DK ASIA Signs Strategic Partnership with Kim & Chang for 'Royal Park City Phase 2'
DK ASIA, a urban development company, announced on June 9 that it has signed a strategic comprehensive partnership agreement with Kim & Chang Law Firm to ensure the stable promotion of the Royal Park City Phase 2 development project. The project involves building 16,800 residential units on a 2.6 million square meter site in the Geomdan-gu area of Incheon.
The purpose of this agreement is to establish a cooperation system for major legal issues that may arise during the Royal Park City Phase 2 development process, including licensing, consultations on municipal contributions, taxation, compensation, claims, civil complaints, and dispute response. Through this partnership, DK ASIA plans to preemptively manage risks that could occur during the large-scale urban development project and increase the project's stability and momentum.
The two organizations have previously collaborated on the Royal Park City Phase 1 project. According to DK ASIA, during the first phase, they negotiated compensation for obstacles within the approximately 1.09 million square meter project site and completed the eviction process in about eight months. They also managed conflict resolution and civil complaints that could arise during the compensation process. Additionally, the company explained that cooperation continued during the construction of regional infrastructure, such as establishing new schools, installing specialized LED streetlights from Baekseok Bridge to Bongsu-daero, acoustic barriers, street trees, and park developments.
The ceremony was held at the Royal Park City Future Housing Exhibition Hall, which is scheduled to open soon. It was hosted by announcer Ji-ae Lee and attended by DK ASIA Chairman Jung-mo Kim, Kim & Chang Construction Group Leader and Attorney Yong-ho Ryu, among other officials.
The Royal Park City Phase 2 development project is a project to build a residential complex of 16,800 units in the Geomdan-gu area of Incheon, and licensing procedures are currently underway. DK ASIA previously signed a strategic financial agreement with Hana Bank to establish a financing framework. The company stated that it is pursuing the procurement of funds equivalent to about 90% of construction costs for the 8,800 units in the first phase of the project, which is being prioritized.
Going forward, Hana Bank will manage the overall financial arrangement and fund-raising, while Kim & Chang will handle overall legal reviews, including licensing, municipal consultations, contract execution, and response to civil complaints, accelerating the project's progress.
Both parties plan to continue cooperation across the entire project, covering licensing procedures, consultations with local governments, contract execution, taxation, and compensation tasks. They also intend to jointly conduct reviews and handle responses regarding various civil complaints and disputes that may arise during the project's execution.
The Royal Park City Phase 2 development is being promoted with the goal of creating a multi-functional complex city equipped with infrastructure such as a waterfront-centered urban structure and a 36-hole park golf course.
Attorney Yong-ho Ryu, head of the Construction Group at Kim & Chang Law Firm, stated, "The Royal Park City Phase 2 development project will contribute to building large-scale urban infrastructure and revitalizing the regional economy. Through this strategic comprehensive partnership with DK ASIA, we will comprehensively review various matters in the project promotion process to contribute to the stable completion of the project and mutually beneficial development with the local community.“
DK ASIA Chairman Jung-mo Kim said, "Through the agreement with Kim & Chang Law Firm, the Royal Park City Phase 2 project has gained a stable foundation for implementation across the entire project. We plan to steadily drive the project based on the cooperation system in the financial and legal fields." He added, "We will complete Royal Park City as a complex city combining finance, housing, commerce, and culture, developing it into a world-class model for urban development."