LH Announces Business Partner Recruitment for Cheongna International Business District Development Project

Location map of the Cheongna International Business District project site for the Korea Land and Housing Corporation (LH) (Provided by LH)

[Asia Economy Reporter Chunhee Lee] Korea Land and Housing Corporation (LH) announced on the 31st that it will launch a public contest to select a developer for the Cheongna International Business District project.

The Cheongna International Business District development project aims to establish Cheongna International City within the Incheon Free Economic Zone (IFEZ) as an international business hub. LH plans to select a developer by encouraging objective and fair participation from domestic and international companies and investors through the public contest.

For this contest, LH made significant improvements to the development and implementation plans in April, including securing mixed-use residential and commercial zoning and allowing the construction of officetels and knowledge industry centers on business sites within the international business district. Additionally, LH prepared guidelines to attract industries related to the 4th industrial revolution, such as artificial intelligence (AI) and ICT, to the knowledge industry centers within the district, aiming to foster Cheongna International Business District as a 4th industrial revolution-centered international business hub.

The project site covers a total of five parcels (140,000㎡) in Cheongna-dong, Seo-gu, Incheon. The area is divided into mixed-use residential-commercial, business, commercial, and parking zones. Given that the Seoul Subway Line 7 International Business District Station (tentative name) is planned to be newly established near the project site, transportation conditions are also expected to improve significantly.

Applications for the project are only accepted from foreign corporations or consortia that include at least one foreign corporation. Furthermore, applications must cover the entire project site.

LH plans to hold a project briefing session on the 12th of next month. Subsequently, proposals will be accepted until October 30th, and after evaluations in November, a preferred negotiation partner will be selected.

Byun Chang-hoom, President of LH, stated, "We expect this contest to greatly contribute to the development of Cheongna International City," adding, "We hope many interested developers will participate so that Cheongna International City can become a center of the 4th industrial revolution."

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