Incheon Gyeyang Breaks Ground... 3rd New Town First Groundbreaking Ceremony

Supply of 17,000 Houses Including 9,000 Public Housing Units
Pangyo with 4 Times Yeouido Park Area and 1.6 Times Self-Sufficient Space

The Ministry of Land, Infrastructure and Transport announced on the 14th that it will hold a groundbreaking ceremony for the 3rd phase new town project, 'Incheon Gyeyang Technovalley Public Housing District Development,' in the Dongyang-dong area of Gyeyang-gu, Incheon Metropolitan City.

The groundbreaking ceremony, scheduled for November 15, will be attended by key figures from the Ministry of Land, Infrastructure and Transport, Incheon Metropolitan City as the project implementer, Korea Land and Housing Corporation (LH), Incheon Urban Corporation (iH), as well as representatives from the National Assembly, Gyeyang-gu, related organizations, and nearby residents.

'Incheon Gyeyang Technovalley Public Housing District' is one of the 3rd phase new towns planned to stabilize the metropolitan housing market while simultaneously creating a city capable of generating quality jobs.

Initially designated in October 2019, it is the first among the 3rd phase new towns to hold a groundbreaking ceremony for construction, with LH and iH jointly promoting the project aiming for occupancy in the first half of 2026.

Covering a total area of 3.33 million square meters, approximately 17,000 housing units will be supplied, including 9,000 public housing units for youth to ensure national housing stability. A park and green space area of 940,000 square meters, four times the size of Yeouido Park, will be distributed into five linear parks with high resident accessibility, fostering interaction and communication centered around the parks, and implementing a pedestrian-oriented city accessible from anywhere on foot.

Areas within the Incheon Gyeyang new town requiring strategic development will be designated as special planning zones to allow creative space utilization, developed based on private sector innovative ideas.

In particular, the central hub area located at transportation nodes such as S-BRT will be planned as a complex integrating residential, commercial, self-sufficient facilities, and green spaces, establishing a landmark for the Incheon Gyeyang new town.

Additionally, a self-sufficient land area of 690,000 square meters, 1.6 times the size of Pangyo Technovalley, is planned to decentralize and accommodate job functions concentrated in Seoul to Incheon.

By linking with Incheon D.N.A. Innovation Valley and Magok and Sangam DMC, the project aims to attract advanced industries such as ICT and digital content, creating quality jobs and serving as a catalyst for transitioning Incheon’s existing manufacturing-centered industrial structure to a knowledge-based industry.

Following the groundbreaking ceremony for the Incheon Gyeyang public housing district, other 3rd phase new towns such as Namyangju Wangsuk plan to begin construction from the first half of 2023. Public housing within the 3rd phase new towns that underwent pre-subscription will also start full subscription supply beginning with the Incheon Gyeyang district in the second half of 2023.

Won Hee-ryong, Minister of Land, Infrastructure and Transport, stated, "We plan to prepare for the normal groundbreaking of other 3rd phase new towns and actively proceed with the government’s plan to supply 500,000 public housing units for youth and low-income households (announced on October 26), doing our best to alleviate the housing difficulties faced by young people."

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