Project completion pushed back four years to 2031; 188,000-square-meter site to host film production and cultural tourism facilities; further steps remain before ground-breaking

An aerial rendering of the Cheongna Image Culture Complex (SOM City) [Incheon Free Economic Zone Authority]
An aerial rendering of the Cheongna Image Culture Complex (SOM City) [Incheon Free Economic Zone Authority]

A revised development plan for the Cheongna Image Culture Complex, known as SOM City, in Incheon's Cheongna International City has been approved, clearing the way for the next steps in the project.

However, the completion target has been pushed back four years — from the end of 2027 to the end of 2031 — making the project timeline and the ability to execute investment key challenges going forward.

The Incheon Free Economic Zone Authority said Tuesday that the revised development plan for the complex was approved without amendment at the 149th Free Economic Zone Committee meeting held Monday.

The revision focuses on restructuring the function of the existing investment-attraction site around the film and cultural content industry, and on adjusting the conditions for carrying out the project.

The project site is located at Block 5-4 of the investment-attraction zone in Cheongna-dong, Seohaegu, Incheon, covering a total area of approximately 188,282 square meters. The total project cost of approximately 1.8 trillion won ($1.35 billion) will be financed entirely through private investment.

Under the revised plan, 125,773.9 square meters of the total site will be designated for content industry facilities, with 53,824.9 square meters set aside for support facilities.

Infrastructure including roads and landscaped green spaces will also be developed. The plan converts land previously zoned as natural green space into a mixed-use complex supporting film production and the content industry.

The authority plans to build film production infrastructure — including indoor and outdoor shooting studios, open sets and a media center — and to cluster cultural and tourism facilities that leverage content intellectual property.

The vision is to develop an industry ecosystem spanning production, content utilization and cultural tourism, positioning Cheongna as a hub for the K-content industry.

The project has also been presented as the starting point for the K-Con Land project, Incheon's broader initiative to attract investment in the cultural content sector.

The authority is also counting on synergies with Starfield Cheongna, a large retail and leisure complex targeting a 2027 opening.

The combination of film and cultural industry facilities with large-scale commercial and leisure amenities is expected to boost visitor demand and stimulate the local economy.

Additional steps remain, however, before the approved plan translates into actual ground-breaking and construction.

After the Ministry of Trade, Industry and Energy issues a public notice of the revised development plan, the authority intends to sign a framework agreement and have the preferred negotiating partner establish a project financing vehicle, which will then be incorporated into the final implementation plan to complete the necessary permits and approvals.

Incheon Mayor Park Chan-dae said the complex is "a core project that will lead the cultural content industry" under the city's elected-term strategy. "We will attract global film production demand and overseas investment capital to create quality jobs and contribute to local economic development," he said.


gilbert@heraldcorp.com