New Songdo City
Encyclopedia
Songdo International Business District (IBD) is a planned international CBD
currently under construction on 1,500 acres (6 km²) of reclaimed land
along Incheon
's waterfront, 40 miles (65 km) west of Seoul
, South Korea
and connected to Incheon International Airport
by a 7.4 mile (12.3 km) highway bridge, called Incheon Bridge
. Along with Yeongjong and Cheongna, it is part of the Incheon Free Economic Zone
.
The Songdo International Business District will feature the Northeast Asia Trade Tower
and the Incheon Tower
. Schools, hospitals, apartments, office buildings and cultural amenities are to be built in the district. Replicas of architectural hallmarks, including Central Park
and Venice's waterways, will also be incorporated. This 10-year development project is estimated to cost in excess of $40 billion, making it one of the most expensive development projects ever undertaken.
Gale International
, in partnership with Morgan Stanley
Real Estate, holds a 70% stake in the Songdo IBD venture, with Gale International taking a majority stake of 61%, and Morgan Stanley, which invested US$350 million in the project, holding 9%. The remaining 30% stake is held by Posco
. The masterplan was designed by the New York office of Kohn Pedersen Fox
(KPF). Infrastructure development, labor, and funding are also being provided by the city of Incheon.
A small number of Japanese
residents have sought to live in Songdo IBD after the Tohoku earthquake.
will be Korea's second tallest building when complete after the Ryugyong Hotel
in Pyongyang
. Computers will be built into the houses, streets and offices as part of a wide area network
.
The Songdo IBD is part of President Lee Myung-bak
's effort to promote green and low-carbon growth as an avenue for future development after 60 years of reliance on export-oriented manufacturing. The nation launched a $38 billion economic stimulus package in January 2009, with over 80% of the total earmarked for green investment. The Framework Act for Low Carbon Green Growth, passed by Korea's National Assembly in 2010, increased this to $83.6 billion spanning five years. Under this initiative, the Songdo IBD is being developed as a sustainable city with more than 40% of its area reserved for green space, including the park of 100 acre (0.404686 km²), 16 miles (25.7 km) of bicycling lanes, numerous charging stations for electric vehicles and a waste collection system that eliminates the need for trash trucks.
called for a halt of the reclamation project due to concerns at the loss of important tidal flats. Prior to reclamation, the Song Do tidal flats had supported several threatened
waterbird species, and provided a staging ground for migratory wader
s as they traveled between the Northern and Southern hemispheres.
Central business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
currently under construction on 1,500 acres (6 km²) of reclaimed land
Land reclamation
Land reclamation, usually known as reclamation, is the process to create new land from sea or riverbeds. The land reclaimed is known as reclamation ground or landfill.- Habitation :...
along Incheon
Incheon
The Incheon Metropolitan City is located in northwestern South Korea. The city was home to just 4,700 people when Jemulpo port was built in 1883. Today 2.76 million people live in the city, making it Korea’s third most populous city after Seoul and Busan Metropolitan City...
's waterfront, 40 miles (65 km) west of Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
and connected to Incheon International Airport
Incheon International Airport
Incheon International Airport is the largest airport in South Korea, the primary airport serving the Seoul national capital area, and one of the largest and busiest airports in the world...
by a 7.4 mile (12.3 km) highway bridge, called Incheon Bridge
Incheon Bridge
The Incheon Bridge is a newly-constructed bridge in South Korea. At its opening in October 2009, it became the second connection between Yeongjong Island and the mainland of Incheon. The Incheon Bridge is South Korea's longest spanning cable-stayed bridge...
. Along with Yeongjong and Cheongna, it is part of the Incheon Free Economic Zone
Incheon Free Economic Zone
The Incheon Free Economic Zone , located in Incheon, South Korea consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of . The goal of the IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for...
.
The Songdo International Business District will feature the Northeast Asia Trade Tower
Northeast Asia Trade Tower
The Northeast Asia Trade Tower or NEATT is a skyscraper in Songdo International City, the world's most expensive private real estate project in Incheon Free Economic Zone, South Korea. The 305m building is currently South Korea's tallest, and has 88 floors...
and the Incheon Tower
Incheon Tower
The 151 Incheon Tower is a supertall twin tower proposed for construction in Songdo International City, Incheon, South Korea. The design consists of two 151-floor, supertall skyscrapers connected by three skybridges. Construction started with groundbreaking on 20 June 2008...
