Selection of Preferred Negotiator for Waterfront Development in Songdo, Incheon

The preferred bidder to develop the waterfront waterside space within Incheon Songdo International City has been selected.

The Incheon Free Economic Zone Authority announced on the 12th that it has selected the Kyobo Securities consortium as the preferred bidder to develop an 180,778㎡ site located at 399-15, Songdo-dong, Yeonsu-gu. This site is the southern connecting waterside space of the waterfront that links the retention basin and waterways of Songdo International City in a 'ㅁ' shape.

The Kyobo Securities consortium, the sole applicant for this bid, submitted a business plan to attract the Radisson Blu, a 5-star brand of the Radisson Hotel Group, live performance venues, and the Arirang TV Songdo Center including a production center, with a project cost of approximately 3.7 trillion KRW. The Radisson Hotel Group, headquartered in the United States, operates over 1,700 hotels in more than 120 countries worldwide, mainly in Europe.

The consortium also proposed to attract the "Marvel Experience," a virtual reality facility featuring popular Marvel characters such as Iron Man and Hulk, and to construct a tornado-shaped landmark tower.

Perspective view of the South-side connecting waterway development in Songdo Waterfront Phase 1-1 [Provided by Incheon Free Economic Zone Authority]

The Incheon Free Economic Zone Authority plans to prepare the final agreement after supplementing the business plan and conducting negotiations, then submit it to the Incheon City Investment Promotion Planning Committee. If the business plan passes the committee, a formal business agreement and land sale contract will be signed.

An official from the Incheon Free Economic Zone Authority stated, "We will diligently supplement the detailed plan and faithfully conduct negotiations with the preferred bidder to ensure the smooth promotion of this important project for revitalizing the Songdo waterfront."

Meanwhile, the Songdo waterfront project, aimed at improving water quality, securing flood safety, and creating waterfront spaces, is a four-phase project scheduled to be completed by 2027. It involves constructing waterways with a total length of 21.17 km and widths ranging from 40 to 500 meters, with a total project cost of 621.5 billion KRW.

Following the completion of phase 1-1 construction in June 2022, phase 1-2 construction began last month, and phase 1-3 is expected to start after selecting a contractor next year. Phase 2, which includes changes to the development plan including the basic plan for reclamation of public waters and basic design, is being promoted simultaneously. To incorporate innovative waterfront content, the basic design will be completed through a technical proposal contest, with construction scheduled to begin next year.

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