Incheon Urban Corporation Announces Public Contest for 160,000㎡ Private Developer of Geomdan New Town Work-Life Balance Village

Incheon Urban Corporation (iH) is inviting bids for private developers for the Geomdan New Town Work-Life Balance Village.

The Work-Life Balance Village is a complex spanning 250,000㎡ located on the southwest side of the central lake park in Geomdan New Town (Special Planning Zone 4), integrating residential, office, leisure, and educational facilities, designed as a specialized area focused on balancing work and life.

The bidding target consists of a total of 6 lots covering approximately 160,000㎡, with a total expected supply price of 517.8 billion KRW. Residential land (2 lots) and social welfare facility land (3 lots) will be supplied based on appraised value, while office land (1 lot) will be supplied through competitive bidding.

Applicants must form a consortium of no more than 10 corporations, including at least one construction company ranked within the top 20 in construction capability evaluation, and each investor’s share must be at least 5%.

Perspective view of Geomdan New Town Work-Life Balance Village [Provided by Incheon Urban Corporation]

iH will hold a project briefing session at 3 p.m. on the 7th of next month at the Geomdan New Town promotional center, and will accept letters of intent on the 12th and 13th. Following this, project applications will be received by May 31, and the preferred negotiation candidate will be announced in June.

Geomdan New Town is a project jointly developed by Incheon City, iH, and LH to develop a residential site of 11.1㎢ in the areas of Seo-gu Wondang, Dangha, Majon, and Bullo-dong. In the two residential land lots of Geomdan New Town Work-Life Balance Village, 3,040 apartment units will be supplied, with 50% of units having exclusive areas of 60㎡ or less and 50% having exclusive areas between 60㎡ and 85㎡.

An iH official stated, "We will carefully proceed with the bidding to select an excellent private developer to successfully promote the development of the Work-Life Balance Village and further revitalize Geomdan as a premium new town in the northwest metropolitan area."

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