Incheon Free Economic Zone Authority to Sell Last Neighborhood Living Facility Sites in Songdo District 5

The Incheon Free Economic Zone Authority announced on June 1 that it will sell the last five parcels of land designated for neighborhood living facilities remaining in District 5 of Songdo International City through a competitive bidding process.

The area of each parcel ranges from 2,011 to 2,978 square meters, and the base price is between KRW 10.4 billion and KRW 16.3 billion. After paying a 10% deposit, the remaining balance can be paid in four equal installments over two years.

The site allows for the development of Type 1 and Type 2 neighborhood living facilities, commercial facilities, medical facilities, and educational or research facilities, offering a wide range of development possibilities.

Location map of the land for sale. Provided by Incheon Free Economic Zone Authority

The notice will be posted on Onbid (the Korea Asset Management Corporation’s electronic asset disposal system) and on the website of the Incheon Free Economic Zone Authority. Only end-users registered with Onbid are eligible to participate in the bidding, and sealed bids must be submitted from June 9 to June 25. The opening of bids is scheduled for 10 a.m. on June 26.

An official from the Incheon Free Economic Zone Authority said, “Considering the future supply of land in Songdo, these parcels are highly scarce and have both locational and price competitiveness. We ask that prospective bidders thoroughly review the special terms, on-site conditions, urban planning (district unit plan), and all relevant administrative restrictions before participating in the bid.”

This content was produced with the assistance of AI translation services.