DK Asia said on the 9th that on the 8th it signed a strategic comprehensive partnership agreement with Kim & Chang to push ahead with phase-two development of Royal Park City in the Gimdan-gu area of Incheon.
The agreement was prepared to build a cooperation framework across the project, including permits and approvals, negotiations on cost sharing with local governments, taxes, compensation, claims, civil petitions and dispute response, in connection with the phase-two Royal Park City development to supply 16,800 households on a 2.6 million-square-meter site in the Gimdan-gu area of Incheon.
The two sides plan to strengthen cooperation across the project, including reviewing and responding to major legal issues that may arise during implementation and handling various contracts and compensation work.
DK Asia previously signed a strategic financing agreement with Hana Bank, establishing a system for raising project funds. With this agreement, it has secured cooperation frameworks in both finance and law.
The phase-two Royal Park City development is an urban development project to supply 16,800 households on a 2.6 million-square-meter site in the Gimdan-gu area of Incheon, and the permitting process is underway.
Kim & Chang previously handled compensation and project-related legal work for the phase-one Royal Park City project.
Ryu Yong-ho, head of the construction group at Kim & Chang, said, "We plan to review a range of issues that may arise during the project and support stable execution."
Kim Jeong-mo, chair of DK Asia, said, "This agreement strengthens our legal review and response framework across the project," and added, "We will proceed with the necessary procedures to push the project forward."