This image provided by the Incheon Port Authority shows a bird’s-eye view of the envisioned Golden Harbor in Incheon.
INCHEON, April 19 (Korea Bizwire) — As the sale of the hinterland site of Incheon Port’s international passenger terminal gains new momentum, attention is turning to whether development in the area will pick up speed after three years of delays.
At the end of last month, the Incheon Free Economic Zone Authority (IFEZA) submitted a letter of intent to purchase all 11 lots of land, covering 427,000 square meters in the international business district of Songdo’s Golden Harbor, from the Incheon Port Authority.
The IFEZA decided to purchase the land due to a lack of available sites to attract investment in the area, which was built on reclaimed land. It estimates the purchase cost at around 1.1 trillion won (US$836 million).
However, it remains to be seen whether the IFEZA’s plan can be realized, as it needs to go through a review by the city government and a resolution by the local council.
Insiders at the city government have pointed out that the purchase of the Golden Harbor land, subject to facility transfer and lease regulations under the Harbor Act, requires careful preliminary review of the feasibility of development.
Originally planned for hotels, shopping malls, and resorts, the Golden Harbor site was created in February 2020 but failed to attract investment for more than three years due to port facility regulations.
J. S. Shin (js_shin@koreabizwire.com)
