DK Asia and Hana Bank Sign Strategic Financial Agreement to Advance Phase 2 Royal Park City Development

DK Asia announced on the 12th that it has signed a strategic financial agreement with Hana Bank.

This agreement aims to accelerate the full-scale development of the second phase of the Royal Park City project, which will create 16,800 residential units in the Geomdan area of Incheon. The development site covers 2.6 million square meters and will be built as the supporting complex for the Hana Financial Town.

Through this strategic financial agreement with Hana Bank, DK Asia plans to secure 90 percent of the construction costs. Hana Bank will serve as the main financial arranger and underwriter for the second phase of the Royal Park City development, assuming a key strategic role as the core financial partner for the project. The agreement comprehensively covers the financial services necessary for full-scale project execution, including fundraising for the project and the anticipated securing of 90 percent of the construction costs.

DK Asia has established a stable financial structure for this large-scale development and plans to accelerate the pace of development by focusing on the first stage of the second phase project. Additionally, the company will sequentially advance the second stage, which consists of 8,000 units, through further discussions.

Royal Park City is the largest premium resort city in Korea to be developed by the private sector. It is expected to become a high-end residential city that attracts attention from global finance, healthcare, and major corporation professionals, with companies such as Hana Financial Group, LG Magna, DL E&C (Magok), as well as international medical institutions such as International St. Mary's Hospital, Cheongna Asan Hospital, and Starfield Cheongna.

DK Asia is focusing on the potential for Royal Park City to evolve into a Korean version of the "Santander City" model. Santander City is a self-sustaining financial city established by Banco Santander, one of the world's top 10 banks, in the early 2000s in Boadilla del Monte, near Madrid, Spain. The city is recognized as a model where residential, work, and cultural facilities—including company headquarters, data centers, educational institutions, golf courses, and art galleries—are all integrated within a single district.

Kim Jeongmo, Chairman of DK Asia, stated, "Through this strategic financial agreement, we are now able to fully advance the second phase of 16,800 units, following the 6,305 units in the first phase of the Royal Park City project, for which we have already secured land acquisition through negotiated purchases. In line with the government's initiative to expand housing supply, this will not only respond to government policy but also transform Royal Park City—Hana Financial Town's supporting complex—into a future-oriented, integrated city where global finance, high-end residential, commercial, and cultural elements are organically connected, surpassing Spain's Santander City as a leading global financial city model."