A map showing the location of Songdo District 11. [Incheon Free Economic Zone Authority]
A map showing the location of Songdo District 11. [Incheon Free Economic Zone Authority]

The Incheon Free Economic Zone Authority will publicly sell five publicly owned plots in Songdo International City's Districts 4 and 11.

With commercial and residential development advancing steadily in the surrounding area, demand for everyday convenience facilities is expected to grow, drawing strong interest from developers.

The authority announced Tuesday it will offer one knowledge-based industry support commercial plot in District 4 and four neighborhood facility plots in District 11 through competitive bidding.

The plots range in size from 2,431 square meters to 26,075 square meters. Asking prices range from 16.29 billion won ($11.8 million) to 102.19 billion won, depending on the plot.

To ease the financial burden on buyers, flexible payment options are available. After an initial deposit of 10 percent, the remaining balance can be paid in four equal installments over two years.

Permitted uses for each plot are relatively varied. Zoning allows for first- and second-category neighborhood facilities, as well as education and research facilities, retail and office uses, enabling a wide range of commercial and lifestyle support development.

The authority noted that most commercial and housing land near the plots has already been developed or sold, and expects robust future demand from the surrounding population.

As development in Songdo Districts 4 and 11 progresses and foot traffic increases, demand for everyday convenience facilities is also expected to expand.

Bidding will be conducted through OnBid, the Korea Asset Management Corporation's electronic asset disposal system. Participants must be registered end-users on OnBid, and electronic bid submissions will be accepted from 10 a.m. Wednesday through 4 p.m. on Sept. 8.

Bids will be opened at 10 a.m. on Sept. 9 on the bid administrator's PC at the Incheon Free Economic Zone Authority.

Full details and plot-specific conditions will be available through the sale notices posted on OnBid and on the authority's official website.


gilbert@heraldcorp.com