The Incheon Free Economic Zone Authority announced on July 7 that it has designated Blue Core PFV Co., Ltd. as the developer for the Songdo Landmark City development project in Songdo International City Districts 6 and 8, which will include a 103-story supertall tower.
The Incheon Free Economic Zone Authority signed a basic agreement with Blue Core PFV, the preferred negotiation partner, in May 2023, and received approval for the development plan amendment from the Ministry of Trade, Industry and Energy in April this year.
The core of the project is to invest 7.6 trillion won to build a landmark tower of at least 103 stories at the center of a 1.66 million square meter site in Songdo, along with an urban theme park, residential, commercial, and exhibition facilities.
At Songdo Dalbit Festival Park Station on Incheon Subway Line 1, commercial land will be concentrated to attract the Korean World Trade Complex, Startup Park 2, and the Incheon Chamber of Commerce and Industry. In addition, mixed-use land will be used to introduce Landmark Tower I and II, commercial facilities, and MICE (Meetings, Incentives, Conferences, Exhibitions) facilities.
On the coastal side, an amusement park equipped with leisure and tourism infrastructure such as an aquarium and a musical fountain will be created. The consortium includes Daesang Industries, POSCO E&C, GS Engineering & Construction, and Korea Development Bank.
With the completion of the development plan amendment and the designation of the project developer, the Incheon Free Economic Zone Authority plans to swiftly proceed with the first phase of construction through further implementation plan amendments and land sale contracts.
An official from the Incheon Free Economic Zone Authority stated, "With the designation of the project developer, the long-delayed Songdo Landmark City development project will now move forward in earnest," and added, "We will create a city at the center of Songdo Districts 6 and 8 that integrates international business with tourism and leisure."
Aerial view of the development project at the center of Songdo Districts 6 and 8. Provided by Incheon Free Economic Zone Authority.
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