[Asia Economy Reporter Donghyun Choi] Lotte Construction Consortium announced on the 30th that it has signed an agreement with Incheon Urban Corporation for the 'Geomdan New Town 101 Station Area Development Project.'
This project is a large-scale development of a complex cultural space including cultural, commercial, office, and residential facilities on a site of approximately 49,500㎡. The total project cost amounts to about 1.18 trillion KRW. The consortium includes six corporations, including Lotte Construction and Kumho Construction.
The representative company, Lotte Construction, will be responsible for completion together with Kumho Construction. Three financially sound investors will proceed with stable funding, and SDAMC, which has extensive experience in complex development, will serve as a strategic investor.
The Lotte Construction Consortium plans to build a landmark representing the area by installing a high-rise gate tower and sky bridge. Additionally, essential facilities are distributed by block to activate the entire Geomdan Station (tentative name) station area. Group companies and key tenants will be housed in essential development facilities such as multiplexes and cultural centers.
A Lotte Construction official said, “We have formed a consortium with successful experience and know-how in large-scale complex development projects,” adding, “We will do our best to ensure that the Geomdan 101 Station Area Development Project becomes the best landmark complex in the southwestern metropolitan area through collaboration with Incheon Urban Corporation.”
Going forward, the Lotte Construction Consortium plans to begin construction in July 2022 after obtaining permits and approvals and complete the project in the first half of 2026.
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