Incheon FEZ to Develop Bio-Specialized Complex 1.2 Times the Size of Yeouido in Yeongjongdo

Plans to develop a bio-specialized complex on Yeongjongdo Island, covering an area 1.2 times the size of Yeouido, are now moving forward in earnest.

The Incheon Free Economic Zone Authority (IFEZ) announced that it is initiating the process to amend the development plan for a 3.622 million-square-meter site, which is the third-stage reserved land in Yeongjong Sky City owned by the Korea Land and Housing Corporation (LH) and Incheon Housing and City Development Corporation (iH).

Since 2006, this site has been the subject of six failed attempts to attract large-scale theme park and resort projects through foreign investment.

Previous projects planned for this location included the Milano Design City in 2006, Incheon World City in 2011, and the Super Club Resort in 2013.

Following the repeated collapse of these projects, the IFEZ and LH developed a new vision centered on the bio-industry, a sector in which Incheon holds a competitive edge. This led to the Ministry of Trade, Industry and Energy designating the area as a bio-specialized complex in June 2024.

The IFEZ plans to complete consultations with relevant departments regarding the development of the bio-specialized complex this month. It aims to finalize the development plan amendment process following a review by the Ministry of Trade, Industry and Energy's Free Economic Zone Committee between September and October.

Through a prior demand survey, the IFEZ has confirmed that 187 companies specializing in materials, components, and equipment for the bio and semiconductor sectors have expressed interest in moving into the complex.

LH plans to prioritize the development of 1.48 million square meters of the total site as a bio-specialized complex, constructing infrastructure such as roads and water and sewage systems, with the goal of beginning land sales around 2029.

(Photo courtesy of Incheon Free Economic Zone Authority, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.