. Schools, hospitals, apartments, office buildings and cultural amenities are to be built in the district. Replicas of architectural hallmarks, including Central Park
Central Park
Central Park is a public park in the center of Manhattan in New York City, United States. The park initially opened in 1857, on of city-owned land. In 1858, Frederick Law Olmsted and Calvert Vaux won a design competition to improve and expand the park with a plan they entitled the Greensward Plan...
and Venice's waterways, will also be incorporated. This 10-year development project is estimated to cost in excess of $40 billion, making it one of the most expensive development projects ever undertaken.
Gale International
Gale International
Gale International is a large privately-owned real estate development based in New York.It is the majority partner in the development of Songdo International Business District, a high-technology city in New Songdo, Incheon, South Korea, which is Korea's largest foreign real estate development...
, in partnership with Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
Real Estate, holds a 70% stake in the Songdo IBD venture, with Gale International taking a majority stake of 61%, and Morgan Stanley, which invested US$350 million in the project, holding 9%. The remaining 30% stake is held by Posco
POSCO
POSCO is a multinational steel-making company headquartered in Pohang, South Korea. It is the world's third-largest steelmaker by market value and the most profitable Asia-based steelmaker....
. The masterplan was designed by the New York office of Kohn Pedersen Fox
Kohn Pedersen Fox
Kohn Pedersen Fox Associates , an architectural firm responsible for several world-renowned buildings, provides architectural, interior and urban design as well as programming and master planning services for clients in both the public and private sectors...
(KPF). Infrastructure development, labor, and funding are also being provided by the city of Incheon.
A small number of Japanese
Japanese
Japanese refers to anything that originates in Japan, an island country in East Asia. Used as a noun, it may also refer to:* Foreign-born Japanese, naturalized citizens of Japan...
residents have sought to live in Songdo IBD after the Tohoku earthquake.
Development
Built on 1500 acres (6.1 km²) of land reclaimed from the Yellow Sea off Incheon, about 35 miles (56.3 km) from the South's capital Seoul, Songdo International Business District is the largest private real estate development in history. By its completion date in 2015, the district is planned to contain 80,000 apartments, 50000000 square feet (4,645,152 m²) of office space and 10000000 square feet (929,030.4 m²) of retail space. The 65-floor Northeast Asia Trade TowerNortheast Asia Trade Tower
The Northeast Asia Trade Tower or NEATT is a skyscraper in Songdo International City, the world's most expensive private real estate project in Incheon Free Economic Zone, South Korea. The 305m building is currently South Korea's tallest, and has 88 floors...
will be Korea's second tallest building when complete after the Ryugyong Hotel
Ryugyong Hotel
The Ryugyong Hotel is a 105-story skyscraper under construction in Pyongyang, North Korea. Its name is also one of the historic names for Pyongyang. The building is also known as the 105 Building, a reference to its number of floors...
in Pyongyang
Pyongyang
Pyongyang is the capital of the Democratic People's Republic of Korea, commonly known as North Korea, and the largest city in the country. Pyongyang is located on the Taedong River and, according to preliminary results from the 2008 population census, has a population of 3,255,388. The city was...
. Computers will be built into the houses, streets and offices as part of a wide area network
Wide area network
A wide area network is a telecommunication network that covers a broad area . Business and government entities utilize WANs to relay data among employees, clients, buyers, and suppliers from various geographical locations...
.
The Songdo IBD is part of President Lee Myung-bak
Lee Myung-bak
Lee Myung-bak is the President of South Korea. Prior to his presidency, he was the CEO of Hyundai Engineering and Construction and the mayor of Seoul. He is married to Kim Yoon-ok and has three daughters and one son. His older brother is Lee Sang-deuk, a South Korean politician. He attends the...
's effort to promote green and low-carbon growth as an avenue for future development after 60 years of reliance on export-oriented manufacturing. The nation launched a $38 billion economic stimulus package in January 2009, with over 80% of the total earmarked for green investment. The Framework Act for Low Carbon Green Growth, passed by Korea's National Assembly in 2010, increased this to $83.6 billion spanning five years. Under this initiative, the Songdo IBD is being developed as a sustainable city with more than 40% of its area reserved for green space, including the park of 100 acre (0.404686 km²), 16 miles (25.7 km) of bicycling lanes, numerous charging stations for electric vehicles and a waste collection system that eliminates the need for trash trucks.
