The Incheon Free Economic Zone (IFEZ) Songdo International City R2 Block is slated for transformation into what local sources describe as a ‘K-Contents City’ in a new development proposal. HYBE is a shareholder in this development venture, which will see several large-scale residential complexes go up in the city.
The proposal would see KC Company earmark Songdo International City District 8 R2, B1, and B2 Blocks and Songdo Moonlight Festival Park as the target locations for this build. The aim is to build a residential complex that also fosters Korean culture, art, and tourism all under the theme of K-pop content. 84% of the total project site would be covered in apartments and offices.
“The residential facilities planned for Songdo’s R2, B1, and B2 blocks total 7,954 units, comprising 7,180 apartments and 774 offices,” a local report reads. The development has received criticism from locals for building expansive apartment complexes and office buildings rather than focusing on K-pop. The proposed ‘K-pop Dome’ and ‘K-Contents’ facilities in the rest of the proposal only account for 5.09% and 4.52% of the project—for less than 10% of the overall project area.
HYBE has submitted a letter of intent to participate in the project as a shareholder. The label holds a 5% stake in the proposal’s PFV shareholder composition as it seeks to diversify its portfolio beyond just live music and entertainment. The move has raised some objections among locals, though.
“The fact that HYBE is participating in a large-scale residential complex construction plan, surrounded by controversy, raises interest in the construction industry. There’s no law preventing entertainment companies from participating in apartment construction,” a local industry official told AllKPop. “However, the Songdo R2 block is contentious due to claims of preferential treatment, raising concerns that any missteps could tarnish HYBE’s reputation.”
Source: Digital Music News
