Incheon Jemulpo Station North Side 'Urban Public Housing Complex Project' Kicks Off... First Main District Designation by Local Government

Supply of 3,412 Public Housing Units by 2027

Location map of the north side of Jemulpo Station where the urban public housing complex project will be promoted [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] The 'Urban Public Housing Complex Project' in the area north of Incheon Jemulpo Station is set to be fully launched, aiming to supply 3,412 public housing units by 2027.

On the 9th, Incheon City announced that it had designated approximately 99,261㎡ north of Jemulpo Station as the 'Urban Public Housing Complex Project Main District,' becoming the first local government nationwide to do so. The public housing project operator is Incheon Urban Corporation (iH).

Selected as the 4th candidate site for the Urban Public Housing Complex Project announced by the Ministry of Land, Infrastructure and Transport last May, the area north of Jemulpo Station is expected to supply 3,412 apartment units.

Going forward, the project will proceed through the formation of a resident representative meeting, establishment of a project plan, selection of a private construction company, and compensation, with construction starting in 2024 and move-in scheduled for 2027.

The Jemulpo Station area has faced difficulties in private development since the redevelopment promotion zone was lifted in 2010.

However, the city anticipates that through residential environment improvements and the supply of living SOC (Social Overhead Capital) following the selection as an Urban Public Housing Complex Project candidate site, and by linking with the nearby Dohwa District urban development project, the area will be revitalized as a highly excellent station-area-centered district.

An Incheon city official stated, "Resident response was very positive, securing landowners' consent for district designation in less than a month after the project site was designated," adding, "Considering that redevelopment and reconstruction projects generally take years to secure consent, this reflects the high expectations of residents."

He continued, "Currently, opinions from residents are also being gathered for district designation around Bupyeong-gu Gulpocheon Station, so the Urban Public Housing Complex Project is expected to contribute to expanding housing supply in Incheon."

The Urban Public Housing Complex Project, announced as part of the government's 'Real Estate 2.4 Measures' last year, is a new housing supply model where the public sector participates in the project, providing various incentives to rapidly supply a large volume of reasonably priced housing while securing public interest by preventing displacement of original residents.

Nationwide, the project aims to supply 196,000 apartment units, with 76 candidate sites selected as of last month.

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