Incheon Free Economic Zone Authority to Re-tender Cheongna Medical Complex Town Project in January Next Year After 'Failed Bid'

Location map of Cheongna Medical Complex Town [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority plans to re-tender the Cheongna Medical Complex Town project operator in January next year.

According to the Incheon Free Economic Zone Authority on the 30th, this project to create a medical complex town with a general hospital of over 500 beds, office, and retail facilities in Cheongna International City was canceled as no companies submitted proposals in the March tender this year.

The Incheon Free Economic Zone Authority stated that since the Cheongna Medical Complex Town site has remained undeveloped for a long time, prompt development is necessary, and as it is an essential facility for the development of Cheongna International City, they plan to proceed with a re-tender.

To ensure the success of the re-tender, the Incheon Free Economic Zone Authority plans to carefully review and finalize the conditions, including the ratio of industrial facilities to support facilities land, profitability analysis of support facilities, appropriateness of land supply price, and allowable scale of support facilities, to improve project feasibility.

If the second tender proceeds smoothly, a preferred negotiation partner will be selected in the first half of next year to fully launch the Cheongna Medical Complex Town project.

The Cheongna Medical Complex Town plans to attract a general hospital with at least 500 beds and medical bio-related industry-academia-research facilities, office facilities, and commercial facilities on a project site of 261,000㎡.

Considering its proximity to Incheon International Airport, the Incheon Free Economic Zone Authority envisions focusing on fostering the high value-added medical tourism industry to develop it into Asia's top medical complex town, similar to Singapore Biopolis and Dubai Healthcare City.

Initially, the Incheon Free Economic Zone Authority signed a Memorandum of Agreement (MOA) with Cha Hospital Group to promote the Cheongna Medical Complex Town, but following the resolution by the Ministry of Trade, Industry and Energy's Free Economic Zone Committee in April last year to open the project to tender, the tender process has been underway.

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