As the port redevelopment project gains momentum, expectations for the increase in the value of the area are spreading.
The port redevelopment project is an initiative aimed at improving or renovating port facilities and related amenities such as residential, educational, recreational, tourism, cultural, commercial, and sports facilities within the port area and its surroundings. According to the Ministry of Oceans and Fisheries' announcement of the "3rd Basic Plan for Port Redevelopment (2021-2030)," 19 project areas across 14 ports nationwide have been designated as port redevelopment zones, with approximately 6.8 trillion KRW of national funding to be invested.
Among these, the Incheon Inner Port area located in Jung-gu, Incheon, is expected to be transformed into a place featuring five specialized districts?marine culture, complex business, open residential, innovative industry, and tourism leisure districts?comparable to Minatomirai 21, a waterfront space created by redeveloping the area around the port of Yokohama, Japan.
The project will be carried out in three phases. Phase 1 targets Pier 1 and Pier 8 (420,000㎡), where port functions have been confirmed to be closed. The project implementer, Incheon Port Authority (IPA), announced that it aims to complete the preliminary feasibility study for the redevelopment of Piers 1 and 8 by the second quarter of 2023, followed by establishing the project plan and obtaining approval for the implementation plan, with construction scheduled to begin in 2025.
Phase 2 will target Piers 2 and 6 (730,000㎡), expected to be activated, and is planned to start in 2025. The final Phase 3, covering Piers 3, 4, 5, and 7 (1,850,000㎡), will have its development timing coordinated after 2030, considering cargo volume trends and in consultation with port industry stakeholders.
An industry insider stated, "Once the entire development is completed, it is expected to generate employment for approximately 670,000 people and induce production worth 6.9 trillion KRW, revitalizing the local economy and creating jobs, which will enable a new leap forward for the original downtown area of Jung-gu, Incheon."
In response, proactive buyers and investors are paying close attention to securing real estate in the Incheon Inner Port area. Since the port redevelopment project is currently in its early stages, it is anticipated that as the project's outline becomes clearer, real estate prices will rise.
Meanwhile, the public-supported private rental housing complex "Dongincheon Station Park Prugio," currently under construction by Daewoo E&C, is attracting attention as a residential complex backing the Incheon Inner Port redevelopment project.
"Dongincheon Station Park Prugio" is a large-scale apartment complex located in Songnim-dong, Dong-gu, Incheon, consisting of 2,562 units across 4 basement floors to 48 above-ground floors. Among these, 2,005 units with exclusive areas ranging from 21㎡ to 84㎡ are designated as public-supported private rental housing units.
"Dongincheon Station Park Prugio" is a station-area complex located about a 5-minute walk from Dongincheon Station on Subway Line 1 (express/rapid trains). Using the express train, it takes about 40 minutes to reach Yongsan Station in Seoul, and it is possible to travel directly without transfers to Guro, Jongno, Seoul Station, and other locations. Various city bus routes also operate nearby, making public transportation convenient. The GTX-B line and Bupyeong Coastal Pier Line (tram) projects are also underway.
Accessibility to the metropolitan transportation network is excellent, with Incheon-daero, Gyeongin Expressway, and the 2nd Capital Region Outer Ring Expressway nearby, facilitating convenient travel not only within Incheon but also to Seoul and the metropolitan area by car.
"Dongincheon Station Park Prugio" is located directly in front of Songnim Elementary School and its attached kindergarten, and within a 1 km radius, there are various elementary, middle, and high schools such as Dongsan Middle School, Dongsan High School, and Anil Girls' High School. Residents can walk to Songhyeon Neighborhood Park, Hwadojin Park, Jayu Park, and the planned Baedari Park, and Subeongsan Mountain is also nearby, providing a pleasant living environment. Most notably, some units offer expansive sea views.
The living infrastructure is also abundant. Traditional markets such as Songhyeon Market, Jungang Market, and Hyundai Market are nearby, and large supermarkets like Homeplus, E-Mart, and E-Mart Traders can be reached within 10 minutes by car. Medical facilities such as Dongincheon Gil Hospital, Inha University Hospital, and Incheon Paik Hospital are also adjacent.
Meanwhile, the "Dongincheon Station Park Prugio" housing exhibition hall is scheduled to open in August, and as a pre-construction post-sale complex, residents can move in immediately after purchasing.
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