Siheung to Develop 782.6 Billion Won Integrated Cultural City in Baegot... 'Baegot Partners' Selected

Baegot Partners Named Preferred Negotiator

Mixed-Use Complex with 45-Story Tower, 1,860 Apartment Units, and Sports Facilities Planned

Construction to Start by Late 2028, Completion Targeted Within Four Years

Mayor Lim Byeongtaek: “A Premium Complex Representing the Southwestern Region”

The long-vacant site on the northern side of Baegot New Town in Siheung, Gyeonggi Province, will be developed into an integrated cultural hub city featuring residential, commercial, and sports facilities. With a total project cost of 782.6 billion won, the plan includes a mixed-use residential and commercial building up to 45 floors high, 1,860 apartment units, and large-scale sports facilities.

Perspective view of Baegot Complex Cultural Center City. Provided by Siheung City

On September 10, Siheung City (Mayor Lim Byeongtaek) held an evaluation committee for the “Baegot Integrated Cultural Hub City Development Project” and announced that the “Baegot Partners Consortium” has been selected as the preferred bidder through the public selection process for private project developers.

The project site spans approximately 40,700 square meters (about 12,300 pyeong) at 319 Baegot-dong and its vicinity. Although it is a key location on the northern side of Baegot New Town, it had remained undeveloped as an idle site for a long period.

On May 27, the city conducted a public selection for private developers. Two bidders participated: Baegot Partners and JLK Holdings. An evaluation committee comprised of external experts reviewed the business plans, ultimately selecting Baegot Partners as the preferred negotiating party.

The Baegot Partners Consortium is led by Baegot Signature, with participation from GS S&D and Korea Investment & Securities.

The business plan submitted by the consortium includes a mixed-use residential and commercial building ranging from four basement levels to 45 above-ground floors, 1,860 apartment units, and commercial facilities. The approximately 30,000 square meters of sports facilities, which Siheung City designated as essential for development, is also included.

The city plans to negotiate with the preferred bidder for about 30 days and sign the final project agreement by the end of next month. After completing various administrative procedures, construction is scheduled to begin by the end of 2028, with a target to complete the project within four years of groundbreaking.

Upon completion, the project is expected to significantly enhance the insufficient sports infrastructure in Baegot New Town and establish a new landmark for the southwestern region that combines residential, commercial, and cultural functions.

Mayor Lim Byeongtaek of Siheung commented, "Transforming a long-vacant site into a pivotal hub for regional development and economic revitalization is a key priority project," adding, "We will diligently conduct negotiations and subsequent administrative procedures to ensure the successful development of a premium integrated complex representing the southwestern region."

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