LH-Incheon Urban Corporation Participates with 80% Stake in Incheon Gyeyang Technovalley of the '3rd New Town' Project

Signing of Basic Agreement for Joint Project Implementation in Public Housing District
Supply of 17,000 Households and Attraction of Advanced Industrial Facilities by 2026

Location map of Incheon Gyeyang Technovalley [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Korea Land and Housing Corporation (LH) and Incheon Urban Corporation will participate in the Incheon Gyeyang Technovalley development project, designated as a 3rd phase new town in the Seoul metropolitan area, with a share ratio of 8 to 2 respectively.

On the 22nd, LH and Incheon Urban Corporation signed a basic agreement for joint project implementation reflecting this content.

The Gyeyang Technovalley, with a total project cost of 3.5 trillion KRW, will supply 17,000 housing units on a 3.34 million square meter site in Gyeyang-gu, including Gyulhyeon and Dongyang-dong, by 2026.

About half of the available area will be designated as self-sufficient land to attract advanced industrial facilities such as ICT and content industries, and a mixed-use complex combining residential and support facilities will be planned to create a job-rich, work-residence proximity city.

Based on the 'Hyper Terra City' concept selected through a public contest in March, the land use plan (draft) reflecting the basic plan and design tasks was reviewed through a total of 13 comprehensive planner (MP) advisory meetings, and the district plan (draft) established through this process is scheduled to be submitted for approval within the year.

Incheon Gyeyang New Town was designated as a 3rd phase new town along with Namyangju Wangsuk, Hanam Gyosan, Goyang Changneung, and Bucheon Daejang, completing district designation last October in accordance with the government's plan to expand housing supply in the metropolitan area.

Gyeyang Technovalley is gaining new attention as a hub of advanced industries at the center of the 'New Gyeongin Industrial Axis' connecting Sangam, Magok, Gyeyang, Bupyeong, Namdong, and Songdo International City.

Gyeyang Technovalley, evaluated as the most self-sufficient among the 3rd phase new towns in the metropolitan area, will be developed as a new-concept self-sufficient new town creating 100,000 high-tech jobs at the level of Pangyo Technovalley.