Incheon Cheongna International Business District Development Kicks Off... Priority Negotiator Signs Project Agreement

Mirae Asset Consortium to Invest 1.7 Trillion Won for Development by 2028

Location map of Cheongna International Business District [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The development of the International Business Complex, a key area in Cheongna International City within the Incheon Free Economic Zone, is set to accelerate.

The Incheon Free Economic Zone Authority announced on the 28th that the Korea Land and Housing Corporation (LH), the project implementer, signed a business agreement on the 26th with the Mirae Asset Securities consortium, which was selected as the preferred negotiator through a public bid.

The consortium consists of nine companies, including Mirae Asset Securities, Dodam Ester, and EMP Belstar.

According to the agreement, the consortium plans to develop an international business complex on a 144,000㎡ site by 2028, investing a total of 1.7 trillion KRW. The complex will focus on the 4th industrial revolution sectors such as Artificial Intelligence (AI), Information and Communication Technology (ICT), Internet of Things (IoT), and finance.

The land sale contract is expected to be signed by the end of this year, with construction starting next year. As per the agreement, the consortium will invest at least 5% (85 billion KRW) of the total investment as paid-in capital, and over 30% of the capital will be contributed in cash by foreign investors.

The Incheon Free Economic Zone Authority also plans to hold thorough preliminary consultations with LH regarding the second public bid to develop an additional 134,000㎡ following the first project agreement.

Last April, facing difficulties in attracting investment due to the large scale of office land and the focus on international business and finance functions, the Incheon Free Economic Zone Authority revised the development and implementation plan to establish Cheongna International Business Complex as a pivotal international business hub incorporating the 4th industrial revolution and finance.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "The International Business Complex is a core area symbolizing Cheongna International City, and with the agreement signed with the project operator, development will be actively pursued."