Public Housing Complex Project South of Gulpocheon Station in Incheon Accelerates as Preferred Negotiator Selected

Landmark Tower Up to 49 Stories and Over 3,000 Housing Units Planned
Mixed-Use Project Plan to Be Submitted for Approval in First Half of the Year... Construction to Begin in 2029

A large-scale public housing project will be launched in the area around Gulpocheon Station in Bupyeong-gu, the old downtown district of Incheon.

On January 7, Incheon Urban Corporation (iH) announced that, as the HDC Hyundai Development Company consortium has been selected as the preferred negotiation partner for the "Urban Public Housing Complex Project on the South Side of Gulpocheon Station," the company will proceed with subsequent steps, including signing the project agreement.

This project involves supplying 3,016 housing units (four basement floors, up to 49 above-ground floors, in 14 buildings) on an 86,000-square-meter site at 895-2 Bupyeong-dong, south of Gulpocheon Station on Seoul Subway Line 7. The complex is planned as a mixed-use development that harmonizes residential functions-such as high-rise residential buildings taking advantage of the station area location and large-scale green spaces-with the urban environment.

The HDC Hyundai Development Company consortium has designed the complex with a sky landmark design reaching up to 49 stories and a city forest concept centered around a large green park. The plan includes pedestrian-oriented open spaces and community facilities, allowing not only residents but also people from surrounding neighborhoods to use the amenities together.

Perspective view of the Incheon Gulpocheon Station South Side Urban Public Housing Complex Project. Provided by Incheon Urban Corporation

The Gulpocheon Station public housing complex project is being promoted as part of the government's 2021 "Public-Led 3080+ Metropolitan Housing Supply Expansion Plan." The project will use a REITs (Real Estate Investment Trusts) model, in which the public and private sectors participate together.

A REIT is a nominal company that pools funds from multiple investors to invest in real estate and distribute profits. iH, which also operates as an AMC (Asset Management Company), will be entrusted by the REIT, a joint project operator, to manage assets, including financing, real estate acquisition, management, disposal, and liquidation, thereby effectively leading the project.

iH expects that by adopting the REITs model, the project will not only secure public interest by returning development profits to landowners and others, but also reduce financial risks caused by external factors such as inflation or interest rate hikes, enabling more efficient project implementation.

iH plans to sign a project agreement with the HDC Hyundai Development Company consortium soon. If Incheon City approves the mixed-use project plan to be submitted in the first half of this year, compensation procedures and other processes will begin in the second half of 2027, with construction slated to start in 2029. Move-in is targeted for the second half of 2033.

An iH official stated, "This project will expand the supply of public housing, improve the residential environment in the old downtown, and inject new vitality into the region. We will continue to communicate with residents and do our best to ensure both public value and high quality in the project."