Yangju City Signs MOU for Development of 'Mixed-Use Shopping Mall' in Okjeong New Town

Revitalizing the Central Commercial District of Okjeong New Town
Development of a Large-Scale Mixed-Use Shopping Mall Equivalent to Four Soccer Fields

Yangju City in Gyeonggi Province and Daebang Construction Co., Ltd. have joined forces to successfully promote the development of a mixed-use complex in Okjeong New Town and to foster mutual growth with the local community.

Yang Suhyun, Mayor of Yangju City, is signing a Memorandum of Understanding (MOU) with Daebang Construction on the 9th for the development of Okjeong New Town mixed-use complex (Jungsang-1, Complex-1 blocks) and the expansion of public contributions. Provided by Yangju City

On the 9th, Yangju City signed a Memorandum of Understanding (MOU) with Daebang Construction for the development of the Okjeong New Town mixed-use complex (Jungsang-1 and Complex-1 blocks) and the expansion of public contributions.

The core of this agreement goes beyond simply supplying residential facilities; it focuses on a significant expansion of living infrastructure that Okjeong New Town residents can directly benefit from.

First, the size of the mixed-use shopping mall to be developed by Daebang Construction will be greatly increased. The commercial facility, which was initially planned to have a main use area of 10,369 square meters (approximately 3,136 pyeong), has been expanded to 16,530 square meters (about 5,000 pyeong, equivalent to 2.3 soccer fields) after active discussions with Yangju City. Including ancillary facilities, the total saleable area will reach 27,270 square meters (about 8,250 pyeong).

This is equivalent to the size of four soccer fields and is expected to establish Okjeong New Town not only as a hub for shopping, culture, and leisure but also as the largest key commercial district in northern Gyeonggi Province.

In addition, to address chronic parking shortages, a large-scale public parking lot will be built. Daebang Construction has agreed to directly construct a public parking lot with more than 300 spaces beneath the Neighborhood Park-9 site near the project area and donate it to Yangju City. The total project cost of 26.3 billion won will be excluded from the calculation of apartment sale prices, making this a model case of public contribution by improving parking in the central business district without increasing the financial burden on residents.

Yangju City plans to promptly support related administrative procedures, such as changes to the business plan, in accordance with this agreement. Daebang Construction aims to submit the application for changes within December and obtain final approval by January 2026, with full-scale sales scheduled to begin in March or April 2026.

An official from Yangju City stated, "This agreement is an excellent example of mutual growth between corporate investment and regional development," adding, "We will focus our administrative resources to ensure Okjeong New Town becomes a premium city that integrates education, culture, and transportation."

This content was produced with the assistance of AI translation services.