Gyeonggi Urban Innovation Corporation and Pyeongtaek Urban Corporation were selected as developers of Poseung Development Project in Yellow Sea Free Economic Zone (YSFEZ), according to Gyeonggi Province.
Gyeonggi, the YSFEZ authority and Pyeongtaek City plans to give go-ahead to the development plan on Poseung Complex next September and start land compensation procedures from next October.
The Poseung Development Project lost momentum, as the previous developer Korea Land & Housing Corporation, designated in 2008, decided to withdraw from the project last year.
Gyeonggi, the YSFEZ authority and Pyeongtaek agreed to reduce the development area from 20 square kilometers to 5.4 square kilometers last August through discussions with residents.
Source: Yonhap News (Aug. 22, 2012)