[Asia Economy Reporter Park Hyesook] The Cheongna Medical Complex Town project, which involves building a general hospital and medical and bio industry-academia-research facilities in Cheongna International City within the Incheon Free Economic Zone, is set to be actively promoted.
The Incheon Free Economic Zone Authority announced on the 1st that it has completed the implementation plan changes, including landscape review, related to the construction of the Cheongna Medical Complex Town, and plans to sign land sales contracts and proceed with building permit procedures within the first half of the year, aiming to start construction this year.
Previously, in December last year, the development plan amendment for Cheongna International City reflecting this project passed the review of the Free Economic Zone Committee of the Ministry of Trade, Industry and Energy.
The Cheongna Medical Complex Town aims to build a general hospital with 800 beds, research and educational facilities including research institutes from the Korea Advanced Institute of Science and Technology (KAIST) and Harvard Medical School, a Life Science Park, officetels, and more on a 280,000㎡ site in Cheongna-dong, Seo-gu, Incheon by 2028. Among these, Cheongna Asan Hospital plans to have 800 beds in the first phase and an additional 300 to 500 beds in the second phase.
A consortium consisting of Seoul Asan Hospital, KT&G, and Hana Bank is promoting the project, with a total project cost of approximately 2.044 trillion KRW.
Initially, the Incheon Free Economic Zone Authority signed a Memorandum of Agreement (MOA) with Cha Hospital Group to promote the Cheongna Medical Complex Town. However, in April 2019, the Free Economic Zone Committee of the Ministry of Trade, Industry and Energy reviewed and resolved to open a public bidding for the Cheongna Medical Complex Town project operator, leading to the selection of the Seoul Asan Hospital consortium through a new bidding process.
The Incheon Free Economic Zone Authority also plans to steadily promote the construction project of the 800-bed Songdo Severance Hospital, which began construction at the end of last year, aiming for its opening in December 2026.
The Incheon Free Economic Zone Authority is operating a task force (TF) with Yonsei Medical Center to manage the hospital’s completion and opening schedule and has provided administrative support to improve transportation accessibility.
Songdo Severance Hospital, which began construction in December last year, is being built on an 85,800㎡ site within the Yonsei University International Campus in Songdo 7 District, with 15 floors above ground, 3 basement levels, and 800 beds.
The Incheon Free Economic Zone Authority expects that the establishment of Songdo Severance Hospital will contribute to improving residential conditions and building an industry-academia-research-hospital cooperation model by linking bio companies and infrastructure concentrated in Songdo with domestic and international universities, research institutes, and pharmaceutical companies.
Kim Jin-yong, head of the Incheon Free Economic Zone Authority, said, "The construction of Songdo Severance Hospital and Cheongna Asan Hospital is significant in that it will dramatically improve the quality of medical services in the region and establish a foundation to expand into the global medical market. Although domestic and international environmental risks such as tightening project financing (PF) markets and rising raw material and energy prices are increasing, we will do our best to ensure these projects proceed without setbacks."
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