The Champions City project, a large-scale mixed-use development on the site of the former Jeonnam Textile and Ilshin Textile factories, is set to contribute 589.9 billion won ($589.9 million) in public contributions and donate three additional bridges connecting to areas outside the project zone. The city of Gwangju is currently conducting a revision of its urban management plan and is moving forward with the bridge installation based on the results of a traffic impact assessment.
According to the construction industry and the Gwangju Integrated Special City on July 27, the plan for the bridge installations is progressing separately from the 589.9 billion won public contribution agreement related to the Champions City development.
A representative from Gwangju Integrated Special City stated, "In addition to the 589.9 billion won public contribution agreement related to the Champions City development, we are also pursuing the installation of bridges. We are currently conducting a revision of the urban management plan and will decide on the bridge installation as urban planning facilities in the subsequent review process."
The additional installations will include three bridges connecting to areas outside the project zone, with two of them designed for vehicle traffic. These facilities are separate from the roads and mixed-use facilities included in the existing public contribution agreement. It is reported that the request for additional donations arose during the traffic impact assessment process to disperse the increased traffic expected from the development project.
Champions City is a large-scale mixed-use development project initiated by a consortium including Shinyoung Group and Woomee Construction, which purchased the site of the former Jeonnam Textile and Ilshin Textile factories in July 2020. The project combines residential, commercial, office, and cultural functions, with the first phase of construction and sales for 3,216 housing units set to begin in September.
The developer plans to pay the public contribution of 589.9 billion won as agreed with the city. This contribution consists of 300 billion won in cash and 289.9 billion won in kind, including the construction of roads. As the first and second residential complexes and the third luxury hotel and historical park are constructed sequentially, 10% of the cash public contribution will be paid over four years, with the remaining 60% due upon project completion.
A representative from Shinyoung Group confirmed, "The existing plan to pay 10% of the cash public contribution over four years and the remaining 60% at the time of completion remains unchanged. Once the first residential complex begins construction as scheduled, we plan to pay the first public contribution of approximately 15.4 billion won within one month of receiving the construction permit."
Champions City was initially delayed after Daewoo Engineering & Construction and POSCO E&C were selected as preferred bidders but subsequently withdrew from the project. The schedule resumed after Woomee Construction, a shareholder in the project financing vehicle, took over the construction.
The developer is also in the process of selecting a construction company for the second residential complex and the third luxury hotel. A representative from Shinyoung Group stated, "We plan to proceed separately from the first phase and will finalize the schedule for the next projects after observing the results of the first phase sales."
Following the establishment of a semiconductor cluster in the Honam region, there are indications of an improved atmosphere in the Gwangju housing market. A representative from the housing sales industry noted, "Since the designation of the semiconductor cluster, contracts for unsold units have increased, indicating a better market atmosphere than before, although polarization remains between well-located new constructions and others."
They added, "Given that Champions City is a large complex with over 3,200 units, there may be initial sales pressure, but it should be manageable if supplied sequentially. The volume of large-scale supply and the sale prices will be key factors in its success."
Meanwhile, the model house for 'Champions City Phase 1' is set to open in September on the project site.
* This article has been translated by AI.
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