South Korea has progressed faster than most nations, and besides international projects especially in the Middle East, South Korea is constructing many prestigious projects at home. The Songdo International Business District is a planned central business district of around 6 km built on reclaimed land, 65 km west of Seoul. It is connected to Incheon International Airport by a highway and is part of the Incheon Free Economic Zone. Schools, hospitals, office buildings and all requirements will be built and will be replicas of famous architectural places such as America’s Central Park and the Canals of Venice.
This $40 billion will take around 10 years to construct and is the most expensive project ever undertaken. 70% of the stake in the Songdo IBD venture and the master plan was designed by Kohn Pedersen Fox. Infrastructure and labor are funding are also being provided by the city of Incheon. Songdo First World is the first completed residential project in Songdo, Korea which has 12 building ranging from 3 to 64 floors. Currently, the complex has 2,685 units. It also has a subway station. This is being constructed with policies that will favor foreign investors who will take advantage of the economic free zone.
This will also provide them with access to the huge markets in China and Japan and other Orient countries and to the rest of Asia. From there, companies will be able to trade with around 220 countries worldwide, and facilities for worldwide market expansion. Korea also boasts a Gross Domestic Product growth of 5%, and it is an ideal market for testing new products due to discriminating consumers with diverse expectation levels. Songdo is built on 1500 acres of land reclaimed from the Yellow Sea of Incheon about 56 km from Seoul. It is the largest private real estate development in the world. By the time it is complete, the district will have 80,000 apartments, 50,000,000 square feet of office space and 10,000,000 or other commercial space.
Computers will be built into the houses, streets, and buildings as part of a wide network. The Songdo is part of President Lee Myung-bak’s to promote green and low carbon growth for future development. From the $38 billion to be spent on the project, about 80% is reserved for green investment. Songdo is being developed as a sustainable city with 40% of its area reserved for green space, including a 100-acre park which will have bicycling lanes, charging stations for electric vehicles and a waste collection that does away the need for trash trucks.