A city is born in South Korea
SEOUL – A modern metropolis of glass and steel to rival the best that Dubai can offer is emerging on the western coast of South Korea, 40 miles from Seoul.
On 1,500 acres of landfill that just a few years ago was water, New Songdo City is planned as major financial and business hub for northeast Asia.
The New York Times reports that the South Korean government has designated the area as a free economic zone, a bilingual city (Korean and English) where foreigners can own land and run schools and hospitals, and where companies can get relief from Korean taxes and bureaucracy.
The government is also building a seven-mile bridge that will link New Songdo to Incheon International Airport, off the coast.
New Songdo is privately owned, a joint venture of Gale International, based in New York, and Posco Engineering and Construction of South Korea.
“As an international company, our role is to partner with the Korean government and industry to create an international environment,” said Stanley C. Gale, the chairman and a managing partner at Gale International.
New Songdo will cost an estimated US$30 billion to build, atop the $10 billion that the city of Incheon and the Korean government are spending on infrastructure projects. Every six months, $1 billion in construction is scheduled to begin.
New Songdo is expected to open its doors in August 2009, when the first phase of construction, including the bridge and city centre, is completed.
“Songdo could be to northeast Asia what Shanghai is to southeast Asia,” Gale told the New York Times.
A variety of architects from around the world have been commissioned to design various buildings, including a shopping centre, a museum and a Jack Nicklaus golf course.
Gale said that major international companies have already shown keen interest, and that even more is expected after his company’s planned push this month to sign up tenants for the signature 68-story Northeast Asia Trade Tower.
He said, too, that office space in Seoul is extremely tight, with vacancy levels hovering around two percent, and that this will bode well for Songdo’s eventual 50 million square feet of office space.
In addition, 2,245 units in Songdo’s first residential tower, 1st World Towers, presold in two days.
Ian Jarrett
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
France prepares for a massive strike across all transports on September 18
Turkish tourism stalls due to soaring prices for accommodation and food
CCS Insight: eSIMs ready to take the travel world by storm
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt