Therme Group, a global leader in urban wellbeing destinations, announced the signing of a project cooperation agreement with Incheon Free Economic Zone Authority (IFEZ) to ensure project execution and advance development of Therme Korea Incheon. The milestone solidifies the roadmap and secures the land for the Therme destination.
The signing ceremony was attended by Stelian Iacob, Senior Vice President, SVP of Therme Group, and Mrs. Insook Kim, Chairman of Therme Group Korea, and Incheon Mayor Jeong-bok Yoo, where the parties reaffirmed their commitment to developing Incheon into an internationally recognized wellness tourism city. The agreement unlocks the next stage of development and design, including identifying construction, finance and design partners in the region.
Therme Group and Incheon City have maintained close communication to implement the project in practical terms. This project cooperation agreement constitutes a follow-up measure to the basic agreement executed by the parties on September 29, 2025.
Within five months of basic agreement, Therme Group successfully completed administrative and financial procedures intended to demonstrate the project’s seriousness and executability. Therme Group invested over KRW 28 billion to establish itself as a domestic corporation and completed foreign-invested enterprise registration. In addition, Therme Group submitted project performance guarantee insurance in the amount of approximately KRW 8.5 billion, thereby establishing financial assurance for the project.
Dr Robert Hanea, CEO of Therme Group
The project cooperation agreement serves as a catalyst for revitalizing Golden Harbor, a core waterfront
district of Incheon Port. Incheon City plans to position Golden Harbor distinctive global tourism hub converging leisure and cutting-edge art experiences through the Therme location.
Mayor Jeong-bok Yoo
Mrs. Insook Kim, Chairman of Therme Group Korea, Incheon Mayor Jeong-bok Yoo, and Stelian Iacob, Senior Vice President of Therme Group
Incheon City projects that the Therme Korea Incheon project may provide quality employment opportunities for young professionals and skilled workers in the region, contributing new momentum to Incheon’s local economy, generating approximately KRW 2.8 trillion in combined tax revenue and broader economic effects, and creating more than 3,000 new jobs in total by 2037.
According to the forward plan, Therme Group Korea intends to promptly finalize the selection of financial investors (FI) and construction investors (CI), proceed with permitting procedures, and design modifications in response to changing tourism conditions. The construction is scheduled to commence in 2027. Completion is currently anticipated in 2031.