Incheon Offers Up to 20% FAR Bonus for Using Local Contractors in Projects
Published: · Source: mk.co.kr
Incheon City will implement a “local construction industry revitalization plan” that allows builders winning urban and residential environment improvement projects to receive up to a 20% increase in floor area ratio when they expand the use of local companies. The measure is intended to widen participation opportunities for regional construction firms and improve their competitiveness in winning orders. The city also plans to strengthen management of subcontracting win-win cooperation plans and establish market order by removing unqualified companies. The combined incentives and tighter oversight are expected to draw attention to whether local firms gain a larger role at redevelopment sites. Source: mk.co.kr
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