KOSDAQ-listed WDG Farm said on the 17th that it completed the purchase of land for building the country's largest smart farm complex under development in Seosan, South Chungcheong.
WDG Farm subsidiary Nine Farm acquired 152,135.2 square meters (about 46,000 pyeong) of land in Gasari, Buseok-myeon, Seosan-si, South Chungcheong, from Hyundai E&C on the 15th. The land was put under a sales contract on May 30 for 15.153 billion won.
The site purchased this time will be used as the phase-one project site for the "Korean-style global smart farm complex" development, into which a total of 305.5 billion won will be invested. The first phase is a public-private partnership project in which Daol Asset Management forms a regional revitalization investment sub-fund with participation from South Chungcheong Province, Seosan City, and WDG Farm.
WDG Farm, a major shareholder in the project, has been establishing a special-purpose company (SPC) since December last year and serves as overall project manager. It acts as the de facto lead company in the smart farm development area, into which about 90 billion won of the total project cost will be invested. WDG Farm plans to build a smart farm based on advanced glass greenhouses on the site.
Read more at Chosun Biz
