Incheon Urban Corporation and Lotte Construction Sign Agreement for Development of Geomam Station Complex Transfer Center

Perspective view of Geomam Placia Complex Transfer Center [Provided by Incheon Urban Corporation]

[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation (iH) announced on the 25th that it has signed a business agreement with Lotte Construction (IBK Investment & Securities Consortium), the preferred negotiation partner for the development project of the Geomam Placia Complex Transfer Center.

This project involves an investment of 1.5 trillion KRW by 2028 to develop transportation, commercial, office, and residential facilities, including the Geomam Station Complex Transfer Center and mixed-use buildings, on a 94,000㎡ site within the public housing district near Geomam Station in Seo-gu.

The IBK Consortium, led by Lotte Construction, includes local construction companies Gukwon Construction and Seondu Comprehensive Construction responsible for project completion, while financial investors IBK Investment & Securities and Daishin Securities will handle funding. SDAMC, with extensive experience in complex developments, GS Retail, the top domestic operator of complex commercial facilities, and KT, which has committed to pre-purchasing office facilities, will participate as strategic investors.

The IBK Consortium plans to establish a corporation and sign land sales contracts in the first half of next year, commence construction in the second half of 2024, and complete the project by the first half of 2028.

iH expects the project site to become a key hub in the regional transportation network due to its excellent metropolitan accessibility via the Airport Railroad Geomam Station and Incheon Airport Expressway Cheongna IC, as well as its connection with the Northwest Bus Terminal of the complex transfer center.

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