Jungheung Tocon’s 1.3 trillion won Geomam Plasia mixed-use development gets underway

[Financial News] A consortium led by Jungheung Tocon, part of the Jungheung Construction Group, is moving ahead in earnest with a major mixed-use development project with a total cost of 1.3 trillion won.
According to the Jungheung Construction Group on the 7th, the Jungheung Tocon consortium signed an official project agreement with Incheon Urban Corporation (iH) that morning at the corporation’s headquarters for the Geomam Plasia Complex Transfer Center development project. The signing ceremony was attended by key officials from both organizations, including Incheon Urban Corporation President Ryu Yun-gi, Jungheung Tocon CEO Kim Hae-geun and Jungheung Construction CEO Lee Gyeong-ho, who expressed their shared commitment.
The consortium was previously selected as the preferred negotiating party in a competition to select a private-sector developer last August. The project also includes local construction companies Beuniel Nature and Yeonghun General Construction alongside Jungheung Tocon, the lead company, adding to its significance.
The Geomam Plasia mixed-use development project is a large-scale undertaking encompassing the S-1 block (apartments) and M-1 block (residential-commercial complex) in the Incheon Geomam Station Area Public Housing District, as well as a complex transfer center. With a site area of approximately 94,000 square meters and a total investment of about 1.3 trillion won, the project will bring 858 apartment units, 554 units in a residential-commercial complex and 509 officetel units, transforming the area into a mixed-use space combining transportation, commerce, business and housing.
The site is considered a key location in northwestern Incheon. With Geomam Station, served by the Airport Railroad and Incheon Subway Line 2, nearby, it offers excellent regional access to the Seoul metropolitan area.
Jungheung Tocon CEO Kim Hae-geun said, “It is particularly significant that this is our first major development project win since we opened our Seoul office in June. We will continue to build on our distinctive strengths, devote every effort to winning major development projects in key cities, including those in the Seoul metropolitan area, and secure new sources of growth.” He added, “Through close cooperation with Incheon Urban Corporation, we will do our utmost to ensure that the Geomam Plasia mixed-use development becomes a premier landmark complex that symbolizes Incheon.”

[email protected] Jeon Min-gyeong Reporter