Aekyung Group purchases site for R&D center in Songdo

South Korean household and personal care device manufacturer Aekyung Group said Tuesday it purchased site in Songdo, Incheon for its planned R&D centre.

The business has signed contract with Incheon Free Economic Zone to purchase the 28,722-square-meter site inside Songdo International City’s Sector high-tech industry area, for 34.5 billion won ($29.5 million).

Aekyung Petrochemical and Aekyung, major subsidiaries of the company, have invested in the site at ratio of 60:40. We plan to build an R&D center with an estimated 43,000 square meter floor space.

The company said it plans to begin construction of the facility in 2021 and aims to finish by the second half of 2022.

The envisioned center will be used for the development of new high-tech materials and technology and also research eco-friendly products.

“We plan to make the center a landmark in the region by promoting collaborative work with the industry, universities and institutes, and cultivating talented personnel,” Aekyung Holdings CEO Ahn Jae-seok said.