DK Asia Forms Partnership with Kim & Chang for Incheon 'Royal Park City Phase 2'

Strengthening Strategic Comprehensive Partnership Across All Aspects of the Royal Park City Phase 2 Project
2.6 Million Square Meter Development
Permits, Local Government Contributions, Taxation, and More

DK Asia announced on June 10 that it has signed a "strategic comprehensive partnership" agreement with Kim & Chang Law Firm to complete the development of 16,800 residential units in Phase 2 of Royal Park City, which will be built on a 2.6 million square meter site in the Geomdan-gu area of Incheon.

From the left, Kim Jungmo, Chairman of DK Asia, and Ryu Yongho, Head of Construction Group at Kim & Chang Law Firm, are signing a strategic comprehensive partnership agreement to actively promote the second phase development project of Royal Park City. DK Asia

This agreement is a strategic comprehensive partnership that broadly covers key issues that may arise throughout the Royal Park City Phase 2 development project, including permits and approvals, negotiations on local government contributions, taxation, compensation, claims, civil complaints, and dispute resolution.

Previously, the company worked with Kim & Chang Law Firm on Phase 1 of the Royal Park City project. For Phase 1, the company successfully completed the vacation of all obstacles on the 1.09 million square meter site for 6,305 units, reaching full agreement on compensation within eight months. The process was recognized for effectively coordinating various stakeholder interests and civil complaints that could arise during compensation, and for advancing the project stably based on trust with the local community.

The Royal Park City Phase 2 development is a large-scale project to provide 16,800 residential units on a 2.6 million square meter site in the Geomdan-gu area of Incheon. It is the largest premium resort city to be developed privately in Korea. The permitting process is currently underway.

DK Asia previously signed a strategic financial agreement with Hana Bank, establishing a funding system for the implementation of the 16,800-unit Phase 2 of Royal Park City. In particular, for the first phase of 8,800 units, which will be prioritized, the company plans to secure 90% of the construction costs.

With Hana Bank responsible for financial management and the overall funding, and Kim & Chang Law Firm overseeing all aspects of the project—including permits and approvals, negotiations on local government contributions, taxation, compensation, claims, civil complaints, and dispute resolution—the Phase 2 project is expected to move forward in earnest.

Kim Jungmo, Chairman of DK Asia, stated, “Through the strategic comprehensive partnership agreement with Kim & Chang Law Firm, the Royal Park City Phase 2 project has secured a more stable foundation for successful implementation across all aspects of the project. Following our strategic financial agreement with our global financial partner Hana Bank, the addition of this even deeper and more trustworthy strategic comprehensive partnership will enable us to swiftly complete the development of the 16,800-unit Royal Park City Phase 2 on the 2.6 million square meter site.”

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