The Incheon Free Economic Zone Authority is accelerating the project with the goal of starting construction of the Cheongna Medical Complex Town by the end of next year.
On the 28th, the Incheon Free Economic Zone Authority signed a land sale contract with Cheongna Medipolis PFV and Seoul Asan Medical Center, the developers of the Cheongna Medical Complex Town in Seo-gu, Incheon. The site covers 260,336 square meters in Block 2 of the Cheongna International City investment attraction land, with a sale price of approximately 260 billion KRW. The land sale contract includes clauses related to compensation for damages due to project delays and public contributions.
This land sale contract was concluded following the approval of the development plan change by the Ministry of Trade, Industry and Energy’s Free Economic Zone Committee in December last year, and the completion of administrative procedures related to the site, including the implementation plan change at the end of October. With the land sale contract signed, the development of the Cheongna Medical Complex Town is expected to gain momentum.
The Cheongna Medical Complex Town, with a total project cost of 2.404 trillion KRW, will house Seoul Asan Medical Center Cheongna with 800 beds, along with research institutes from the Korea Advanced Institute of Science and Technology (KAIST) and Harvard Medical School (MGH). Additionally, facilities such as the Life Science Park, an entrepreneurship education facility with research and development functions, a senior cluster for senior healthcare services, a meditel, and office facilities will also be constructed.
Seoul Asan Medical Center Cheongna plans to begin construction by the end of next year after completing building permit procedures, with an opening targeted for 2029. The developer expects that once the town is established, it will directly employ about 5,000 people including doctors, nurses, and research personnel, and generate approximately 3.8 trillion KRW in production inducement effects over 30 years.
Seoul Asan Medical Center recently ranked first in South Korea in Newsweek’s 2023 World's Best Hospitals survey. Its global rankings by specialty were 3rd in endocrinology, 4th in urology, 5th in gastroenterology, 6th in oncology, and 8th in neurology.
Incheon Mayor Yoo Jeong-bok said, "The Cheongna Medical Complex Town will be an optimized model for the future medical paradigm, as it will integrate personalized precision medicine, clinical care, basic medical science, industrial demand, and top-tier benefit service facilities."
Seoul Asan Medical Center Director Park Seung-il stated, "By actively adopting smart healthcare systems, we will establish a world-class comprehensive hospital trusted by people worldwide and achieve Seoul Asan Medical Center’s second leap forward in Cheongna International City."
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