Seongnam City in Gyeonggi Province, South Korea, announced on the 26th that it plans to advance the development of the long-idle "Yatap Valley" site, aiming to build it into an industrial complex.

The industrial complex is planned for the Yatap-dong area of Bundang-gu, covering an area of approximately 28,000 square meters. Seongnam City intends to develop it into a comprehensive industrial complex facility capable of accommodating around 1,000 permanent employees and attracting an estimated daily flow of about 7,000 people.

To this end, Seongnam City submitted an application to the Gyeonggi Provincial Government on the 12th, requesting the designation of the site as an industrial complex. Based on this, the provincial department plans to further apply to the Ministry of Land, Infrastructure and Transport of South Korea for the designation of the industrial zone and the industrial complex.

The site was originally private land. Seongnam City decided in 2005 to develop it into a cutting-edge research facility and purchased it in 2010 for 23.5 billion won. However, due to the failure to secure the approximately 100 billion won in funds required for the project, the site has been temporarily used for limited purposes such as a parking lot and has remained idle for a long time.

Seongnam City anticipates that if Yatap Valley is successfully approved as an industrial complex, it will help form a diamond-shaped industrial belt connecting Pangyo, Seongnam High-Tech Valley, Wirye District, and Gurye 4th Techno Valley, thereby promoting local industrial expansion and increasing related transportation demand.