Developer DK Asia said on the 12th that it signed a strategic financial agreement with Hana Bank on the 11th.
The financial agreement is to fully launch the Royal Park City development project. The project site spans 2.6 million square meters across the Geomdan District (Seo District) of Incheon, and through phase two, the company plans to supply 16,800 apartment units. Before that, it completed a 6,305-unit complex as phase one.
Hana Bank will oversee financial arrangement, underwriting, and overall funding for the project and secure strategic status as a key financial partner in the field. The agreement comprehensively covers financial tasks necessary to push the project forward, including fundraising for the project purpose and securing 90% of construction costs.
Royal Park City is set to be Korea's largest premium resort city, with major companies such as Hana Financial, LG Magna, and DL E&C (Magok) nearby, as well as International St. Mary's Hospital, Cheongna Asan Hospital, and Starfield Cheongna.
DK Asia plans to develop the Geomdan–Cheongna area into a Korean-style "Santander City" model that combines global finance with high-end residential living. Santander City is a self-sufficient financial city that Santander, one of the world's top 10 banks, built in the early 2000s in Boadilla del Monte near Madrid.
Chairman Kim Jeong-mo of DK Asia, Kim Jeong-mo, said, "We will complete Royal Park City, the hinterland complex of Hana Financial Town, not as a simple residential complex but as a future-oriented mixed-use city where global finance, high-end residential, commercial, and culture are organically integrated, and develop it into a global financial city model that surpasses Spain's Santander City."