The “K-Culture Valley” complex development project in Gyeonggi Province is expected to gain momentum. On the 16th, Gyeonggi Province announced its plan to call for private business operators related to the project by the end of April, after the Gyeonggi Provincial Assembly approved an in-kind contribution agreement aimed at resuming and stably advancing the K-Culture Valley project. This in-kind contribution involves providing the land of the K-Culture Valley site, located in Janghang-dong, Ilsandong-gu, Goyang City, which measures 279,101 square meters, along with an arena structure currently 17% complete, to the Gyeonggi Housing and Urban Corporation (GH). In exchange, GH stocks equivalent to the value of the contributed assets will be obtained. The provincial assembly confirmed this in-kind contribution using a baseline price of 356.1 billion won (land at 284.9 billion won, arena at 71.2 billion won). Gyeonggi Province will finalise the scale of the contribution once the appraisal is finished, with the estimated appraisal value expected to exceed 640 billion won for the combined land and structure.
Based on this in-kind contribution, Gyeonggi Province plans to proceed with recruiting private operators for Site T2, including the arena, through GH by late April, and aims to begin swift construction with a completion target set for 2029. The K-Culture Valley is envisioned as a large-scale multi-purpose cultural complex featuring a K-POP dedicated arena, studios, theme parks, commercial, lodging, and tourism facilities. Son Im-seong, Director of Urban Housing at Gyeonggi Province, stated, “This in-kind contribution establishes a stable foundation for advancing the K-Culture Valley project,” adding, “We aim to strengthen our standing as a global cultural and tourism hub through the K-Culture Valley development.”