Jungheung E&C consortium signs deal with Incheon Housing Corp. for Geomam Plasia transit hub project

Jungheung Construction Group's Jungheung Engineering & Construction consortium has launched a 1.3 trillion won ($968 million) mixed-use development project centered on a transit hub in Incheon.

The Jungheung E&C consortium signed a project agreement Wednesday morning with the Incheon Housing and Urban Corporation, known as iH, at iH's headquarters to advance the Geomam Plasia Transit Center mixed-use development project. Incheon Housing and Urban Corporation President Ryu Yun-gi, Jungheung E&C CEO Kim Hae-geun and Jungheung Construction CEO Lee Kyung-ho were among the senior officials from both sides who attended the signing ceremony.

The consortium was selected as the preferred bidder in a private developer competition in August. In addition to lead company Jungheung E&C, the consortium includes Incheon-based contractors Bniel Nature and Younghoon General Construction.

The project calls for the integrated development of an apartment complex (S-1 block), a mixed-use residential tower (M-1 block) and a transit center within the Geomam Station transit-oriented public housing district in Incheon. Spanning a site of approximately 94,000 square meters, the development will bring together transportation, commercial, office and residential facilities. The residential component will comprise 858 apartment units, 554 mixed-use residential units and 509 officetel units, for a total of 1,921 units.

The project site in northwestern Incheon sits adjacent to Geomam Station, served by both the Airport Railroad and Incheon Metro Line 2, giving it strong transit access across the greater Seoul metropolitan area.

"This is our first major development contract since we opened our Seoul office in June, which makes it especially meaningful," Jungheung E&C CEO Kim said. "We will channel all our efforts into winning large-scale projects in the metropolitan area and other key regions, leveraging our differentiated competitiveness to sustain our growth momentum." He added that the company would work closely with iH to make the Geomam Plasia Transit Center "the finest landmark complex representing Incheon."

Meanwhile, Jungheung E&C last month paid 70 billion won in construction costs to its partner companies entirely in cash ahead of schedule to help them manage their finances smoothly.