Bando Engineering & Construction is launching Gyeyang New Town Kaive Ubora, the first privately developed housing complex in South Korea's third-phase new towns, in Incheon's Gyeyang district. The project is expected to draw interest from owner-occupier buyers given its access to Seoul, its proximity to an advanced industrial complex and a branded retail complex centered on education and healthcare facilities.
Gyeyang New Town Kaive Ubora will comprise 1,110 units across 16 buildings, ranging from two basement levels to a maximum of 15 floors above ground, on the AC3 and AC4 blocks of the Incheon Gyeyang public housing district, Bando said on the 21st. The AC3 block will hold 614 units and the AC4 block 496 units, with floor plans of 84, 92 and 93 square meters of exclusive-use space. The model house is scheduled to open on the 23rd.
Gyeyang New Town is a third-phase new town that will supply 18,000 homes on a site of about 3.35 million square meters adjacent to Seoul's Gangseo district. With a planned population of about 43,000, it is being developed as a self-sufficient city with an industrial complex alongside housing, education and cultural facilities. Private-sector sales are now gaining pace as the government accelerates housing supply in the third-phase new towns.
Transportation links are also set to improve. Residents can reach the Airport Railroad by traveling from Bakchon Station on Incheon Subway Line 1, near the complex, to Gyeyang Station. At Gimpo International Airport Station, passengers can transfer to Seoul Subway Lines 5 and 9 and the Seohae Line, providing access to major Seoul business districts including Magok and Yeouido. Bus route 7701, connecting Gyeyang New Town and Gyeyang Station, begins service on the 31st. Additional transit expansion, including a new metropolitan express bus (M-Bus) route to the Gangnam area, is also under way.
The employment base is expanding as well. In August, the Incheon metropolitan government approved the business plan for Gyeyang AX Park, an urban advanced industrial complex in the Gyeyang Techno Valley spanning about 757,000 square meters. Once advanced-industry companies move in, housing demand is expected to form around workers at the industrial complex.
The complex carries Kaive Ubora, Bando's premium residential brand. The 84-square-meter Type A unit features a four-bay layout with a flexible multipurpose room, pantry and dressing room to improve space efficiency. The 84-square-meter Type D includes a large entryway and a standalone island kitchen, while the 93-square-meter Type B applies a corner layout with an extended kitchen.
Community facilities for residents are also planned. These include guest rooms, a coin laundry, household storage units and a dry car-wash area, with a community child care center to be installed in the AC3 block. Both blocks will provide about 1.5 parking spaces per unit.
Bando's branded retail complex, Sigan, will also be built within the development. The AC3 block will focus on education and daily service businesses such as private academies and cafes, while the AC4 block will center on medical and health care businesses. Bando is directly operating some of the stores and is also reviewing measures to support the retail complex, including a master lease arrangement and interest support on down payments.
Applications begin on Nov. 2 with special supply, followed by first-priority applicants on the 3rd and second-priority applicants on the 4th. Winners will be announced on the 10th for the AC3 block and the 11th for the AC4 block, with contract signing from the 23rd to the 25th. The model house will be located in the Dodang-dong area of Wonmi district in Bucheon, Gyeonggi Province, and move-in is scheduled for August 2029.
Separately, President Lee Jae-myung visited the Gyeyang New Town construction site on the 20th to review progress on housing supply and transportation infrastructure. "The standard for housing supply that the public actually feels is, in the end, move-in," Lee said, instructing officials to ensure there are no delays in the occupancy schedule or in the expansion of transit networks such as metropolitan buses. He also directed relevant ministries to improve unnecessary regulations that obstruct project implementation so that housing supply on public land can be accelerated.