Preferred Negotiation Partner for Incheon Gulpo Stream Station South Public Housing Complex Project to Be Selected in December

A Total of 2,842 Units Planned
Completion Scheduled for 2033

On September 23, Incheon City announced that it will begin full-scale implementation of the "Urban Public Housing Complex Project" to build large-scale public housing in the area south of Gulpo Stream Station in Bupyeong-gu.

Incheon Urban Development Corporation (iH), the public housing operator, accepted letters of intent from potential participants through a call for project operators last month. The preferred negotiation partner is expected to be selected in December following a resolution by the residents' council.

If the city approves the complex project plan submitted by iH in the first half of next year, compensation negotiations, relocation, and demolition will begin in the second half of 2027, with completion and move-in scheduled by 2033.

Location map of the urban public housing complex project on the south side of Gulpocheon Station. Incheon City

This project is being promoted as part of the government's 2021 "Public-Led 3080+ Metropolitan Housing Supply Expansion Plan." With a total project cost of 1.9 trillion won, it will provide 2,842 units, including public sale, owner-occupied, and rental housing. The project will utilize a Real Estate Investment Trusts (REITs) model, combining both public and private participation.

This initiative is evaluated as a strategic project that can achieve both residential stability and balanced regional development. By expanding transportation and living infrastructure around the station area, it is expected to dramatically improve citizens' quality of life and revitalize the long-depressed old downtown.

In particular, the city expects that supplying public housing for diverse groups, including young people, newlyweds, and the elderly, will help respond to demographic changes and have positive ripple effects such as revitalizing local businesses and the regional economy in the old downtown area.

An official from Incheon City stated, "We plan to supply a wide variety of high-quality housing by leveraging the area's excellent metropolitan transportation accessibility and pleasant living environment south of Gulpo Stream Station."