European-Style Spa and Resort to Be Developed at Incheon Port's Golden Harbor... Agreement Signed with Terme Korea

Terme Group and CVC Capital Partners Sign 1 Billion Euro Joint Investment
Main Business Agreement and Land Lease Contract Targeted for January Next Year

The project to establish a European-style spa and resort in Golden Harbor, the hinterland complex of the Incheon Port International Passenger Terminal, is now moving forward in earnest.

On September 29, the Incheon Free Economic Zone Authority signed a basic agreement for the 'Terme Global Healing Spa & Resort Project' at G Tower in Songdo International City, with Yoon Wonseok, Commissioner of the Incheon Free Economic Zone Authority, Stelian Iacob, Vice Chairman of Terme Group, and Kim Insook, CEO of Terme Group Korea, in attendance.

According to the agreement, Terme Korea will invest a total of 850.8 billion won to develop a European-style healing spa and resort featuring a distinctive transparent glass dome design on the Golden Harbor site in Songdo District 9. The project will cover two commercial land plots, Cs8 and Cs9, with a total area of approximately 99,041 square meters (29,960 pyeong).

Well-being spa and resort operated by Terme Group. Incheon Free Economic Zone Authority

Previously, the Incheon Free Economic Zone Authority and Terme Group formalized the project by signing a memorandum of understanding (MOU) for mutual cooperation at an investment promotion event in Frankfurt in 2022. Subsequently, the two parties entered into a business agreement in December 2023, finalized the site last year, and submitted a business plan around the end of the year, thereby detailing the project blueprint.

Going forward, the Incheon Free Economic Zone Authority plans to seek approval from the Incheon City Public Property Deliberation Committee to sign a land lease agreement with Terme Group. Afterward, in January next year, it plans to sign a main business agreement and land lease contract with the special purpose company established by Terme.

With Terme Group and global private equity firm CVC Capital Partners having signed a strategic joint investment agreement worth 1 billion euros (approximately 1.5 trillion won) in June, the project is expected to accelerate, including the groundbreaking phase and future development.

Headquartered in Austria, Terme Group currently operates well-being spas and resorts in Romania, Germany, and other countries. Notably, the Terme Bucharest location in Romania, which opened in 2017, is expected to attract 1.7 million visitors this year.

The Terme Wellbeing Resort will feature an indoor dome-shaped spa space connected to a botanical garden, creating a nature-friendly leisure environment that can operate year-round. With advanced water purification, air filtration, and ozone treatment systems, the resort will offer an interior botanical garden with over 1,500 palm trees and 800,000 plants, making it a healing destination within the city.

Yoon Wonseok, Commissioner of the Incheon Free Economic Zone Authority, stated, "Terme Group has identified Golden Harbor as the optimal location due to its competitiveness as an airport economic zone and its proximity to the cruise terminal and Songdo International City. The Terme Songdo project will serve as an important foundation for Incheon to become a culture and wellness city."