Posted August. 11, 2017 08:13,
Updated August. 11, 2017 09:15
The Incheon Free Economic Zone Authority (IFEZ) announced that the special-purpose company Grand Development Co., Ltd. invested by Limkwang Engineering and Construction will create a residence-tourism complex, locating premium villas, shopping malls, resorts, hotels, and condominiums at the 123,005,623-square-meter Muui-dong area in Incheon by 2020. To this end, a project development plan was submitted to the IFEZ and the Ministry of Trade, Industry and Energy.
Once approved by undergoing various assessments such as environmental effects evaluation, Grand Development will begin its construction late next year when the Yeondo Bridge is open for easier access into the island. As the owner holding around 90 percent of the site of public works, Grand Development decided to invest 190 billion won. In addition, Chinese investors are encouraged to inject capital, by granting permanent residency to foreigners who purchased over 500-million-won worth real estate and lived for over five years in Korea.
The entire area of the Muui and Yongyu Islands were once designated as economic free zones, thanks to the large-scale development project for constructing an international tourism complex led by German multinational hotel chain Kempinski Group. However, most areas have been released as the project was scrapped, leaving only four areas for leading projects. Currently on-going projects include the Muui LK and Solaire reort complex near the Silmi Island.