Incheon 3rd Intercontinental Bridge Construction Accelerates... LH and Incheon Urban Corporation Confirm Project Cost Sharing

Total Project Cost 650 Billion KRW... LH 80%, Incheon Urban Corporation 15% Contribution
Agreement Ceremony Held on 26th... Construction Starts December This Year, Opening Targeted for 2025

A bird's-eye view of the 3rd Yeonryuk Bridge connecting Yeongjongdo and Cheongna International City in Incheon [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] The issue of cost-sharing for the construction project of the '3rd Yeonryuk Bridge,' connecting Yeongjongdo and Cheongna International City in Incheon, has been resolved, accelerating the project's progress.

Incheon City announced on the 23rd that it has finalized the '3rd Yeonryuk Bridge Construction Project Agreement,' which mainly covers the cost-sharing among institutions for the project.

According to the agreement, out of the total project cost of 650 billion KRW for the 3rd Yeonryuk Bridge, Korea Land and Housing Corporation (LH) will bear 521.2 billion KRW (80.2%), Incheon Urban Corporation 98.2 billion KRW (15.1%), Incheon International Airport Corporation 14.9 billion KRW (2.3%), Incheon Free Economic Zone Authority 13.1 billion KRW (2%), and Hansang Dream Island 2.5 billion KRW (0.4%), respectively.

Initially, the construction cost for the 3rd Yeonryuk Bridge was 500 billion KRW, reflected in 2006 by LH as part of the land development cost for Yeongjong and Cheongna International Cities. However, due to project delays, inflation, and design processes, the total project cost increased to 650 billion KRW.

Incheon City plans to hold a signing ceremony for the 3rd Yeonryuk Bridge Construction Project Agreement on the 26th, attended by Incheon Mayor Park Namchun, Incheon Free Economic Zone Authority Commissioner Lee Wonjae, LH President Byun Changheum, and Incheon Urban Corporation President Lee Seungwoo.

With the cost-sharing finalized, the city expects the groundbreaking in December this year and the opening in 2025 to proceed smoothly. The 3rd Yeonryuk Bridge, connecting Jung-gu Jungsan-dong and Seo-gu Cheongna-dong in Incheon, will be 4.7 km long, with six lanes (three lanes each way), and will include a 3-meter-wide pedestrian and bicycle combined path.

As the third sea bridge connecting Yeongjongdo, where Incheon International Airport is located, to the mainland following Yeongjong Bridge and Incheon Bridge, the project had been delayed for a long time due to issues such as loss compensation for the operators of the toll roads Yeongjong Bridge and Incheon Bridge.

Incheon City and the Ministry of Land, Infrastructure and Transport reached a breakthrough in November 2017 by agreeing that Incheon City would bear the full loss compensation if traffic volume decreased to below 70% of the volume just before the opening of the 3rd Yeonryuk Bridge. They finalized the plan for 'construction in 2020 and opening in 2025.'

An Incheon City official said, "The construction of the 3rd Yeonryuk Bridge will improve residential conditions in Yeongjong International City, contribute to balanced development in the western metropolitan area, and help activate development and investment attraction in Yeongjong Sky City and Cheongna International City, which are part of the Incheon Free Economic Zone. With the agreement signing on the 26th, the construction of the 3rd Yeonryuk Bridge is effectively on track, and we will do our best to ensure smooth progress without any setbacks."