AIR CITY Fashion Island
MORE THAN JUST AN AIRPORT INCHEON AIMS TO BECOME ONE OF THE WORLD’S LEADING
AIRPORT CITIES. W
hy do business in Hong Kong or Beijing, or go on holiday to Shanghai or even Seoul, when Incheon Airport’s Yeongjong Island could offer you everything you need?
That is the thinking behind Incheon’s ambitious land development plans that will see it transformed into a thriving business and tourism destination in its own right. Rather than concentrating solely on being a regional hub,
Incheon Airport wants the gateway and its 5,600 hectares to become the epicentre of a thriving district with shopping malls, entertainment venues, water sports and business facilities sprouting up on Yeongjong Island. To achieve this vision, Incheon and its partners are investing a combined $19.1 billion on land development projects around the island to create what is called an airport city; a self-contained hub for tourism, leisure and business conferences, it has dubbed the ‘Air City’ – you name it, Incheon wants to have it.
“The Air City is expected to play a huge role in increasing the demand for air travel via a foreign tourist attraction effect. Incheon can become a representative landmark that provides unrivalled joy and convenience for travellers visiting the airport,” says president and CEO of Incheon Airport, CW Lee. With World Bank figures suggesting that Northeast Asia can expect to average 5% economic growth per year, and
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will account for 25% of the world’s economic activity by 2020, Lee wants Incheon to play a leading role in that success through the Air City.
The airport already benefits from being one of Incheon
City’s three designated Free Economic Zones (FEZ), allowing it to offer significant savings to any company thinking of moving there.
Incentives include a 100% discount on tariffs for three years on imported goods, a 100%, three-year exemption on corporation tax once a company begins generating income, falling to 50% for the following two years, and reductions on acquisition, registration and property taxes. Adjacent to the main passenger terminal, the first phase of Air City has already been completed in the form of the 165,000sqm International Business Centre (IBC-I), a mixed-use business complex with four office buildings, airport hotels and a golf course. Currently used by Incheon Airport staff, IBC-I is expected to progressively attract Korean and overseas business, making Incheon a convenient base for their international operations.
In phase two, Incheon is planning to develop additional offices, hotels and convention facilitiies. The new additions will expand International Business Centre facilities by 336,000sqm.
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