R&F Properties has confirmed it will sell some land earmarked for apartments in order to ramp up investment in the Incheon Free Economic Zone.
South Korea.- R&F Properties Co Ltd will sell land in Midan to increase funds for its integrated resort in Midan City. South Korea’s Ministry of Culture, Sports and Tourism has agreed to delay the opening of the first phase of the R&F Resort, a complex of foreigner-only casinos, until March 17, 2023, but the developer will have to invest an additional KRW47bn (US$38.4m) in the project.
R&F Properties is believed to have asked for a two-year extension to its completion deadline in January but was granted only an additional 12 months. It’s the second 12-month extension granted for the project on Yeongjong Island in the Incheon Free Economic Zone.
The project’s first phase was originally due to be completed in 2021, and then in March 2022. The government has reportedly said that the possibility of a third extension will not be on the table.