Songdo Gil Foundation corporate land that has been neglected for over 15 years will be repossessed for 10 billion won

BRC, a corporation with Gil Medical Foundation as its largest shareholder, was subject to repossession measures after leaving the land it purchased from a public institution undeveloped for more than 15 years.

According to the Incheon City Council on the 13th, the Incheon Free Economic Zone Authority is pursuing a plan to reclaim 23,000 m2 of land in Songdo International City owned by BR.

The site was supplied by the Incheon Economic Office at a low cost compared to the construction cost between 2009 and 2011, and is an industrial facility site where business facilities such as research and services can be built.

This place was initially planned as a bio-research complex where bio-related companies and research facilities would move in, but after the knowledge industry center and research building were built out of the total site of 205,000 m2, the remaining land was hardly developed.

The Incheon Economic Authority has already reclaimed some of the undeveloped land from 2013 to 2015, and has also decided to take over ownership of 23,000 m2 of land where development has been delayed.

The Incheon Economic Authority has reflected about 10 billion won in recovery costs in next year's budget, and is awaiting deliberation by the Incheon City Council.

The Incheon Economic Office explained that the refund amount is approximately 90% of the original sale price for which the land was supplied, and BR will incur losses due to the land recovery.

It has been found that BR has not yet raised any objection to the redemption plan, saying that it is currently difficult to implement the development project.

An official from the Incheon Economic Office said, "We cannot reveal the specific details of the land repossession plan because it may constitute company management information," but added, "We decided that taking repossession measures was appropriate considering the overall development situation in Songdo."