Projects
- Chadwick InternationalChadwick InternationalChadwick International is a K-7, coed, nonsectarian, non-profit, independent, day school located in the Songdo International City. The school was created by Chadwick School because of the school's desire to shrink campus footprints in support of urbanization and reduced fossil fuel...
- First WorldSongdo First WorldSongdo First World is the first completed residential project in Songdo IBD, Korea. There are 12 buildings ranged from 3floors to 64 floors. Currently, there are 2,685 units within this complex. This luxury apartment is designed by KPF and BAUM. It is conveniently located adjacent to the Songdo...
- Jack Nicklaus Golf Club KoreaJack Nicklaus Golf Club KoreaJack Nicklaus Golf Club Korea is the focal point of Songdo IBD's environmentally focused green space program. It will be an 18-hole championship golf course designed by Nicklaus Design....
- Northeast Asia Trade TowerNortheast Asia Trade TowerThe Northeast Asia Trade Tower or NEATT is a skyscraper in Songdo International City, the world's most expensive private real estate project in Incheon Free Economic Zone, South Korea. The 305m building is currently South Korea's tallest, and has 88 floors...
- Posco E&C HeadquartersSongdo Posco E&C HeadquartersPosco E&C Headquarters is a commercial building located in Songdo IBD, Korea that is easily accessible from Incheon International Airport. It also placed in a very attractive location for any business looking a location in Northeast. 1,612,108 SF office building provides a place for 3,200 people...
- Sheraton Incheon HotelSheraton Incheon HotelSheraton Incheon Hotel is the first hotel to open in Sondo IBD. Hotel is adjacent to the Northeast Asia Trade Tower, Songdo Convensia, and Songdo Central Park.It is a five-star rated hotel managed by Starwood, and it is a LEED Certified hotel designed by HOK...
- Songdo Canal WalkSongdo Canal WalkCanal Walk is centrally located along a stretch of a man-made canal running through the heart of Songdo IBD. It stretches 2625 feet within D1-D4 blocks. Each block contains five-story glass buildings. First two stories are retail units that comprise fitness club, bookstore, general stores, and...
- Songdo ConvensiaSongdo ConvensiaThe Songdo Convensia Convention Center is the first project completed in Songdo IBD and opened for business on October 7, 2008. Its innovative design by KPF and Baum elicits thoughts of the Sydney Opera House and is already a landmark structure in Korea. The main exhibition hall has one of the...
- Songdo Central ParkSongdo Central ParkSongdo Central Park is the centerpiece of Songdo IBD's green space plan, inspired by NYC Central Park. Central Park is a green oasis in the midst of Korea's first international city, 4.4 million sf, which is almost 10% of Songdo IBD’s total area. It serves to connect to various civic and...
- University of IncheonUniversity of IncheonUniversity of Incheon is a public university operated by the municipal government of Incheon Metropolitan City, South Korea. UI was first founded as a private college known as the Incheon Technical College in January 1979. Later, it was renamed Incheon College in December 1979 before getting...
Reception
In 2003, Birds KoreaBirds Korea
Birds Korea is the organisation dedicated to the conservation of birds and their habitats in South Korea and the wider Yellow Sea Eco-region. Founded in 2004 and based in the port city of Busan, Birds Korea has regularly updated websites in both English and Korean. Birds Korea works on a wide-range...
called for a halt of the reclamation project due to concerns at the loss of important tidal flats. Prior to reclamation, the Song Do tidal flats had supported several threatened
Threatened species
Threatened species are any speciesg animals, plants, fungi, etc.) which are vulnerable to endangerment in the near future.The World Conservation Union is the foremost authority on threatened species, and treats threatened species not as a single category, but as a group of three categories,...
waterbird species, and provided a staging ground for migratory wader
Wader
Waders, called shorebirds in North America , are members of the order Charadriiformes, excluding the more marine web-footed seabird groups. The latter are the skuas , gulls , terns , skimmers , and auks...
s as they traveled between the Northern and Southern hemispheres.