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Old February 23rd, 2008, 06:09 PM   #201
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Finally updated!


Pretty big update --- been a month since I last touched this monster
wow, thx for the massive update BOM
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Old February 24th, 2008, 12:37 PM   #202
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What project is this one ? Thanks.
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Old February 24th, 2008, 01:06 PM   #203
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Did anyone say housing bubble?
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Old February 28th, 2008, 03:31 PM   #204
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The current state of Korea's high-rise/supertall situation:


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Starting the first quarter of 2010, the first wave of tenants will be moving into a world class, fully-integrated workplace yet to be experienced in Korea, says the local chief of the world's second-largest commercial property broker, as he referred to the landmark commercial office tower currently under construction in the New Songdo City.

``The era of desks lined up in a row is gone,'' said James Tyrrell, the managing director of Jones Lang LaSalle Korea, in a Korea Times interview Wednesday. ``You must provide a professional work environment to nurture the best professionals.''

Jones Lang is the exclusive leasing agent for the $500 million, 65-story, 1.3 million square feet Northeast Asia Trade Tower (NEATT), co-developed by Gale International and POSCO's construction unit, at the heart of the new business district 40 miles southwest of Seoul.

Tyrrell explained that the new building, with top-notch specifications and a tenant-friendly environment, will maintain the highest standards.

``Both domestic and global companies will be thrilled to rent space,'' he said confidently, adding that there is not much empty office space left in Korea. ``Gangnam and Yeouido lack space, leading to Songdo as the next CBD (central business district).''

The local head of the Chicago-based real estate firm said the Korean market is immature, alleging that most big companies here still own their own buildings.

``Major corporations listed on the New York Stock Exchange don't own the buildings they work in,'' he said. ``The global practice is to use that capital in what they're good at.''

Tyrrell said this mindset, though, is ``slowly, slowly changing here,'' exemplifying investment bank Morgan Stanley's buyout last year of Daewoo Engineering & Construction's Seoul office tower.

Asked whether he's concerned about the distant location of Songdo, Tyrrell said he has no concern about attracting tenants, as he compared the new city to Gangnam. Gangnam is a southern Seoul region dense with office buildings.

``People used to ask, `why would you want to cross the river?''' he said. ``But look at Gangnam today ― everyone wants to get a slice of the action there.''

Aside from the NEATT, Tyrrell fronted another commercial development project, closer to downtown, for which Jones Lang is also responsible for finding tenants.

The dual high-rise office tower, Parc 1, in Yeouido, is set to include a premium mall, luxury hotel and other facilities by 2011.

``Parc 1's market positioning will be on the level of commercial centers in Hong Kong, Shanghai, the U.K. and Singapore,'' said Tyrrell, adding that he's glad to see more advanced development projects finally kicking off in Korea.

He said the main obstacle that blocked earlier projects was the delayed years-long approval process by district government.

``If you want to be a major destination in Asia, you have to team up with the big boys,'' said Tyrrell. ``Korea decided to step up to the plate and get things going.''

He said the steam in the domestic office space rental business will go on for years due to shortage and rising demand.

Aside from the towers in Songdo and Yeouido, separate development projects like the Yongsan ``Dream Hub'' and Saemangeum initiatives are underway for completion within the next 10 years
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Old February 28th, 2008, 03:39 PM   #205
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About Saemangeum (from what I know):
  • Probably the most controversial project in Korea, because an entire tidal flat was drained and reclaimed. Now the area can't serve as a major rest area for migratory birds, which is why many environmentalist are against the development of Saemangeum.
  • Under President Lee Myung-bak, the area is most likely going to be developed into a "Korean Dubai" or a variation of the New Songdo City project in Incheon. This corresponds with a pledge of $20 billion of investment on Korea from Dubai itself.
  • The area is roughly as large as Singapore.
  • The only projects I am aware of are: a landmark tower and a massive gold course (like 500 holes)
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Old February 28th, 2008, 10:44 PM   #206
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korea is really amazing, can't wait until all the projects are finished
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Old February 29th, 2008, 02:59 PM   #207
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Quote:
Originally Posted by ZZ-II View Post
korea is really amazing, can't wait until all the projects are finished

Yes. Saemangeum is One of the Korean Dubai like Incheon Songdo..
Saemangeum Free Economic Zone(SFEZ) decided by Government.
Saemangeum is the Biggest landfill in the korea,and World..
Look at below picture. Very big Landfill-Korean Dubai!



I live in Jeonju...Saemangeum is near area of Jeonju...
Jeollabuk-do's Provincial Capital is Jeonju.
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Old February 29th, 2008, 03:03 PM   #208
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Luxury Apartment's Construction-Wangshipri-Shift-25 floor-2008.2.29


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Old March 1st, 2008, 04:27 AM   #209
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Quote:
Originally Posted by korea2002 View Post

Is this in Seoul?
It looks nice
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Old March 2nd, 2008, 04:22 AM   #210
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Quote:
Originally Posted by BOM View Post
Is this in Seoul?
It looks nice
Yes... This project is one of the Seoul Urban Developments-New Town Development.
Wangshipri-New Town-Look at below....


