Table of Contents
- Onsan National Industrial Complex Expansion Project, Blocking Speculation through Land Transaction Permission Zone Designation
- Designated Area: 1.41㎢ in Onsan-eup and Cheongnyang-myeon, Uljin County... Restrictions on transactions outside of actual demand
- Passed preliminary feasibility study in 2024... A total of 65.21 billion won is expected to be invested by 2030
- Advancement, High-tech, and High Value-added... The Central Hub of Future Industries in Ulsan
- Conclusion: Establishing a Stable Foundation through Land Transaction Permission Zone Designation... A Forewarning of Changes in Ulsan's Industrial Landscape
- Frequently Asked Questions (FAQ)
Onsan National Industrial Complex Expansion Project, Blocking Speculation through Land Transaction Permission Zone Designation
Ulsan City is proceeding with the 'Onsan National Industrial Complex Expansion (Phase 1) Development Project', aiming for the advancement of industrial foundations and the development of future new industries. This project has reached a new turning point.
On June 17, Ulsan Metropolitan City announced the designation of the area as a land transaction permission zone, restricting real estate transactions for the next three years until June 16, 2028.
This measure is aimed at blocking speculation demand and preventing price increases due to industrial complex development. In fact, if there is a demand for land in this area, a transaction can only be made with the approval of the Uljin County Mayor. This is interpreted as a proactive measure to ensure the stable progress of the project.
This decision is expected to serve as an important stepping stone for industrial development in the Ulsan area.
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Designated Area: 1.41㎢ in Onsan-eup and Cheongnyang-myeon, Uljin County... Restrictions on transactions outside of actual demand
Recently, areas in Hakhap-ri, Cheoyong-ri, Deoksin-ri of Onsan-eup and Yongam-ri of Cheongnyang-myeon in Uljin County have been designated as a land transaction permission zone. The total area of this region is approximately 1.41㎢, equivalent to 1405.9 thousand square meters.
Now, transactions exceeding certain criteria in this zone require prior permission, so caution is necessary. The areas requiring permission for each land type are as follows: for industrial areas, transactions over 150㎡ must be approved; for farmland, it is 500㎡; for forests, 1,000㎡; and for other unspecified areas, 60㎡ must be approved.
The Ulsan City announced that this measure aims to prevent the price surges and speculation triggered by the expectations generated from the feasibility study's passage, interpreting it as an effort to promote stable regional development.
Passed preliminary feasibility study in 2024... A total of 65.21 billion won is expected to be invested by 2030
The 'Onsan National Industrial Complex Expansion Project' secured project feasibility in March 2024 by passing the preliminary feasibility study conducted by the Ministry of Economy and Finance and the Korea Development Institute (KDI). The economic feasibility (B/C) index is 1.19, and the comprehensive evaluation (AHP) score also exceeded the criteria with 0.597.
Based on this result, Ulsan City plans to complete a total of 1.48 million square meters of industrial complex in Yongam-ri, Cheongnyang-eup and Hakhap-ri, Onsan-eup by 2030. The total cost required for this project is 65.21 billion won, which will be cooperated with the Korea Industrial Complex Corporation and Ulsan Urban Corporation for proceeding the project.
This expansion project is expected to have a positive impact on the local economy and contribute to job creation.
Advancement, High-tech, and High Value-added... The Central Hub of Future Industries in Ulsan
The expansion of the Onsan National Industrial Complex aims not only at simple spatial increase but also at elevating the petrochemical-centered industry and establishing a base to attract future-oriented new industries.
In this process, plans are to expand knowledge industry centers and research and development (R&D) infrastructure through the aggregation of new industries such as secondary batteries, hydrogen, and advanced materials. The goal is to establish high value-added industrial complexes, thereby enhancing competitiveness in attracting businesses.
In particular, this project is expected to lead to the creation of approximately 30,000 jobs and produce an economic impact of around 4.9 trillion won, generating around 2 trillion won in added value. This is anticipated to have a significant impact on the local economy.
Conclusion: Establishing a Stable Foundation through Land Transaction Permission Zone Designation... A Forewarning of Changes in Ulsan's Industrial Landscape
The first phase of the expansion of the Onsan National Industrial Complex is garnering attention as an important project to reshape Ulsan's industrial structure and secure future growth engines. The designated land transaction permission zone is expected to function as a regulatory device that prevents overheating of speculation in advance and promotes demand-driven development.
Ulsan City plans to establish a future implementation plan and complete the necessary approval process to ensure the project proceeds without disruption, aiming for completion by 2030. This is expected to become a major hub leading to the advanced transition of the southeastern Ulsan industrial belt, with positive effects on regional economic development.
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Frequently Asked Questions (FAQ)
Q. What is the purpose and content of the Onsan National Industrial Complex Expansion Project?
The Onsan National Industrial Complex Expansion Project aims for industrial advancement and the attraction of new industries and will run until 2030.
The Onsan National Industrial Complex Expansion Project aims to create a high value-added industrial complex through the advancement of the petrochemical-centered industry and the aggregation of new industries like secondary batteries, hydrogen, and advanced materials. A total of 65.21 billion won will be invested by 2030, expecting to revitalize the local economy, create around 30,000 jobs, and generate an economic impact of 4.9 trillion won.
Q. What does the designation of a land transaction permission zone mean and which areas are included?
1.41㎢ in Onsan-eup and Cheongnyang-myeon of Uljin County is designated as a land transaction permission zone, restricting transactions.
1.41㎢ including Hakhap-ri, Cheoyong-ri, Deoksin-ri of Onsan-eup and Yongam-ri area of Cheongnyang-myeon related to the first phase of the Onsan National Industrial Complex expansion has been designated as a land transaction permission zone from June 17, 2023, to June 16, 2028. If any land transaction exceeds a certain area, prior approval from the Uljin County Mayor is required, which is a measure to prevent real estate speculation and price surges, encouraging demand-driven development.
Q. What economic effects are expected from the Onsan National Industrial Complex Expansion Project?
The expansion project is expected to create around 30,000 jobs and generate 4.9 trillion won in economic impact and around 2 trillion won in added value.
The project is expected to bring innovative changes to the Ulsan economy through the advancement of industrial complexes and the attraction of new industries. This process will strengthen competitiveness in business attraction and expand research and development infrastructure while also generating significant job creation and production and value-added output.
Q. What is the schedule for the Onsan National Industrial Complex Expansion Project and which major cooperating organizations are involved?
After passing the preliminary feasibility study in 2024, it aims for completion by 2030 in cooperation with the Korea Industrial Complex Corporation and Ulsan Urban Corporation.
The first phase of the Onsan National Industrial Complex Expansion Development Project passed the preliminary feasibility study by the Ministry of Economy and Finance and KDI in March 2024. Ulsan City plans to create a total of 1.48 million square meters of industrial complex by 2030, and the project will be conducted in cooperation with the Korea Industrial Complex Corporation and Ulsan Urban Corporation. It is expected to proceed according to the planned schedule through future approval procedures.
