Incheon Urban Corporation to Award 6.4 Trillion KRW Projects This Year... Development of Geomdan Work-Life Balance Village, etc.

The scale of projects ordered by Incheon Urban Corporation (iH) this year is expected to reach a record high of 6.399 trillion KRW.

According to iH on the 24th, this amount is 1 trillion KRW larger than the 5 trillion KRW ordering plan announced last year. The breakdown by sector is 6.1998 trillion KRW for public offering projects, 121.1 billion KRW for construction, 56.4 billion KRW for services, and 21.7 billion KRW for materials.

Major ordered projects include the Geomdan New Town Work-Life Balance Village development public offering worth 1.8 trillion KRW, the Gulpocheon Station South Side Urban Public Housing Complex project public offering worth 1.2424 trillion KRW, Geomdan District landscaping construction (Section 3-1) at 34.5 billion KRW, Cheongna TG exit connection road expansion construction at 19.5 billion KRW, and Guwol 2 Public Housing District survey and design services at 12.1 billion KRW.

iH plans to place 98% of the orders early in the first half of the year to revitalize the local economy. Additionally, for public housing construction projects involving private sector bidders, a mandatory participation rate of 30% for local companies and a usage rate of 70% or more for local subcontracting, labor, and equipment will be applied.

iH President Jo Dong-am said, "Through the largest scale of orders since the corporation’s founding this year, we will contribute to revitalizing the local construction industry as a leading local public enterprise representing Incheon."

Incheon Urban Corporation building exterior

Meanwhile, iH will invest 46.8 trillion KRW this year to promote 88 projects including citizen-tailored housing supply and smart future city development.

iH plans to focus on key and pending projects such as the complex development around Dongincheon Station on the Gyeongin Line, redevelopment of Incheon Port Inner Harbor Piers 1 and 8, creation of Gyeyang Technovalley New Town, relocation of military units including Bupyeong 3rd Supply Base, and establishment of Incheon Robot Land. It will also concentrate on financial management for fiscal soundness, efficiency in rental housing management, and maintenance of aging planned cities such as first-generation new towns.

iH has set management goals for this year including a debt ratio below 190%, housing supply of more than 1,400 units, sales exceeding 1 trillion KRW, and achieving a management evaluation grade of A-minus.

As an investment institution of Incheon City, iH recorded a net profit of 100 billion KRW last year, marking ten consecutive years of profitability. The debt ratio improved from 281% in 2014 to the 190% range last year. Additionally, iH supplied 1,520 customized rental housing units and returned approximately 54.5 billion KRW to the local community through specialized social contribution projects such as rental housing operations.

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