claims to stand for a permanent innovator. We are very delighted that years of our efforts to get the project come to fruition.”