On the 30th, Lee Han-jun, President of Korean Air (first on the right), Woo Gi-hong, Vice Chairman of Korean Air (second on the right), Cho Yong-ik, Mayor of Bucheon (center), Son Im-seong, Head of the Urban Housing Department of Gyeonggi Province (second on the left), and Won Myung-hee, President of Bucheon City Corporation (first on the left) are taking a commemorative photo for the signing of an agreement for the establishment of the 'UAM & Aviation Safety R&D Center (tentative)' at Bucheon Art Center. /Courtesy of LH

Korean Air's urban air mobility and research and development (R&D) center will be established in Bucheon Daejang New City.

Korea Land and Housing Corporation (LH) noted that it signed an agreement on the 30th with Korean Air, Gyeonggi Province, and Bucheon City for the investment and establishment of the Korean Air R&D center in the Bucheon Daejang Second Urban Advanced Industry Complex.

The Korean Air R&D center is a research facility aimed at leading the future unmanned aerial vehicle and urban air mobility (UAM) market. It will be built on approximately 66,000 square meters in the Bucheon Daejang Second Urban Advanced Industry Complex. It is expected to create more than 1,000 jobs, including research personnel. The total project cost is approximately 1.2 trillion won.

LH plans to promptly carry out the necessary administrative procedures for the entry of tenant corporations into the industrial complex under the agreement and will support smooth entry by timely promoting site development and infrastructure construction.

Prior to attracting the Korean Air R&D center, LH signed an investment agreement with SK Group in April 2023 for the establishment of SK Green Techno Campus (tentative name). In January of this year, LH also signed an investment agreement with DN Solutions (formerly Doosan Machine Tools).

By designating an urban advanced industrial complex of about 561,000 square meters (16% of the total area) in the Bucheon Daejang public housing district last January, LH enabled tenant corporations to benefit from reduced land supply costs, acquisition tax (75%), and property tax (35% for five years).

As LH has significantly improved the investment conditions for corporations in Bucheon Daejang New City, it plans to continue attracting major anchor corporations.

LH President Lee Han-jun said, “We will do our best to ensure that the Bucheon Daejang New City, through this agreement and continued cooperation with Gyeonggi Province and Bucheon City, transforms into a sustainable self-sufficient city equipped with smart transportation and living infrastructure.” He added, “As the first 1,964 units in four blocks of the Bucheon Daejang first village have begun to be sold, we will proceed with the project without any setbacks to complete the creation of the new city, capable of stable housing supply and quality job creation.”