Ulsan Mixed-Use Development Co., Ltd. has been awarded the top prize in the urban development category at the 2026 Aju Economy Construction Awards. The project aims to create a large-scale mixed-use city centered around KTX Ulsan Station, combining residential, industrial, commercial, and cultural functions to establish a new growth hub in western Ulsan.
Aju Economy announced on the 21st that Ulsan Mixed-Use Development Co., Ltd. was selected for the urban development category award at the 2026 Aju Economy Construction Awards.
Ulsan Mixed-Use Development Co., Ltd. is developing the 'New On City' project on approximately 1.53 million square meters (about 46 acres) in Samnam-eup, Ulju-gun, Ulsan, with a planned population of about 30,000 and 11,000 housing units.
New On City is a large-scale urban development project that goes beyond simple housing supply, integrating residential, industrial, commercial, office, educational, cultural, and park functions. The goal is to expand Ulsan's urban functions, which are currently concentrated in existing urban and industrial areas, into the western region, promoting balanced regional development and enhancing urban competitiveness.
The project is being pursued through a public-private partnership that combines private development expertise with public accountability. Ulsan Mixed-Use Development Co., Ltd. is a special purpose company (SPC) jointly funded by Hanwha Solutions (45%), Ulsan Urban Corporation (39%), and Ulju-gun (16%). The project has secured funding of approximately 550 billion won through project financing (PF) and manages all aspects of the project from planning to infrastructure development, land supply, business attraction, and urban revitalization.
The urban space will be organized around new growth business axes and cultural leisure axes. The new growth business axis will focus on industrial and office functions, while the cultural leisure axis will connect parks, green spaces, and cultural facilities. A spatial system will be established that connects KTX Ulsan Station to the station square, commercial streets, major urban facilities, and parks, enhancing accessibility and pedestrian convenience within the city.
The regional transportation network is also considered a strength. Using KTX Ulsan Station, residents can reach the metropolitan area in about two hours and access major road networks, including the Gyeongbu Expressway and the Hamyang-Ulsan Expressway. Future expansions of the southeastern regional railway and the Busan-Yangsan-Ulsan regional railway are expected to enhance its role as a regional living hub encompassing Busan and Gyeongnam.
The project emphasizes creating a city where residential and job growth occur together. It plans to gradually supply residential facilities for about 11,000 housing units, industrial land, and commercial support facilities, establishing a structure where residential population influx and business activities are interconnected.
In particular, it aims to establish a foundation for future industrial growth by linking with advanced industry and research infrastructure, such as nearby Samsung SDI, Ulsan High-Tech Valley, and Ulsan National Institute of Science and Technology (UNIST). The plan includes discovering companies to occupy industrial land through participation in industry-specific exhibitions, demand surveys for businesses, and collaboration with relevant organizations to stimulate job creation.
Efforts are also being made to create a favorable living environment. Parks, schools, and residential facilities will be centrally located, with major convenience facilities connected by pedestrian pathways. Commercial and support facilities will be gradually supplied in line with the occupancy of residential complexes, allowing residents to access various educational, cultural, and recreational services nearby.
Ulsan Mixed-Use Development Co., Ltd. is building a unique urban brand called 'NEW ON CITY' and promoting the city's future value through advertising at KTX Ulsan Station, digital marketing, and participation in industry and real estate exhibitions.
Moving forward, the company plans to attract housing developers and businesses while supplying various facilities in line with the city's growth stages, aiming to develop New On City into a new economic and living center in western Ulsan.
* This article has been translated by AI.
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