The Korea Institute of Ocean Science and Technology announced plans to break ground on the construction of a new research complex on a plot of land owned by the Institute in Busan’s Dongsam-dong Innovation District in September. The construction of the new complex is part of the government’s plan to decentralize public corporations by relocating offices and facilities to other provinces throughout the country.

The bidding for the construction of KIOST’s new complex in Busan began in February with deliberations on the Detailed Design Technical Proposals (DDTP) of the Public Procurement Office, but the first two rounds of bidding proved unsuccessful. In the third round, a consortium led by Hanwha Engineering and Construction Corp. was selected as the successful bidder, and construction is planned to be completed by August 2017.

Upon the completion of the new complex, KIOST’s state-of-the-art ocean science and technology research facilities will be transferred and reinstalled, and some 800 of the finest experts in the field will relocate to the Dongsam-dong Innovation District by the end of 2017.

A total of KRW 100.4 billion will be invested in the construction of the complex. Located on a plot measuring 159,634 square meters with a total building area of 43,536 square meters, the complex will be equipped with cutting-edge facilities, including the Special Research Building, Ocean Environment Laboratory Building, Biological Laboratory Building, and Education and Training Building.

President Hong of KIOST commented, “The research complex in Busan is part of a remarkable energy-saving construction project newly launched by the Ministry of Land, Infrastructure, and Transport and has been designated as a highly sophisticated, low-energy, “intelligent” building. We hope it becomes a new landmark symbolizing science and technology in Busan’s Dongsam-dong Innovation District.”