Real Estate Development In South Korea

When thinking of South Korea it is difficult to change the overall image that the media has painted of the southern half of the peninsula. What first comes to mind, is there ferocious neighbor and enemy just north of the 38th parallel. However, what some fail to realize about South Korea is their monumental break throughs in real estate development and technology. Just south of one of the most populated cities in the world, lies a new and upcoming development with the name Songdo International Business District (IBD). Hailed as one of the worlds most futuristic cities, Songdo IBD is located just 40 miles southwest of Seoul, South Korea. The new development is scheduled for completion in 2018 and is being build on 1500 acres of land, “right along the Incheon waterfront.” Rita Lobo (2014) of World Finance claims the Songdo IBD, “is the largest private real estate development in history with a price tag of $40bn (para. 1).” Many believe the new business district will be one of the most advanced cities in the world. With technology integrated within the city, Songdo has become one of the new tech cities of the world. The synergy between humans and artificial intelligence is one of the key …show more content…
While new developments are beginning to approach the integration of business and living there have been key benefits arising from the structural designs. Mixed use for Songdo can provide quick and easy access to retail stores as well as drive more business for a maximum market area. Paul Beyer (n.d.), Director of Smart Growth mentions other benefits of “mixed use” include, “efficiency in use of resources, life-cycle housing, access to amenities and destinations, affordable housing, and increased transit opportunities” (p. 2). All of these attributes of Songdo IBD can help out line the market defining story of