Korea Land and Housing Corp. has been focusing on the Yeongjong Heavenly City Project on Yeongjong Island in Incheon. The plan calls for the development of a city with an international airport, harbor facilities and residential areas. It will truly be an international city that has everything. The government-owned corporation’s motto is to boost the quality of life for people in Korea under stable residential conditions and effective management of the nation’s land to spur the growth of the national economy.
The cost for the project totals 8.2 trillion won for a total of 1.93 million square meters. Some 130,298 residents will move in when the project is finished in 2020. Officials of LH said the city will be tailor-made for foreign business people, as the area around the city will be included in the Incheon Free Economic Zone. It will boast outstanding business and residential facilities. Foreign investors will consist of those from such countries as China, the U.S. and Japan.
Foreign investors can invest any of the six areas in the IFEZ, including a high-tech knowledge industry complex, aviation cluster, exhibition, culture and convention, administrative town facilities, an international business complex, and a seaside resort complex.
The areas for high-tech knowledge industry and the aviation cluster will be linked with Incheon International Airport and the global business firms to be a mecca for the high-tech industry. The sectors for exhibition, culture and convention complexes will have a global-level multiple-culture and exhibition theme with a strong symbolic landmark cultural complex. The complex will have casinos, performance stages, hotels and other luxurious facilities to make the complex known for its highly sophisticated cultural contents.
The projected administrative town will be designed to take care of foreign investors so that they can understand the procedures for investing in the complex. Facilities will be available like multiple transfers for air passengers, a complex for foreign investments, foreign residences, business, education, and medical clinics — so that the complex may be known as a top-class global one in Korea.
The international business complex will boast facilities for business inside the IFEZ to attract foreign firms to relocate there, along with convention halls and hotels. It will be a landmark in the zone area.
The seaside park will have a highway leading to Incheon International Airport along the beaches, roads for rail bikes, a campground with a large parking lot, an observatory and outdoor sculptural pieces, among other structures to be built in the park.
The seaside resort town will be linked with Wolmi Island and a harbor where boats are anchored, including fishing boats, a seaside community where such facilities will be built as Marina Food Town, shopping centers, a street of cafes and bungalows along the beaches.
The project is ultimately a center for international business.
Yeongjong Island already boasts a high-speed rail line connecting it to Seoul and Incheon Airport.
Some 8.2 trillion won will be plunked down on the island to complete the mammoth project.
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