'Stalled' Agreement on Building Incheon Songdo Severance Hospital by 2026

Incheon City and Yonsei University Sign Agreement for 'International Campus Phase 2 Project'
Severance Hospital with 500 Beds to be Built in District 7
Yonsei Science Park to be Developed on 140,000㎡ in District 11

Aerial view of Yonsei University International Campus in Songdo International City [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] A Songdo Severance Hospital with more than 500 beds is expected to be established by 2026 in District 7 of Songdo International City, Incheon Free Economic Zone.

On the 18th, Incheon City signed the "Yonsei University International Campus Phase 2 Development Project Agreement" with Yonsei University and Songdo International Complex Development Co., Ltd. for the construction of Songdo Severance Hospital and the creation of Yonsei Science Park.

The signing ceremony was held online in a non-face-to-face manner, attended by Park Namchun, Mayor of Incheon; Lee Wonjae, Commissioner of Incheon Free Economic Zone Authority; Seo Seunghwan, President of Yonsei University; and Jang Hyungeun, CEO of Songdo International Complex Development.

Songdo International Complex Development is a special purpose corporation (SPC) established in 2007 to build a campus after Incheon City attracted Yonsei University to Songdo International City.

According to the agreement, Incheon City will provide 342,219㎡ of land in District 11 of Songdo to the SPC, and the SPC will build the campus using profits earned from constructing apartments and mixed-use complexes on part of this land.

Yonsei University will build Songdo Severance Hospital by 2026 and establish Yonsei Science Park to attract more than 1,000 researchers, including graduate students.

Also, to guarantee Yonsei University's fulfillment of the Songdo Severance Hospital construction, which has faced trust issues from the local community centered around the Incheon City Council, if Yonsei University fails to meet the hospital's groundbreaking or completion dates, a conditional resale (repurchase) of the District 11 land provided to the university can be executed.

The agreement also includes a clause imposing an annual delay penalty of 2 billion KRW if the hospital's completion is delayed.

Furthermore, to transparently manage the SPC's project progress, the operational structure will be innovated by having the Incheon Free Economic Zone Authority participate in the SPC board of directors.

Incheon Mayor Park Nam-chun and Lee Won-jae, head of the Incheon Free Economic Zone Authority (left), are posing for a commemorative photo after signing the "Yonsei University International Campus Phase 2 Development Project Agreement" online on the 18th.
[Photo by Incheon Free Economic Zone Authority]

In 2006, Incheon City signed a basic agreement with Yonsei University to develop the Songdo campus, including the construction of Severance Hospital, providing about 920,000㎡ of Songdo land for the first phase campus at cost, but the hospital construction has been delayed until now.

Yonsei University's International Campus, which opened in 2010 in District 7 of Songdo as Phase 1, currently enrolls 6,000 undergraduate and graduate students across various academic units including the College of Pharmacy, Underwood International College, College of Engineering's Global Convergence Engineering Department, and Global Talent Department.

The Phase 2 development site of Yonsei University International Campus consists of 246,486㎡ of undeveloped land within District 7 International Campus and 141,291㎡ of educational research land in District 11, totaling 387,777㎡.

This project focuses on building a research-oriented hospital with over 500 beds (Songdo Severance) and establishing Yonsei Science Park, which comprises six zones: convergence research, startup ventures, convergence education, future innovation, industry-academia cooperation, and communication innovation.

To accelerate the construction of Songdo Severance, Yonsei University established the Songdo Severance Hospital Construction Promotion Headquarters within Yonsei Medical Center last month.

The Incheon Free Economic Zone Authority plans to form a task force (TF) with Incheon City soon to support the Phase 2 development project of Yonsei University International Campus and will regularly hold joint consultation meetings with Yonsei University to continuously monitor the project's progress.

Park Namchun, Mayor of Incheon, said, "Through this agreement, we can proceed with the long-awaited construction of Songdo Severance Hospital for our citizens," adding, "We will spare no administrative support to ensure the hospital's construction proceeds as planned."

He also added, "Yonsei Science Park, which includes the Bio Process Workforce Training Center acquired last October, is expected to play a key role in establishing the 'Incheon Bio Health Valley' innovation ecosystem for the bio industry, together with Yonsei University International Campus and Songdo Severance Hospital."

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