Incheon Naihwang Accelerates Development with 'ePyeonhansesang City Hangdong Marina' Sale

- Incheon Mayor Transition Committee Begins Review of Designating Incheon Inner Port Area as an 'Economic Free Zone'
- Real Estate Investment Value in Incheon Inner Port Redevelopment Project Area Expected to Grow Further

With the launch of the new government and the designation of the ‘Incheon Inner Port Area Port Redevelopment Project’ as this year’s first preliminary feasibility study target project, it has recently been observed that the project is gaining momentum again following the conclusion of the local elections. Accordingly, expectations and interest in the residential officetel ‘e-Pyeonhansesang City Hangdong Marina,’ currently being sold within the port redevelopment project zone, are also expected to change significantly.

According to the real estate industry, the Incheon Mayor’s Transition Committee (hereinafter referred to as the Transition Committee), inaugurated on the 9th, is reportedly reviewing plans to accelerate the Incheon Inner Port Area Port Redevelopment Project by securing land owned by the Ministry of Oceans and Fisheries in the Inner Port area and designating it as an economic free zone.

In other words, Incheon City aims to take the lead in returning the port to the citizens of Incheon, revitalizing tourism, implementing a citizen-friendly mid- to long-term project, and designating the port redevelopment project zone as an economic free zone to become the gateway to a world-class city.

If the Incheon Inner Port area becomes an economic free zone, it will be a new economic free zone in Incheon following Songdo, Cheongna, and Yeongjong. Accordingly, under the ‘Special Act on the Designation and Operation of Economic Free Zones and the Restriction of Special Taxation Act’ and related laws, it is expected to become a special zone offering benefits such as tax reductions, cash support, relaxed labor regulations and foreign exchange transactions, simplified administrative procedures, and one-stop service operations to actively attract foreign investment capital and technology.

The real estate industry welcomes the designation of the Incheon Inner Port area as an economic free zone. If designated as such following the fulfillment of the Transition Committee’s pledges, foreign-invested companies are expected to enter the Incheon Inner Port area, following Songdo, Cheongna, and Yeongjong, thereby further activating the port redevelopment project.

Currently, the Incheon Inner Port Area Port Redevelopment Project is planned to be developed into five specialized districts comparable to Yokohama’s waterfront space ‘Minato Mirai 21’ in Japan: Marine Culture District, Complex Business District, Open Residential District, Innovation Industry District, and Tourism Leisure District, making its value exceptionally significant.

A real estate official stated, “The Transition Committee’s review of the economic free zone designation is a clear sign that both the government and local governments are closely monitoring the Incheon Inner Port Area Port Redevelopment Project,” adding, “As the project gains momentum, this will act as a catalyst, and the investment value here is expected to grow significantly.”

Meanwhile, buoyed by the Transition Committee’s atmosphere toward designating the Incheon Inner Port area as an economic free zone, demand from buyers aiming to secure real estate in the port redevelopment project zone is increasing. As the outline of the port redevelopment project becomes clearer and the economic free zone designation is finalized after review, the future value will rise, inevitably raising the entry barrier.

The reason why demand and interest are gathering around ‘e-Pyeonhansesang City Hangdong Marina,’ currently being sold in the Incheon Inner Port Area Port Redevelopment Project zone, is precisely this. ‘e-Pyeonhansesang City Hangdong Marina’ is a residential officetel that can fulfill the insufficient residential function within the Incheon Inner Port Area Port Redevelopment Project zone.

‘e-Pyeonhansesang City Hangdong Marina’ is being supplied by DL E&C (DL E&C) in Hangdong, Jung-gu, Incheon, consisting of 4 buildings from 3 basement floors to 39 floors above ground, with a total of 592 units of 82㎡ exclusive area.

‘e-Pyeonhansesang City Hangdong Marina’ features a rare 4-bay slab-type layout (except for some units) and high ceiling heights, with some units on the top 39th floor offering sea views. It is designed with an LDK floor plan to enhance practicality, featuring an open dining kitchen that combines the living room, kitchen, and dining area to secure efficient flow (except for some units). Additionally, outside the complex, facilities such as a weather station indicating fine dust levels, fine dust reduction plantings, mist spraying facilities, and air curtains at building entrances are planned, promising a comfortable living environment.

The complex offers access to convenience facilities such as hospitals, large supermarkets, cultural centers, and elementary and middle schools, and allows commuting to public institutions including Incheon Main Customs, Incheon Regional Public Procurement Service, Incheon Regional Maritime Affairs and Fisheries Office, and Jung-gu Office of Incheon. It also provides easy access to industrial complexes such as CJ CheilJedang, Hyundai Doosan Infracore, Hyundai Steel, Dongkuk Steel, Incheon General Industrial Complex, and Juan National Industrial Complex.

Moreover, residents can use Suin-Bundang Line’s Sungui Station, Seoul Subway Line 1’s Incheon Station and Dongincheon Station, and with the future construction of the Bupyeong Coastal Pier tram line, transportation conditions are expected to improve further.

‘e-Pyeonhansesang City Hangdong Marina’ is not subject to the DSR (Debt Service Ratio) phase 3 regulations and reduces financial and loan burdens through various financial benefits. The down payment is 10%, with a fixed first installment of 10 million KRW, allowing the remaining 10% down payment to be paid one month later.

The pre-sale rights are not included in the housing count when calculating acquisition tax, and buyers can maintain ‘non-homeowner’ status when applying for apartment subscriptions in the future.