South Korean household and personal care product maker Aekyung Group said Tuesday it has purchased a site at Songdo, Incheon, for its envisioned research and development center.

The company has signed a contract with Incheon Free Economic Zone to buy the 28,722-square-meter site inside the high-tech industry cluster Sector B in Songdo International City, for 34.5 billion won ($29.5 million).

The group’s major subsidiaries, Aekyung Petrochemical and Aekyung, have invested in the site at a 60:40 ratio. They plan to construct an R&D center with a total floor space of 43,000 square meters.

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.

By Jo He-rim (herim@heraldcorp.com)