Groundbreaking set for August, completion targeted for 2030

1,700-unit high-end complex planned for Songdo District 11

CI and BI promotional design [Provided by IGCD]
CI and BI promotional design [Provided by IGCD]

Incheon Global City Development (IGCD), established to help overseas Koreans settle in South Korea, has launched an open competitive bid to select a contractor for Phase 3 of Songdo Global Town, a project set to become a new landmark in Songdo International City.

IGCD announced the bid Monday as an emergency measure to recover lost time on the project schedule and minimize financial losses. The company has adopted "construction cost normalization" — one of the most discussed issues in the building industry — a move widely expected to draw competitive bids from major domestic construction companies.

IGCD said it has actively factored the sharp rise in construction costs into the bid conditions. The increase has been driven by surging global oil prices, partly a consequence of the war in the Middle East.

The strategy is to set both the pre-sale price and construction costs at realistic levels, creating a mutually beneficial model for the developer and contractor alike. IGCD said the approach is designed to encourage active participation from the country's top-tier construction companies.

The bid will again apply a "local contractor preference" system, awarding bonus points to Incheon-based firms. IGCD said the policy is intended to serve the public interest by reviving the sluggish local construction market and stimulating the regional economy at the same time.

IGCD plans to complete the contractor selection through a fair open-bid process, sign a construction contract by late July and break ground in August.

The total construction period is set at 42 months, with a target completion date of February 2030 — before a nearby school opens in March 2030 — to minimize commuting disruption for residents' children.

The Phase 3 project, to be marketed as "Homing Roots Songdo Apartment," will rise in Songdo District 11, an area rapidly emerging as the hub of advanced manufacturing and biotech industries within Songdo International City. The complex is planned as a premium high-end residential development reaching up to 45 stories across 14 buildings, with a total of 1,700 units.

The area already has major transportation upgrades in the pipeline, including a new GTX-B line station and a planned Songdo tram route.

Interest from prospective buyers and investors has grown as nearby newly launched complexes have posted strong pre-sale results in quick succession.

IGCD said it plans to leverage the favorable pre-sale environment to make the Phase 3 project the finest and most prestigious complex in Songdo.

"This project holds special significance as the first to carry IGCD's new brand — the infinity symbol (∞) and the tumbler figure embedded in our corporate identity," IGCD CEO Jeong Geun-young said. "We will prepare thoroughly to meet the expectations of overseas Koreans and grow into a company that makes a meaningful contribution to the development of Incheon."


gilbert@heraldcorp.com