Incheon Cheongna International Business District, First Half Business Operator Recruitment... Development and Implementation Plan Changes

Approval of Knowledge Industry Center in Business Complex
Securing Support Facility Sites such as Residential-Commercial Complexes
Priority Negotiation Candidate to be Selected in August This Year

Cheongna International Business District Layout Map [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The bidding process for the developer of the Cheongna International Business District, a key area of Cheongna International City in the Incheon Free Economic Zone, will begin in the first half of this year.

The Incheon Free Economic Zone Authority announced on the 27th that it has revised the development and implementation plans for the 270,000㎡ area across four blocks of the Cheongna International Business District to revitalize development and has officially notified this in the government gazette.

Through this revision, the Incheon Free Economic Zone Authority has allowed knowledge industry centers on business sites such as blocks B2 and B9, considering the rapidly changing industrial environment including Artificial Intelligence (AI), Internet of Things (IoT), and Information and Communication Technology (ICT). For blocks B1 and B10, support facility sites (M5 and M6) for the construction of mixed-use residential and commercial buildings to secure profitability have been secured.

The Incheon Free Economic Zone Authority also expects that the confirmed establishment of the new (tentative name) International Business District Station on Seoul Subway Line 7 will contribute to improving the business conditions of the Cheongna International Business District.

Since May of last year, the Incheon Free Economic Zone Authority and Korea Land and Housing Corporation (LH) have finalized this revision after multiple expert advisory meetings and through surveys and in-depth interviews with companies conducted as part of the future-oriented mid- to long-term development strategy study for Cheongna International City, carried out by the Korean Society of Land and Urban Planning.

The Cheongna International Business District’s development plan was approved in August 2005, but development was delayed due to business feasibility issues caused by the excessive scale of business sites and the focus on attracting international finance functions, which made investment attraction difficult.

Initially, a private consortium consisting of 10 construction companies including POSCO Construction and financial investors promoted the creation of the International Business Town, but due to the real estate market downturn and the failure to designate the area as a financial hub, the land sales contract between LH, which owns the project site, and the consortium was terminated in 2013.

The Incheon Free Economic Zone Authority plans to start the developer bidding process in the first half of this year, select a preferred negotiator by August, and sign the business agreement and land sales contract by the end of the year.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "This revision of the development plan is significant as it lays the foundation for attracting high-quality anchor companies to the Cheongna International Business District. Since this is a highly symbolic project in Cheongna, we will do our best to attract key tenants that match its importance and reflect innovative ideas from the private sector in the business plan during the bidding process."

This content was produced with the assistance of AI translation services.