The Korea Institute of Ocean Science and Technology (KIOST) recently announced that it had signed a real estate sales contract with the Ansan City Government (Mayor Yoon Hwaseop) on April 3, 2020.

The contract covers the purchase and sale of land (92,938.6㎡) and 30 buildings, valued at KRW 109.0 billion (excluding VAT). The Ansan City Government, which is purchasing the property owned by the KIOST, will make payments over a period of 14 months in the form of a 10% contract deposit, a second payment, and a third payment for the remaining 45% of the balance.

 The KIOST had been trying to sell its Ansan land and buildings since 2012 in order to secure funds for the construction of its new headquarters in Busan. However, the sale of the land and buildings proved to be difficult due to land restrictions and price issues. After trying to sell the property for several years, the KIOST instead opted to take a loan from a bank to construct its new headquarters and moved to Busan in 2017.

By selling its Ansan real estate, the KIOST will be able to reduce the interest payments on its bank loan, used for the construction of the Busan headquarters, as well as the management costs associated with maintaining the property in Ansan, which had placed a burden on the public institution. This reduction of costs will allow the KIOST to strengthen its focus on research, which is the primary purpose of the organization.

KIOST President Kim commented, “We are very pleased to have sold our real estate in Ansan, which was a long-standing task for the KIOST, and would like to thank the staff of the Ansan City Government for their efforts in making this sales contract possible.” President Kim added, “As we move forward, we hope to be a pioneer of the ‘Busan era’ and help Busan achieve its vision of developing as the marine capital of Northeast Asia.”