Home > Business > Industry

IFEZ, IPA ink deal to raise overseas funds for Incheon's 'Golden Harbor'

Published: 01 May. 2025, 17:33

KIM JU-YEON
[email protected]

Incheon Port Authority President Lee Kyung-kyu, left, and Yoon Won-seok, commissioner of the Incheon Free Economic Zone Authority, signed a memorandum of understanding to enhance cooperation between the two organizations for the Golden Harbor project at the G-Tower in Songdo, Incheon, on April 30. [IFEZ]

The Incheon Free Economic Zone (IFEZ) signed a deal with the Incheon Port Authority (IPA) to attract tourist and leisure facilities to Golden Harbor, a developing commercial complex in Songdo International City, as the city aims to strengthen its appeal to global tourists.

The memorandum of understanding (MOU), signed at the G-Tower in Songdo, Incheon, on Wednesday, aims to strengthen cooperation in securing investment for Golden Harbor, which is near Incheon Port’s international passenger terminal.

Under the MOU, IFEZ will focus on attracting foreign investment while IPA will provide its experience in port infrastructure development and operations to drive the project forward.

The “Incheon Golden Harbor Project” will transform a 427,000-square-meter (106-acre) commercial site in Songdo’s ninth district into a multipurpose complex comprising hotels, condominiums, a shopping mall, a water park and cruises.

Therme Group, a wellness infrastructure company based in Austria, is expected to finalize a project agreement and lease contract with IFEZ by June. The company plans to build a botanical spa complex that includes a resort, spa and water park.

U.S. firm Superblue, which submitted a letter of intent earlier this year, is also considering establishing an immersive exhibition space in Songdo, potentially including part of the Golden Harbor site in its plans.

BY KIM JU-YEON [[email protected]]