Starfield, Waterfront Parks, and a Financial Hub: A "Complex New City" Emerges Near Cheongna
-Royal Park City Phase 2 Project Kicks Off
-Following the move-in of 6,305 units in Phase 1
-The 17,000-unit Phase 2 officially enters full swing
-DK ASIA signs strategic financial agreement with Hana Bank
-Just 10 minutes to Cheongna Hana Financial Town
-Cheonggyecheon-style waterfront parks and 36-hole park golf course
-Seoul Asan Cheongna Hospital also scheduled to open
-Evolving into a future-oriented city with complete lifestyle infrastructure
On the 11th, after a 40-minute drive from Seodaemun Station on Seoul Subway Line 5 and exiting the Cheongna Interchange on the Incheon International Airport Expressway, the Shingeomdan Royal Park City I and II came into view. This is a massive brand-name residential town consisting of 6,305 households. Across from the rows of high-rise residential buildings, a large-scale project site stretched out behind construction fences.
A "mini-city" with 16,800 households is being developed in the Wanggil-dong area of Seo-gu, Incheon. DK ASIA, a leading comprehensive real estate developer in Korea, is officially launching Phase 2 of the Royal Park City development. Together with Royal Park City I and II, this area is set to transform into a major new residential hub representing northwestern Incheon.
DK ASIA announced on the 12th that it signed a strategic financial agreement with Hana Bank at the Royal Park City Future Housing Exhibition Hall on the 11th. This agreement is intended to secure funding for Phase 2 of the Royal Park City project, which will build 16,800 units on approximately 2.6 million square meters of land in Wanggil-dong. DK ASIA plans to secure 90% of the construction costs for the initial 8,800 units.
This is not the first collaboration between the two companies. In 2021, they signed a financial management agreement and completed Phase 1, Shingeomdan Royal Park City I and II. During that process, urban infrastructure such as roads, parks, trees, and streetlights was also established. This latest agreement extends the partnership built during Phase 1 to Phase 2. Hana Bank decided to provide the funding after evaluating DK ASIA’s development capabilities and project stability, viewing them as a trustworthy project partner.
DK ASIA has completed land acquisition through negotiated purchases and is currently undergoing the permit process. With the foundation for funding now secured through the Hana Bank agreement, the project is expected to gain significant momentum.
For the Phase 2 vision, DK ASIA is benchmarking Santander City, located near Madrid, Spain. Santander City is a self-sufficient financial city that houses the headquarters of Santander Bank—one of Europe’s largest mega-banks—along with data centers and educational, medical, and cultural facilities.
A key strength of the project is its connectivity with the Hana Financial Town being established in Cheongna. Hana Financial Group is currently building its headquarters in Cheongna, and ten major affiliates, including Hana Bank, Hana Securities, and Hana Card, are scheduled to move in during the second half of this year. It takes about 10 minutes by car from Royal Park City to the Hana Financial Town in Cheongna.
Lee Byung-shik, Vice President of the IB Group at Hana Bank, stated, "The Royal Park City we are creating through this partnership will be completed as a residential hinterland for Hana Financial Group and a Korean version of Santander City." Royal Park City is being developed at 1.7 times the size of Santander City. Phase 2 will also reflect DK ASIA’s "resort-style complex city" concept. Plans include a waterfront park with a waterway inspired by Seoul’s Cheonggyecheon and green spaces such as a 36-hole park golf course.
DK ASIA is credited with proving the potential for Korea’s first resort-style city in Phase 1. Royal Park City II features European-style gardens planted with large trees like silver bell trees, pines, and elms, along with flowers like roses, hydrangeas, and pink muhly. Additionally, it offers 38 types of community facilities and 13 premium services comparable to 6-star hotels and resorts, including the Hanwha Group F&B brand "Gourmet Galleria," the screen sports facility "Royal Legend Heroes," and an exclusive yacht tour for residents. Notably, DK ASIA directly operates and manages the community and residential services even after completion to maintain quality—a rare practice in the Korean real estate industry.
Lifestyle infrastructure is also improving. The extension of Subway Line 7 to Cheongna and the opening of Starfield Cheongna are scheduled for next year, with the Seoul Asan Cheongna Hospital set to open in 2029. The opening of the Geomdan-Dream Road last April has also improved accessibility to the Magok area. The site is expected to grow as a residential base targeting both Cheongna and Magok.
The project is also expected to help alleviate the housing supply shortage in the metropolitan area. DK ASIA plans to supply the remaining 8,000 units sequentially. Kim Jeong-mo, Chairman of DK ASIA, said, "Through the strategic financial agreement with Hana Bank, we can now move forward with Phase 2’s 16,800 units following the 6,305 units in Phase 1. We will complete Royal Park City as a future-oriented complex city that combines finance, housing, commerce, and culture.“
Vice President Lee added, "Through this financial agreement, we will establish a stable financial structure and do our best to contribute to regional development and social value creation."