DK ASIA Signs Strategic Financial Agreement
with Hana Bank
DK ASIA announced on the 11th that it has signed a strategic financial agreement with Hana Bank at the Royal Park City Future Housing Exhibition Hall in Incheon to promote the Royal Park City Phase 2 project. This agreement aims to secure development financing for the construction of 16,800 households in the Geomdan (Seo-gu) area of Incheon.
In 2021, the two companies signed a financial management agreement for Phase 1 (6,305 households), which included the Handeul District (4,805 households) and Geomdan District 3 (1,500 households). This Phase 2 agreement expands the existing partnership to supply 16,800 apartments on a 2.6-million-square-meter site in the Geomdan (Seo-gu) area, serving as a residential hub for the nearby Hana Financial Town.
DK ASIA has already completed the land acquisition for the Phase 2 site through negotiated purchases and is currently undergoing the permitting process. The Phase 2 development project aims to implement a futuristic complex city featuring a waterfront urban structure inspired by Cheonggyecheon and infrastructure such as a 36-hole park golf course.
According to specific procurement plans, 90% of the construction costs for the first 8,800 units will be secured through this agreement. Hana Bank will serve as the core financial partner, overseeing the overall financial management, arrangement, and capital procurement for the Royal Park City Phase 2 project. The scope of the agreement includes comprehensive financial services such as project financing and securing construction funds. DK ASIA plans to accelerate the development of the first stage of Phase 2 while sequentially pursuing the remaining 8,000 units through further consultations.
The signing ceremony was moderated by announcer Lee Ji-ae and attended by key figures, including DK ASIA Chairman Kim Jung-mo and Hana Bank Vice President Lee Byung-shik. Industry experts are noting that the Geomdan and Cheongna areas have the potential to develop into a model similar to Spain’s "Santander City," a self-sufficient financial city. Santander City is a financial hub located near Madrid that integrates corporate headquarters, data centers, education, and leisure facilities.
Royal Park City is being developed as a private premium resort city approximately 1.7 times the size of Santander City. It is expected to become a high-end residential destination for employees of nearby corporations and medical institutions, including Hana Financial Group, LG Magna, DL E&C (Magog), Korean Air, and Asiana Airlines.
DK ASIA cited its solid financial health as a key factor behind this agreement. Hana Bank decided to provide continuous financial support as a project partner after evaluating DK ASIA’s development capabilities and business stability. Royal Park City will offer 38 types of community facilities and 13 premium services, and DK ASIA currently ranks high in the Korean high-end residential brand and developer sectors.
Chairman Kim Jung-mo stated, “Through this strategic financial agreement, we are now able to move forward with Phase 2, consisting of 16,800 households for which we have already completed land acquisition, following the 6,305 households of Phase 1. By doing so, we are not only aligning with the government's policy to expand housing supply but also completing Royal Park City—the residential hub for Hana Financial Town—as a futuristic complex city where global finance, high-end residential living, commerce, and culture are organically integrated. We intend to develop it into a global financial city model that surpasses Spain’s Santander City.”
He further emphasized, “We will create urban infrastructure, including roads, landscaping, community facilities, and living amenities, at a world-class level to establish this as a global urban development model that draws international attention, moving beyond being just a representative case in South Korea.”
