daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Forums > Architecture

Architecture news and discussions on all buildings types and urban spaces
» Classic Architecture | European Classic Architecture and Landscapes | Public Space | Shopping Architecture | Design & Lifestyle | Urban Renewal and Redevelopment



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old March 16th, 2013, 11:05 PM   #1
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

Trouble In The "Dream Hub"

This Futuristic Korean Real Estate Project Is On The Verge Of Collapse


http://www.dezeen.com/2012/05/18/sli...ness-district/

Quote:
Max Rosenberg|Mar. 14, 2013, 6:25 PM

The "Dream Hub" in Seoul was supposed to be a "city within a city" — home to a dozen skyscrapers, waterfront parks, and business and residential facilities.

But the $28 billion project, officially called the Yongsan International Business District, is on the line after developers defaulted on a major loan repayment amid a real estate slump, AFP reports. We won't know whether the project will go bankrupt until June, when another round of loans matures.

While ground has been broken on the project, it's still a far way from the gleaming city pictured in the Dream Hub's promotional materials:





[...]
Read more: http://www.businessinsider.com/image...#ixzz2NjbsfjYC

.




This megadevelopment in Seoul is nothing short of spectacular. Hopefully they can find the funds to move forward with it.


http://constructionfield.net/yongsan...trict-block-h/


http://www.bustler.net/index.php/art...gsan_district/


http://aonthebox.wordpress.com/2012/...tail-district/
__________________
We are floating in space...
desertpunk no está en línea   Reply With Quote

Sponsored Links
Old April 11th, 2013, 06:41 AM   #2
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

- FIN -

Korail votes to put a stop to Yongsan development

Quote:
"The 31 trillion won ($27 billion) Yongsan property development project, the largest-ever in Korean history, is officially dead in the water after a seven-year struggle.

According to Korail, the largest stakeholder of the Yongsan International Business District development project yesterday, the company’s board of directors voted to revoke the project and land contracts. All 13 members of the board agreed to put an end to it. “Korail tried to normalize the project in order to minimize the social and economic loss for society, but private investors including Lotte Tour Development and Samsung C&T were opposed to our proposal,” the company said in a statement.

The state-run railway operator will now have to pay 2.4 trillion won to project executor Dream Hub Financial Investment, which it had earned from selling the land to the financial investment company. On March 14, Dream Hub defaulted on 5.2 billion won worth of interest on the 200 billion won asset-backed commercial paper.

Korail will pay 540 billion won of the money today - the remainder will be paid back in June and September. How the debt-ridden Korail will come up with the money remains to be seen. Market watchers say the company will have to borrow the money from banks or issue corporate bonds. Korail hasn’t posted a surplus in its railway business for the last eight years after it was converted from a government agency to a public corporation in January 2005. The railway unit has so far accumulated 1.3 trillion won in deficit, according to the Ministry of Land, Infrastructure and Transport.

Dream Hub will be officially notified of the cancellation of the land purchase by April 22. The whole project contract will become ineffective starting April 29. The area in Yongsan containing train warehouses will be returned to Korail. The rest of the land will go back in the hands of residents of Seobuichon-dong, central Seoul. The residents held a press conference yesterday, saying that they will demand at least 220 billion won in compensation to make up for their losses for the past seven years.

The project, proposed in 2006, was deemed to be Korea’s largest property development project, turning the area into a large international complex of offices, malls, hotels and apartments."
__________________
We are floating in space...
desertpunk no está en línea   Reply With Quote
Old April 17th, 2017, 05:40 AM   #3
Geemath wijesinghe
Registered user
 
Geemath wijesinghe's Avatar
 
Join Date: Mar 2017
Posts: 117
Likes (Received): 402

Geemath wijesinghe no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 08:39 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu