Incheon Songdo 11-1 Gonggu Infrastructure Construction to Start in July Next Year... Completion by 2026

Songdo International City District 11 [Photo by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] Construction of infrastructure for Zone 11-1 in Songdo International City, Incheon Free Economic Zone, which is being developed as an advanced industrial cluster for bio and research & development (R&D), is expected to begin around July next year.

The Incheon Free Economic Zone Authority held a final briefing on the "Basic and Detailed Design Service for Infrastructure Construction of Songdo Zone 11-1" on the 7th and announced this plan.

According to the service report, a total of 721.8 billion KRW is expected to be invested in the infrastructure construction of Songdo Zone 11-1.

Considering investment attraction conditions and the regional economic ripple effects comprehensively, the first phase of construction will be carried out from July next year to August 2024, divided into two areas: Songdo 1-1 and 1-2. The remaining second and third phases will be promoted from 2022 to 2025 and from 2023 to 2026, respectively.

The first phase project section is adjacent to the existing Zones 5 and 7 and Bio-daero, and is planned mainly as industrial facility sites to attract investments from domestic universities, bio-related companies, and R&D complexes.

In this regard, the Incheon Free Economic Zone Authority plans to proceed with procedures such as selecting and contracting a construction project management service company for the first phase, requesting construction orders, and selecting contractors by May next year.

This service, which started in August 2017, aims to introduce cutting-edge knowledge-based facilities such as information technology (IT) and biotechnology (BT) and to establish internationally high-quality infrastructure.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "Once the development of Zone 11, which is being created as an advanced industrial cluster for bio and others in connection with Songdo Zones 5 and 7, is completed, Songdo will become the best city equipped with comprehensive competitiveness both in planning and location more than any other city."

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