Approval of Development and Implementation Plan Changes for Incheon Geomdan New Town... Land Development to Complete by 2026

Incheon Urban Corporation (iH) announced on the 27th that the Incheon Geomdan District housing development project, jointly implemented with Korea Land and Housing Corporation (LH), recently received approval for changes to the development and implementation plan from the Ministry of Land, Infrastructure and Transport.

The Geomdan housing development project involves developing a housing site of 11.1㎢ (approximately 3.36 million pyeong) in the Won-dang, Dangha, Majeon, and Bullo neighborhoods of Seo-gu, Incheon, by 2026. The total project cost is 8.3868 trillion KRW, with iH and LH each holding a 50% stake in the project. The planned population is 187,076 people (75,848 households).

The recent changes to the development and implementation plan include phased implementation divided into five stages to stabilize the housing market through housing supply and demand control, and adjustments to apartment sizes to meet housing market demand.

Reflecting the approved changes, iH plans to launch a public contest for private developers for the Work-Life Balance Village, a specialized zone in Geomdan New City, in the first half of next year. The Work-Life Balance Village is a complex planned to integrate residential, employment, leisure, and green infrastructure so that residents can enjoy a balance between work and life.

Jo Dong-am, president of iH, said, "We plan to steadily carry out the phased project, including infrastructure construction, to ensure no inconvenience for residents of Geomdan New City," adding, "iH will serve as a stepping stone for Geomdan New City to leap forward as a transportation, cultural, and economic hub in the northwest region of Incheon."

Meanwhile, a total of 26 blocks (24,259 households, about 60,000 people) have already moved into Geomdan New City, and the occupancy rate is expected to reach about 32% of the total planned population (187,076 people) by the end of this year. Next year, four complexes (3,846 households) are scheduled for occupancy.