Development of Incheon's Yongyu Area, Stalled for 20 Years, Gets Underway... Incheon Metropolitan City Government Designates and Publicly Announces 'Yongyu 2 District'

【Financial News, Incheon — Reporter Gap-su Han】 The urban development project in Incheon's Yongyu area, which had been stalled for years after various development projects fell through, is now getting underway.
Incheon Metropolitan City Government announced on the 21st that it had established and publicly announced the designation of the Yongyu 2 Urban Development District and its development plan to systematically redevelop the Yongyu area in Yeongjong District and protect residents' property rights.
Despite its strategic importance as a gateway to the Seoul metropolitan area, the Yongyu area had faced prolonged development difficulties as large-scale projects were successively canceled after 2003. After major projects such as 8City and Noeulbit Town collapsed, the area was also removed from the Free Economic Zone in 2018.
Residents' ability to exercise their property rights was restricted by prolonged land-use regulations, while the lack of infrastructure, including roads and parks, worsened the living environment. As a result, local residents continued to face inconvenience.
The Yongyu 2 Urban Development Project finalized this time will be pursued through a land readjustment method, with Yeongjong District directly participating as the project implementer. The total project cost is approximately 45 billion won.
Yeongjong District requested approval for the district designation last September. Incheon Metropolitan City Government finalized the designation of the development district and the development plan after completing administrative procedures, including consultations with relevant agencies and deliberation by the Urban Planning Committee.
Under the development plan, the Yongyu 2 District will feature an administrative town and residential facilities to improve residents' access to administrative services. The plan also calls for expanding urban infrastructure, including roads and parks, which had been in short supply, to improve the residential environment and revitalize the area.
Incheon Metropolitan City Government expects the project to restore urban functions in the Yongyu area, where development has been delayed for years, and help protect residents' property rights.
Lee Won-joo, director of the Urban Planning Bureau at Incheon Metropolitan City Government, said, "The Yongyu 2 District Urban Development Project will substantially protect the property rights of residents who have been constrained by regulations for a long time and serve as a pivotal turning point in resolving the chronic shortage of infrastructure."
[email protected] Gap-su Han Reporter