Special-purpose company Incheon Global City has announced plans for the second phase of its project to build an apartment block for South Koreans based in the US.

The plan will see the company sign a contract with Posco Engineering & Construction later this month and see construction begin in December, with its completion scheduled for April 2025.

Those eligible for the newly constructed apartment subscription will be allotted apartments through a draw in November before signing deals the following month.

Incheon Global City said working with Posco E&C will slash construction costs by some 54 billion won ($47.4 million), and the money saved will trickle down to potential residents and help move the project forward.

“In going forward, we plan on spending the proceeds on the residents for the second phase of the project as well as those already living by providing amenities for their well-being,” one official at the company said.

The new stage of the project consists of three residential buildings that will be built on 28,924 square meters of land accommodating a total of 498 family-sized apartments, 661 studio apartments and 147 neighborhood amenities. 

By Yim Hyun-su and Lee Hong-seok (hyunsu@heraldcorp.com) (gilbert@heraldcorp.com)