Funding of 110 Billion KRW Secured for Redevelopment Project of Incheon Sipjeong 3 District

[Asia Economy Reporter Lim Jeong-su] Project financing (PF) funding worth 110 billion KRW has been secured for the redevelopment of Sipjeong 3 District in Bupyeong-gu, Incheon. The local redevelopment project is expected to be in full swing.

According to the investment banking (IB) industry on the 29th, the Sipjeong 3 District Housing Redevelopment Maintenance Project Association will receive a PF limit loan of 110 billion KRW today, led by Shinhan Bank. The maturity is 5 years, with conditions for multiple partial repayments. The redevelopment association will initially withdraw 24.2 billion KRW and draw funds as needed.

The procured funds will be used for redevelopment project costs and others. The Sipjeong 3 District Redevelopment Maintenance Project Association is the developer promoting the redevelopment maintenance project in the area of 432, Sipjeong-dong, Bupyeong-gu, Incheon Metropolitan City. They plan to build and sell eight apartment buildings with 3 basement floors to 36 above-ground floors and auxiliary facilities on a 27,680.4㎡ (8,388 pyeong) site.

The construction of this project is being undertaken by Line Construction and Dongyang Construction Industry. Construction is scheduled to start in June next year, aiming for completion in November 2025. The Housing and Urban Guarantee Corporation (HUG) provided guarantees for the redevelopment association’s PF loan according to the standard project agreement, enabling stable funding.