'3rd New Town' Incheon Gyeyang Technovalley Groundbreaking... 16,000 Housing Units to be Supplied

Targeting 2026 Move-in... Job Decentralization from Seoul
Park and Green Space Four Times the Size of Yeouido Park Created
Self-Sufficient Space Secured at 1.7 Times the Size of Pangyo Techno Valley

At the groundbreaking ceremony for the Incheon Gyeyang Technovalley Public Housing District on the 15th, Lee Jae-myung, leader of the Democratic Party of Korea, and other key guests are performing the first digging. [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Among the five sites of the 3rd phase new towns in the Seoul metropolitan area, the Incheon Gyeyang Public Housing District broke ground first.

The Ministry of Land, Infrastructure and Transport and Incheon City held the 'Incheon Gyeyang Technovalley Public Housing District Groundbreaking Ceremony' on the 15th in Dongyang-dong, Gyeyang-gu, Incheon.

The Gyeyang Technovalley Public Housing District is one of the 3rd phase new towns (Namyangju Wangsuk, Hanam Gyosan, Bucheon Daejang, Goyang Changneung) designated by the government in October 2019 to stabilize the housing market in the metropolitan area.

With a total area of 3.33 million square meters, a total of 16,000 housing units, including 9,000 public housing units for youth, will be constructed with the goal of moving in by the first half of 2026.

A park and green space four times the size of Yeouido Park (940,000 square meters) will be established, and it is planned to be developed as a pedestrian-friendly city centered on people, where any location is accessible within a 5-minute walk.

Additionally, a self-sufficient space 1.7 times the size of Pangyo Technovalley (690,000 square meters) will be secured to disperse and accommodate job functions concentrated in Seoul to Incheon.

Gyeyang Technovalley aims to attract advanced industries such as information and communication technology (ICT) and digital content in line with Incheon City's advanced digital industry promotion policy connecting Songdo-Jemulpo-Gyeyang, and to develop into a mecca of advanced industrial complexes in the western metropolitan area by linking with nearby Sangam and Magok districts.

Meanwhile, the groundbreaking ceremony was attended by Lee Jae-myung, leader of the Democratic Party of Korea, Lee Won-jae, 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, Lee Han-jun, President of Korea Land and Housing Corporation (LH), and Park Deok-su, Deputy Mayor of Incheon City.

In his congratulatory speech, Lee said, "Gyeyang-gu has been in a difficult position due to various regulations and a lack of industrial base," adding, "If the Gyeyang Technovalley development creates a base for advanced industries and related companies move in, new development will be possible."

He continued, "I hope Gyeyang Technovalley will become a catalyst leading the industrial and urban development of Gyeyang-gu and Incheon, like Pangyo Technovalley," and added, "I ask the Ministry of Land, Infrastructure and Transport to pay attention to solving fundamental transportation infrastructure issues, including the extension of Line 9."

Vice Minister Lee also said in his commemorative speech, "The 3rd phase new towns, including Gyeyang, play a pivotal role in implementing the government's customized housing supply policy," and "They will become a new symbol of dreams and hope for youth and low-income households to own their homes."