Incheon 'Jemulpo Station North Complex Project' Set to Break Ground This Year... Korea's First REITs Model

Incheon Urban Corporation (iH) announced on October 1 that the 'Northern Urban Public Housing Complex Project near Jemulpo Station,' which introduced the Real Estate Investment Trusts (REITs) model in Korea for the first time, is progressing smoothly with the goal of breaking ground within this year.

As of the end of last month, iH reported that 1,435 out of a total of 1,581 households in the project area had completed relocation, achieving a relocation rate of 90.8% and securing 100% ownership of privately owned land.

The Northern Urban Public Housing Complex Project near Jemulpo Station aims to improve the residential environment in the northern area around Jemulpo Station on the Gyeongin Line, the old city center of Incheon, by supplying 3,497 public housing units by 2031.

Aerial view of the northern urban public housing complex project site near Jemulpo Station. Provided by Incheon Urban Corporation

Initially, there were concerns that compensation and relocation procedures could be delayed due to the densely populated characteristics of the old city center, as well as complicated property rights, inflation, and rising interest rates. However, iH built a joint venture structure with the REITs, and took charge of funding and compensation operations, which increased residents' trust and reduced project risks.

Ryu Yoonki, CEO of iH, stated, "We will do our utmost to ensure that the Jemulpo Station North Complex Project, which is being pursued as the first REITs-based project in Korea, becomes a successful case by making sure all subsequent procedures progress smoothly."

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