KR, the property administrator in charge of managing national railway property, is expanding development projects to enhance efficient use of railway site and the convenience of passengers. There are 21 projects in operation and 20 projects under construction or in progress. KR has contributed to improving financial structure by creating a profit of 0.5 billion US dollar since 2004, KR’s launch.
Railway property development project utilizes the third sector, which attracting private capital to develop railway properties. SPC, being established and financed by KR and private operators, takes a leading role in the projects and it will be guaranteed the right to own and operate the facilities for 30 years and proceed development projects. KR realizes a profit from rent for land use and dividend from the projects.
Complex Development Project
Complex development project is to develop station area functioning as commerce, accommodation, transfer, and business. GWANGMYEONG station is the best example of the project where convenient public transit transfer system is built and global company COSTCO is located nearby. Also, COSTCO GWANGMYEONG ranked in the top 10 in sales among Costco stores in the world. There are also some projects in progress ; GONGDEOK station, HONGIK Univ. station, etc.
GWANGMYEONG STATION TRANSIT CENTER DEVELOPMENT
Project location : Vicinity of 163-3, GwangMyeong GyeongGi-Do (76,216㎡)
Scale of Project : 1 underground level, 20 stories building
Gross area : 32,013㎡
Project expenses : US$ 43million
Period of project : 2018~2019(Construction), 2020~2049(Operation)
HONGIK UNIV. STATION DEVELOPMENT
Project location : Vicinity of Donggyo-Dong 190-1, Mapo-Gu Seoul (20,844㎡)
Project contents : Retails(shopping mall), Accommodation(hotel), Office, etc.
Scale of Project : 17 stories building
Gross area : 53,978㎡
Project expenses : US$ 130 million
Period of project : 2016~2018(Construction), 2018~2048(Operation)
INCHEON-NONHYEON STATION DEVELOPMENT
Project location : Vicinity of 731-4 Nonhyeon-dong, Namdong-gu, Incheon
Project contents : Retails, Neighborhood facilities, etc.
Scale of Project : 1 underground level, 5 stories building
Gross area : 16,639㎡
Project expenses : US$ 20 million
Period of project : 2017~2020(Construction), 2020~2050(Operation)
GWANGMYEONG STATION TRANSFER PARKING LOT D DEVELOPMENT
Project location : Vicinity of 380-14 Iljik-dong, Gwangmyeong, Gyeonggi-do
Project contents : Parking lot, Neighborhood facilities, etc.
Scale of Project : 2 underground level, 2 stories building
Gross area 28,378㎡
Project expenses : US$ 18million
Period of project : 2017~2018(Construction), 2018~2048(Operation)
Unused Railroad Site Utilization
In accordance with new railroad construction which causes abandoned railway and railway station, KR is making an effort to develop unused railroad site in cooperation with local government trying to revitalizing regional economy. HIGH-ONE CHOO CHOO PARK is one of the best practices which develop the abandoned switchback railroad according to new railway line construction. It has various facilities including Rail-bike, Incline-train, Mini-train, Sightseeing-train, Accommodation, and etc., becoming one of the unique theme parks in South Korea. Also, it has contributed to revitalization of regional economy and job creation by promoting tourism industry on the abandoned mine area. There are other unused railroad sites development in progress ; GANGCHON RAILPARK and HAEUNDAE BLUELINE and so on.
UNUSED YOUNGDONG RAILROAD SITE DEVELOPMENT
Project location : Vicinity of Simpo-Ri 228, Samcheok GangWon-Do (990,319㎡)
Project contents : Incline-train, Railbike, Switchback-train, Accommodation, and Retails etc.
Scale of Project : Dogye ∼ Tongni 16.5km
Project expenses : US$ 58 million
Period of project : 2013~2014(Construction), 2014~2044(Operation)
Special Purpose Company : High-one choo choo park co.,Ltd
UNUSED GANGCHON RAILROAD SITE DEVELOPMENT
Project location : Vicinity of Gangchon-Ri 671-5, Chuncheon GangWon-Do (408,621㎡)
Project Contents : Retails and Tourism packages(Railbike, Mini-train)
Project Scale : Kim yu-jeong station ∼ Gangchon station (8.2㎞), Gyeonggang station ∼ Eupnae-ri, Gapyeong-gun (4.2km), 4 stations, 8 tunnels, 19 bridges etc.
Project expenses : US$ 27 million
Period of project : 2012~2018(Construction), 2012~2042(Operation)
Special Purpose Company : Gangchon Railpark co.,Ltd
UNUSED DONGHAE-NAMBU RAILROAD SITE DEVELOPMENT
Project location : Vicinity of Songjeong-Dong 299-20, Haeundae-Gu Busan (102,161㎡)
Period of project : 2019~2020(Construction), 2020~2050(Operation)
Special Purpose Company : Haeundae Blueline co.,Ltd
Station area development
KR is extending business field from the development projects on railway property to railway station area development including private lands. This project propels by issuing bonds. KR carries forward the station area development to resolve community severance and construct well organized urban environment. In addition, KR is trying to collect asset appreciation from railway construction and reinvest it to the station area developments.
SUSEO station area development is one of the best examples. It has master plan of making the huge land of 386,000㎡ a new town so that it takes major role in regions. KR expects profit of 0.3 billion dollar from this giant project. There are also other station area development project in progress ; JIJAE, DAEGOK, YONGIN station area and so on.
SUSEO STATION INFLUENCE AREA DEVELOPMENT
Project location : Vicinity of Jagok-Dong 197, Gangnam-Gu Seoul (386,390㎡)
Project contents : Transit center, Office, Distribution center, Public house, etc.
Project expenses : US$ 453 million
Period of project : 2018~2022(Construction), 2023~2052(Operation)
Project operator : Korea National Railway, Korea Land & Housing Corporation