Jeonju Former Korean Textile Site Development Project Promises to Pay KRW 385.5 Billion

Jagwang, a developer of the former Daehan Textile Site, considered a yolk land in Jeonju, North Jeolla Province, promised to pay a total of 385.5 billion won, including the increase in land value due to the change in the use area, and to implement the business plan.

Jeonju City and Jagwang signed an agreement at Jeonju City Hall with Mayor Woo Bum-ki and CEO Jeon Eun-soo of Jagwang to "promote the former Korean Textile Site Development Project and to implement the project."

The two sides finalized details on the implementation of the business plan, including the provision of public facilities for the former Korea Textile Site Development Project, the installation cost, payment method and timing, and tourism tower.

Jeonju City plans to announce the urban management plan, including the change of the use area of the former Daehan Textile Site, in January next year, and begin the process of integrating the construction plan and approving the construction plan with the aim of starting the construction of a 470m tower, commercial facilities, and apartment houses in the first half of the year.