Ulsan Complex City Development Co. has been awarded the top prize in the urban development category at the 2026 Aju Economic Construction Awards. The company is recognized for creating a large-scale complex city that integrates residential, industrial, commercial, and cultural functions around KTX Ulsan Station, establishing a new growth hub in western Ulsan.
Aju Economic announced on October 21 that Ulsan Complex City Development Co. was selected for the urban development award.
The company is developing the 'New On City' project, a self-sufficient complex city covering approximately 1.53 million square meters (about 460,000 pyeong) in Samnam-eup, Ulsan, with a planned population of around 30,000 and 11,000 housing units.
New On City is a large-scale urban development project that goes beyond mere housing supply, combining residential, industrial, commercial, office, educational, cultural, and park functions. The goal is to expand Ulsan's urban functions, which are currently concentrated in the city center and industrial areas, into the western region, promoting balanced regional development and enhancing urban competitiveness.
The project is being pursued through a public-private partnership that combines private development expertise with public accountability. Ulsan Complex City Development Co. is a special purpose company (SPC) jointly funded by Hanwha Solutions (45%), Ulsan Urban Corporation (39%), and Uljin County (16%). The project is financed through approximately 550 billion won in project financing (PF), managing everything from development planning to infrastructure creation, land supply, business attraction, and urban revitalization.
The urban space will be organized around new growth business axes and cultural leisure axes. The new growth business axis will focus on industrial and office functions, while the cultural leisure axis will connect parks, green spaces, and cultural facilities. A spatial system will be established that connects KTX Ulsan Station to the station square, commercial streets, major urban facilities, and parks, enhancing accessibility and pedestrian convenience within the city.
The regional transportation network is also considered a strength. Using KTX Ulsan Station, travel to the metropolitan area can be completed in about two hours, with access to major road networks including the Gyeongbu Expressway and the Hamyang-Ulsan Expressway. Future expansions of the southeastern regional railway and the Busan-Yangsan-Ulsan regional railway are expected to enhance its role as a regional living hub encompassing Busan and Gyeongnam.
The project emphasizes creating a city where residential and job growth occur together. Approximately 11,000 housing units, industrial land, and commercial support facilities will be supplied in phases to establish a structure where residential population influx and business activities are interconnected.
In particular, the project aims to establish a foundation for future industrial growth by linking with advanced industry and research infrastructure, including nearby Samsung SDI, Ulsan High-Tech Valley, and Ulsan National Institute of Science and Technology (UNIST). Plans include discovering companies to occupy industrial land through participation in industry-specific exhibitions, demand surveys for businesses, and collaboration with relevant organizations to stimulate job creation.
Efforts are also being made to create a livable environment. Parks, schools, and residential facilities will be centrally located, connecting major convenience facilities through pedestrian pathways. Commercial and support facilities will be gradually supplied in line with the occupancy of residential complexes, ensuring residents have access to education, culture, and various lifestyle services nearby.
Ulsan Complex City Development Co. is building a unique urban brand called 'NEW ON CITY' and promoting the city's future value through advertising at KTX Ulsan Station, digital marketing, and participation in industry and real estate exhibitions.
Moving forward, the company plans to continue attracting housing developers and businesses while supplying various facilities in line with the city's growth stages, aiming to develop New On City into a new economic and living center in western Ulsan.
* This article has been translated by AI.
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