In my new Novel (see earlier posts) life a century ago in the Korean port Inchon (Incheon) is depicted. Incheon will soon become home to New Songdo City. Like a century ago when the port city was the hub of commerce the project will be an East Asian center of technology and business...
BTW Songdo is the name of a ancient Korean city, which was known as a mecca for scholars, artists, and intellectuals--quite fitting for a international hub for knowledge-based technology and business.
This Korea Times article describes the project well...
The New Songdo City Development (NSC) is transforming Songdo, a 1,500-acre landfill on the countrys west coast, into a hub for international business and the knowledge-based information technology industry.
The NSC is a joint venture between Gale International Korea, a unit of U.S. real estate developer Gale International, and POSCO Engineering & Construction (E&C), an affiliate of Koreas leading steel maker POSCO.
The company kicked off the worlds largest privately run development project on the reclaimed land, 64 kilometers southwest of Seoul, in 2004 and plans to invest a total of $25 billion to complete the construction of the Northeast Asian center for free trade and international business by 2014.
The envisioned New Songdo City will include an international business district, a 100-acre park, an international school, international hospital, a science and nature museum and a standard museum among its many amenities to become an ideal place for business as well as residences.
NSC President John Hynes, who is also CEO of Gale International Korea, said during a seminar held last week that the company will develop the New Songdo City into a corporate and financial hub and a bilingual English-Korean city in which international schools and hospitals for foreigners are located and multinational companies can obtain relief from local taxes and bureaucracy.
Songdo is part of the Incheon (Inchon) Free Economic Zone (IFEZ), which seeks to transform itself into a financial, logistical and business hub for Northeast Asia through the development of a business-friendly environment, highly educated personnel and a high-tech infrastructure. The IFEZ comprises three areas _ Songdo, Yongjong and Chongna _ with a total area of 51,756 acres.
Songdo has attracted a great deal of attention from foreign investors and companies over the past three years, as the area is being developed as an international business district to be equipped with knowledge-based information technology complexes and a superior residential and leisure environment, Hynes said.
He also said Inchon has many advantages that are ideal for establishing a free economic zone, adding that it is a coastal city equipped with an internationally competitive airport as well as a seaport that is the main entry point to Korea.
Attracting foreign investment is crucial to the successful development of Songdo. We have succeeded in drawing investment from a number of multinational companies and investors, including Morgan Stanley, Hynes said.
Morgan Stanley Real Estate Fund, run by the U.S.-based investment company, decided to invest $350 million in Songdo early this year. The fund first plans to invest $150 million to construct a 65-story building and develop other facilities.
A number of foreign companies and investors have already expressed keen interest in investing here, and we expect many others to follow suit. For example, IBM and Boeing are seriously considering establishing their manufacturing, and research and development facilities, he said.
Hynes said a number of Korean companies have expressed interest in establishing a presence in Songdo. POSCO E&C plans to move its headquarters to the city, he said.
He also said the NSC will complete the construction of an International Convention Center, a 65-story landmark building, office buildings, deluxe hotels, shopping malls and golf course in Songdo City by 2008.
The New Songdo City International School, the first international school in the countrys free economic zones, will open its doors to about 2,100 foreign and Korean students in September 2008.
It is a private, independent, internationally accredited, English-language nonprofit day school for expatriate and Korean students. It anticipates serving families from more than 50 countries.
The establishment of an international, world-class school is important, not only to the citizens of Korea and to the expatriate community, but as a signal to the world that Songdo values quality of life above bricks and mortar, Hynes said.
Also, New York Presbyterian Hospital, the first foreign-based hospital in Korea, will open next year to provide medical services to expatriates as well as locals residing in the zone.
Inchon Bridge, which connects Incheon International Airport and Songdo, will be completed in 2009. With the existing Incheon Port, the new Songdo Port, and the airport, Songdo is expected to become a sea and air logistics center.
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