"K-Bio Lab Hub" to Break Ground in Songdo, Incheon in Second Half of the Year... Fostering Startup Companies

To Be Built on Yonsei University International Campus Site
One Basement Level and Nine Stories Above Ground, Scheduled for Completion in 2028

Construction of the "K-Bio Lab Hub," a facility to foster pharmaceutical and biotech startups in Songdo International City, Incheon, is set to begin in the second half of this year.

The Incheon Free Economic Zone Authority announced on May 11 that it had requested the Public Procurement Service last month to handle the contract for the K-Bio Lab Hub construction. The project will proceed with a bidding announcement and contractor selection process before breaking ground.

The K-Bio Lab Hub is a specialized support facility that provides office space, laboratory equipment and facilities, support programs, and mentoring to nurture global pharmaceutical and biotech startups. The facility will be built on the International Campus site of Yonsei University in Songdo, with one basement level and nine floors above ground, covering a total floor area of 20,375 square meters. The total project cost is 217.3 billion won, funded by national government funds, a special account for the Free Economic Zone, and private sector contributions.

So far, the project has sequentially completed key procedures under the national fiscal project process, including a feasibility study for construction, basic and detailed design, and a review of the plan and design appropriateness by the Public Procurement Service, with most of these steps now finished. Notably, with the appropriateness of the design and project cost now secured, full-scale preparations for construction are underway.

The Incheon Free Economic Zone Authority has established a collaborative system with relevant organizations, such as the Ministry of SMEs and Startups, Yonsei University, and the Incheon Center for Creative Economy and Innovation, to ensure the stable advancement of the project. Biotech startups selected as pilot project participants are currently conducting research and entrepreneurial activities in temporary spaces on the Yonsei University International Campus.

The authority plans to support phased occupancy and the use of research equipment when the Lab Hub is completed in the future. In addition, preparations are underway to install advanced research equipment such as cell sorters and to operate open innovation programs.

Yoon Baekjin, Acting Commissioner (Deputy Commissioner) of the Incheon Free Economic Zone Authority, stated, "We expect the K-Bio Lab Hub to become a core hub for the creation of a future biotech industry ecosystem by nurturing startups, facilitating technology commercialization, and building a global cooperation network in conjunction with the Songdo Bio Cluster."