Incheon Geomdan New Town 101 Station Area Development Contest... Lotte Construction Consortium Selected

Location Map of Geomdan New Town 101 Station Area [Provided by Incheon Urban Corporation]

[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation announced on the 31st that the Lotte Construction consortium was selected as the preferred negotiator in the evaluation of proposals for the 'Geomdan New Town 101 Station Area Development Project Private Sector Operator Competition.'

The consortium includes a total of six companies: Kumho Construction, SDAMC, Meritz Securities, Hi Investment & Securities, Daishin Securities, and others, with Lotte Construction as the representative company responsible for completion along with Kumho Construction.

This project is a large-scale development of a next-generation new concept complex cultural space including cultural, commercial, business, and residential facilities on a 49,540㎡ site in the 101 station area, which covers commercial land C1, C9, and residential-commercial complex land RC1 (390 households) in the Geomdan Phase 1 specialized zone called Next Complex.

The private sector operator plans to construct a complex commercial facility that will become a landmark of the Phase 1 area, including six essential facilities: a multiplex cinema, a large bookstore, a cultural center, a convention center, a kids theme park, and a sports theme park, with a total floor area of over 55,000㎡.

Additionally, considering that the site is located in the station area of the extension line of Incheon Subway Line 1, two subway entrances will be connected to the complex commercial facility.

The Urban Corporation plans to sign a business agreement with the preferred negotiator within this year and then conclude a land sales contract one month later. To promote the early activation of the Phase 1 site, the goal is to start construction within two years after the land contract and complete it within four years after the start of construction.

An official from Incheon Urban Corporation stated, "The establishment of the Incheon District Court Northern Branch and the Incheon District Prosecutors' Office Northern Branch near the project site has been confirmed, and with a hinterland population of about 400,000 or more in Geomdan New Town and surrounding areas, stable demand is expected. We will actively promote the Geomdan Phase 1 station area specialized zone to establish a landmark for the new town and strive for the rapid revitalization of the city."