Approval of Public Housing Complex Project North of Incheon Jemulpo Station...Nation's Largest 3,500 Households

Incheon City approved and announced the 'Urban Public Housing Complex Project' planned on the north side of Jemulpo Station on the Gyeongin Line on the 23rd. Accordingly, the project will be actively promoted with the goal of moving in by 2031.

The city plans to invest a total project cost of 1.9502 trillion KRW to build 13 public housing buildings and 5 neighborhood living facilities, with 4 basement floors and 49 above-ground floors, in the area of 94-1 Dohwa-dong, Michuhol-gu.

With a total floor area of 576,000㎡ and a floor area ratio of 466.19%, this complex is expected to supply a total of 3,497 households, including 2,943 public sale housing units and 554 public rental housing units. This project is the largest urban public housing complex project nationwide, including Seoul and Gyeonggi.

Incheon City plans to include public rental housing, housing for vulnerable residents, and profit-sharing sale housing to supply housing centered on actual demanders, and to alleviate parking difficulties in the old downtown by creating a public parking lot with 149 spaces. The main construction will start in 2026 and aim for completion in 2031, with compensation and relocation procedures for landowners beginning at the end of next year.

A bird's-eye view of the public housing complex project in the northern downtown area of Jemulpo Station. Provided by Incheon City

'North side of Jemulpo Station' was announced by the Ministry of Land, Infrastructure and Transport in May 2021 as a candidate site for the Urban Public Housing Pilot Project and was designated as an urban public housing complex district with Incheon Urban Corporation (iH) as the project implementer in February 2022. Since then, iH held a public contest for private developers and signed a business agreement with the DL E&C and Hyundai Construction consortium in December last year.

Following the approval of this project plan, iH plans to establish a development REIT after obtaining the city council's consent for investment in the first half of next year and change the project implementer from iH to a complex project development REIT (jointly invested by iH, Housing and Urban Guarantee Corporation, and private developers).

The urban public housing complex project, one of the government's real estate measures, is a new type of housing supply model that provides various incentives to quickly supply reasonably priced housing, expand local community convenience facilities (SOC), and secure public interest such as resettlement of original residents.

An official from Incheon City stated, "'The Jemulpo Station North Side project is significant in that it aims not only to supply housing but also to develop the deteriorated station area and promote balanced development of the entire region," adding, "We will provide high-quality residential environments and living infrastructure to improve residents' quality of life and realize sustainable urban regeneration.