'Future Asset Daewoo Consortium' Selected as Preferred Negotiator for Cheongna International Business District Development

Aerial view of Cheongna International Business District (Photo by LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 13th that it has selected the Mirae Asset Daewoo Consortium as the preferred negotiation partner for the Incheon Cheongna International City International Business District development project, with a total project cost of 1.7 trillion KRW.

LH held a public offering last July to attract industries related to the 4th industrial revolution, such as Artificial Intelligence (AI) and Information and Communication Technology (ICT), to the Cheongna International Business District, aiming to establish it as an international business hub.

As a result of the project application submissions, the Mirae Asset Daewoo Consortium, Boseong Industry Consortium, Meritz Fire & Marine Insurance Consortium, and G Planning Consortium competed for the project.

LH evaluated each consortium's development plan, project execution capability, and store and commercial district attraction and management plans through an evaluation committee consisting of nine internal and external experts. As a result, the Mirae Asset Daewoo Consortium, which received the highest total score, was selected as the preferred negotiation partner.

The Mirae Asset Daewoo Consortium includes Mirae Asset Daewoo, Leading Investment & Securities, Dodam Estate, Daemyung Chemical, DS Networks, Wellmade Development, EMP Belstar (USA), Jeil Construction, and Bogwang General Construction.

The preferred negotiation partner will sign the main contract with LH by March next year and will begin construction within one year from the date of land use approval according to the public offering guidelines. The entire project is planned to be completed within seven years from the contract signing date.

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