Incheon 'Yeongjong~Cheongna' Third Interconnection Bridge Construction Accelerates... Target Opening in 2025

Bird's-eye view of the Third Yeonryuk Bridge construction project (Photo by LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 26th that it has signed an agreement with Incheon Metropolitan City and Incheon Urban Corporation to successfully promote the construction project of the Yeongjong-Cheongna Connecting Road (hereinafter referred to as the 3rd Yeonryukgyo Bridge).

This agreement aims to define the roles and scope of work for the participants by finalizing the design, construction, operation plans, and the party responsible for bearing the project costs of the 3rd Yeonryukgyo Bridge construction project, which has been a long-standing issue in the Incheon Free Economic Zone.

Incheon City will be responsible for the design, construction, and operation of the 3rd Yeonryukgyo Bridge, while LH and Incheon Urban Corporation will bear the construction costs. They will form a tripartite consultative body to mutually discuss important matters and facilitate smooth project promotion.

The 3rd Yeonryukgyo Bridge is a 4.67 km long, six-lane (three lanes each way) bridge connecting Jung-gu Jungsan-dong Yeongjong Sky City and Seo-gu Cheongna-dong Cheongna International City in Incheon.

Included in the Incheon Free Economic Zone development plan, the project had been delayed for a long time due to issues such as the burden of loss compensation for the existing private highway (Incheon International Airport Highway, Incheon Bridge) and construction costs exceeding initial estimates.

Subsequently, in July, Incheon City pledged to fully bear the loss compensation for the private highway, and through this agreement, LH and Incheon Urban Corporation, as project implementers of Cheongna International City and Yeongjong Sky City, agreed to bear 615.6 billion KRW. This amount accounts for 95% of the total project cost of 650 billion KRW.

Construction is scheduled to begin by the end of this year, aiming for completion and opening in 2025. Upon opening, it is expected to provide transportation convenience to residents within Yeongjong and contribute to revitalizing the Free Economic Zone development projects underway in Yeongjong International City and other areas.

Byun Changhoom, President of LH, stated, "This agreement has laid the foundation for the Incheon Free Economic Zone to play a full-fledged role as Korea’s gateway connecting sky and land," adding, "We will do our best to develop Yeongjong Sky City into a world-class logistics, tourism, and aviation industry city."

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