'Left Unattended for Over 2 Years' Old International Passenger Terminal at Incheon Port... Re-tendering for Lease Operator

Old Incheon Port 2nd International Passenger Terminal
Photo by Yonhap News

[Asia Economy Reporter Park Hyesook] Incheon Port Authority (IPA) announced on the 5th that it will reinitiate the bidding process for leasing operators to temporarily utilize the former Incheon Port 2nd International Passenger Terminal.

The lease target includes the terminal building (11,257㎡) and the site (40,792㎡) located in Hangdong 7-ga, Jung-gu, Incheon, with electronic bidding scheduled for the 14th and the successful bidder to be announced thereafter.

The primary use of the terminal building is transportation facilities, but after selecting the successful bidder, the facility's use can be changed according to the utilization plan submitted by the lessee.

However, the site is designated as a redevelopment area for the inner port redevelopment project and falls within the Incheon Open Port Creative City Urban Regeneration Activation Project zone, limiting permissible facility uses to cultural, office, and broadcasting and telecommunications facilities. Parking facilities are allowed only on the site. Uses such as logistics and manufacturing facilities are not permitted.

The lease period is two years and may be extended by one year increments depending on the progress of the inner port redevelopment project.

The bidding price will be calculated by applying a 5% rate of the publicly announced land price for the building and site respectively, in accordance with the State Property Act. IPA plans to hold an on-site briefing session for interested companies on the 9th.

IPA also conducted a bidding process for the terminal lease from May to July but failed after seven unsuccessful attempts.

The former Incheon Port 2nd International Passenger Terminal has remained idle since June 2020, following the opening of the new Incheon Port International Passenger Terminal, as no clear utilization plan has been found.

Since the facility was removed from the port security zone and land port zone last year, it can now be leased to private investors.

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