Redevelopment Project of Inner Port Piers 1〮8 of Incheon Port to Begin in Full Scale

- Redevelopment project of Inner Port Piers 1~8 of Incheon Port to begin in full scale

 The Ministry of Oceans and Fisheries (MOF) announced that the Redevelopment project of Inner Port Piers 1〮8 of Incheon Port will begin in full scale, having selected the Incheon City Consortium consisting of Incheon, Incheon Port Authority, and Incheon Housing and City Development Corporation as the preferred negotiating party.

 The project will create a 429,000 m2 marine cultural urban space in Bukseong-dong and Hang-dong in Jung-gu, Incheon, with investment of KRW 590.6 billion over five years from 2024 to 2028. Last December, the Incheon City Consortium submitted a business proposal to the MOF, which then selected it as the preferred negotiating party following a third-party contest and a proposal evaluation in accordance with the relevant laws and regulations.

 The MOF will form a negotiation team consisting of experts from various fields such as development, accounting, and finance to negotiate with the Incheon Consortium to supplement the project plan (draft) and determine specific project implementation conditions. Furthermore, it plans to proceed with follow-up procedures such as establishing a project plan, aiming to commence construction by the end of 2025.