Incheon Urban Corp. (iH) is launching a large-scale project to transform the area around Geomam Station into a new gateway to the western Seoul metropolitan region.
iH will issue a public notice Monday to recruit private-sector partners for the "Geomam Plasia Multi-Modal Transit Center Complex Development Project." Total project cost reaches 1.4 trillion won ($1 billion).
The plan centers on building a convergence town that integrates transportation, culture, retail, office and residential functions around a terminal-type multi-modal transit center. The site's strength lies in its connectivity, located at Geomam Station where the Airport Railroad meets Incheon Line 2, and also encompassing the Cheongna IC.
The land being offered to the private sector spans 94,000 square meters. The target includes a special planning district for mixed-use residential and transit center development, along with a specially designed apartment complex site. The expected supply price is approximately 343.7 billion won ($251 million). A total of 1,412 housing units will be built, including 858 apartment units and 554 mixed-use residential units.
Eligibility is open to single applicants or consortiums of up to 10 companies. Each bid must include at least one licensed housing builder and at least one construction firm ranked within the top 50 in construction capability assessment.
The process will move quickly. iH will hold a project briefing at the Geomdan New City promotion hall on the 13th, followed by letters of intent on the 18th-19th, commitment letters on June 4, and main applications on August 6. The plan is to select a preferred bidder within August and complete the contract by year-end.
The briefing will also unveil iH's development plan for the Incheon Guwol 2 public housing district, laying the groundwork for a balanced development blueprint spanning all of Incheon.
The construction industry expects a fierce competition for the trillion-won contract. Major construction firms ranked at the top in construction capability are expected to participate, with behind-the-scenes competition over consortium formation intensifying.
Once Geomam Station is reborn as a multi-modal transit center, its status will shift to become a wide-area hub for northwestern Incheon, encompassing not only Geomdan New City but also Cheongna International City and Yeongjong Island. With access to central Seoul within 30 minutes, the area is expected to attract housing and commercial demand in the western Seoul metropolitan region.
"Once the complex development centered on Geomam Station gets on track, it will inject vitality into the public housing district and serve as a catalyst for regional economic growth," iH President Ryu Yun-gi said.
