Incheon's Jemulpo Station North Urban Public Housing Complex Project Nears Groundbreaking as Relocation Rate Hits 90.8%

【Financial News, Incheon = Reporter Han Gap-su】 The Jemulpo Station North Urban Public Housing Complex Project, which aims to improve residential conditions in Incheon's old downtown area and provide 3,497 public housing units, is gaining momentum ahead of construction beginning within the year. The Incheon Metropolitan City Development Corporation (iH) said on the 1st that, as of the end of September, 1,435 of the 1,581 households in the project district had completed relocation, bringing the relocation rate to 90.8%. It also said it had secured 100% of the ownership rights to privately held land.
Targeted for completion in 2031, the project is a publicly led 3080 urban public housing complex project and the first in South Korea to adopt a Real Estate Investment Trusts (REITs) model. iH is pursuing the project jointly with REITs and has taken charge of financing and compensation, enhancing the project's stability.
It also supported the relocation process by implementing resident-tailored relocation plans and operating on-site counseling offices and relocation support centers. As a result, demolition work is expected to begin within the year.
Ryu Yun-gi, president of iH, said, "We will carry out the remaining procedures without a hitch so that this publicly led 3080 urban public housing complex project, the first in South Korea to adopt the REITs model, can become a successful example."

[email protected] Han Gap-su Reporter