[Incheon in] Development of Cheongna International Business Complex will be completed in 2028, after 16 years

  • Post last modified:1월 24, 2023
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The development project of creating international business complex where 4th industrial revolution related core businesses are clustered will be put on the major track after 16 years.

On October 28, Incheon Free Economic Zone Authority announced that Mirae Asset Daewoo Consortium selected the preferred bidder in November last year through a public bid held with LH, the developer of the ‘Cheongna International Business Complex Development Project’, signed this contract on October 26. 

The main contents of the agreement are  contribution of 5% (KRW 85 billion) or more of the total project cost (KRW 1.7 trillion) as paid-in capital  investment of 30% or more of the capital in cash by foreign investment companies  establishment of a foreign-invested company to perform the business within 25 days of the agreement  collection of performance bond (KRW 85 billion) and return of amount based on progress of key business facilities  starting construction within one year from the date of approval for land use (the date of conclusion of the sale contract).

The land (land) sale contract will be signed in December of this year. According to the business agreement, construction will start within next year and be completed by 2028 (completion within 7 years from the date of signing this contract).

This project is to develop international business complex that combines key 4th industrial revolution related industries such as AI, ICT and IoT, residential commercial and cultural complex on 270,000 lot in Cheongna-dong, Seogu, Incheon.

The development site subject to the business agreement is a total of 143,943
 including blocks B1 · B2 · C1 · M5 and the preferred bidders for remaining area of 134,000 will be selected (second bidding) later.

The project has been promoted since 2005, when the development plan was approved, but it has been adrift for about 15 years until last year due to the financial crisis and lack of business feasibility.

It was possible to open the bid for developers in July last year after twist and turns including changes in development plan and implementation plan allowing the establishment of the knowledge industry center by Incheon Free Economic Zone Authority

Nine companies such as Mirae Asset Daewoo and Leading Investment & Securities as a financial 
investment company, Dodam Estate and Daemyung Chemical, DS Networks, Wellmade Development as strategic investor, JEIL Engineering & Companies and BOKWANG Construction as construction investor and constructor and EMP Belstar as a foreign investor participated.

Meanwhile, it is reported that the Incheon Free Economic Zone Authority raised the floor area ratio of the B2 block knowledge industry center during the discussion with the LH and Mirae Asset Daewoo consortium.

Lee Won-jae, head of Incheon Free Economic Zone Authority  said “the development of international business complex, which is the symbol and key of the Cheongna International City started in earnest. I will support to make sure that it will be implemented as planned.”

Incheon in / Reported by Yoon Jong-hwan