Development Company is Seoul Urban Development Housing(SH Corporation)
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Old March 2nd, 2008, 04:36 AM   #211
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Cybertic building in Seoul-Kumho Asiana Residence Exhibition hall

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Old March 2nd, 2008, 05:12 AM   #212
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Developemnt News-Korean Dubai,Saemangeum Free Econmic Zone!

Saemangeum, Saudi companies are developing eight billion US dollars' investment '



The company is developing large-scale foreign investment in Saemangeum said. Saudi Arabia is one of Saemangeum development company decided to invest approximately 80 billion dollars, the economic daily said on the 29th.

According to the Economic Daily Saudi Arabia Group Holdings, a real estate investment and development firm dareual who decided to invest 80 billion.

Al-Khatami, chairman of the company nasureu "ganghyeonuk 27 days ago in a meeting with the transition team boss Saemangeum TF intention to invest 8 billion US dollars a year," he said.

In addition, Prime Minister Lee Han nasureu chairman of the 28th to finish off a planned meeting with Saemangeum investment, but the Prime Minister's confirmation that the memorandum of understanding signed neutchwoji schedule has been delayed since the confirmation.

For the person who knows the difference Saemangeum concrete investment group is reportedly planned. Kunsan is possible without the need for construction of the landfill operation and Offshore gogunsangun first chaksuki development. Nasureu chairman of the development rights separately signed a memorandum of understanding jwin mundongsin Gunsan chapter said it die.

Chairman of the full-scale development of Saemangeum nasureu landfill every year since 2010 and concluded that the possible development of a possible gogunsangun said to be invested.

The first project is the development of maritime Saemangeum hotels and casinos, and the Passenger Terminal keurujeuseon yuryeoksi. Nasureu chairman of the "Big saeman yet to develop a concrete blueprint for planning and investment, depending on participation, said he would consider ways.

Lee Myung-bak, chairman of the upcoming presidential inauguration in nasureu chodaedwae said.
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Old March 2nd, 2008, 06:13 AM   #213
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Construction Update-2008.3.1





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Old March 2nd, 2008, 10:21 AM   #214
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Quote:
Originally Posted by BOM View Post
About Saemangeum (from what I know):
  • Probably the most controversial project in Korea, because an entire tidal flat was drained and reclaimed. Now the area can't serve as a major rest area for migratory birds, which is why many environmentalist are against the development of Saemangeum.
  • Under President Lee Myung-bak, the area is most likely going to be developed into a "Korean Dubai" or a variation of the New Songdo City project in Incheon. This corresponds with a pledge of $20 billion of investment on Korea from Dubai itself.
  • The area is roughly as large as Singapore.
  • The only projects I am aware of are: a landmark tower and a massive gold course (like 500 holes)
Hi Bom,

I'm quite interested in this project. Also any UAE links to it.
Please post any info you gain if it comes to hand.

Thanks.
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Old March 2nd, 2008, 10:54 AM   #215
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OMG!

Seoul is really booming with construction activity.

With all the new apartment blocks going up there, one would think that there's a 'property bubble' going on. I mean, only Beijing, Dubai, and Chongqing have more "T"-cranes than Seoul, AFAIK.

Is Seoul's population growing so fast to elicit such a huge boom in residential development construction?
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Last edited by The Cebuano Exultor; March 2nd, 2008 at 03:07 PM.
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Old March 2nd, 2008, 05:14 PM   #216
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Quote:
Hi Bom,

I'm quite interested in this project. Also any UAE links to it.
Please post any info you gain if it comes to hand.

Thanks.
Definitely : D
Even though I have mixed feelings about the damage of the estuary, I am interested in seeing what Lee Myung-Bak has in store for the site.

Quote:
Is Seoul's population growing so fast to elicit such a huge boom in residential development construction?
I am not exactly sure about the statistics of Seoul's growth, but, in my opinion, Seoul is like a vacuum, drawing everyone closer and closer to it. There are worries that this housing bubble could burst sometime in the future, I even remember reading an article that a Seoul apartment (in a decent location) cost more than a French chateau. The new city projects within the city and outside the cities are attempts to alleviate the growing problem.
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Old March 2nd, 2008, 07:40 PM   #217
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while the worlds eyes are focused on Dubai and Beijing construction, Seoul is also fiercely but quietly steaming ahead! The city (and Korea) is modernizing at an amazing pace. Well done!
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Old March 3rd, 2008, 04:00 AM   #218
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Quote:
Originally Posted by The Cebuano Exultor View Post
Seoul is really booming with construction activity.

With all the new apartment blocks going up there, one would think that there's a 'property bubble' going on. I mean, only Beijing, Dubai, and Chongqing have more "T"-cranes than Seoul, AFAIK.

Is Seoul's population growing so fast to elicit such a huge boom in residential development construction?
I think the population is pretty steady (around 10 million residents) but more and more people want a piece of Seoul so they come to Seoul. I mean who wouldn't want to live in Seoul with all the great facilities, transportation, entertainment, and uniqueness of this great world-class capital city?
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Old March 3rd, 2008, 04:02 AM   #219
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Quote:
Originally Posted by korea2002 View Post
Yes. Saemangeum is One of the Korean Dubai like Incheon Songdo..
Saemangeum Free Economic Zone(SFEZ) decided by Government.
Saemangeum is the Biggest landfill in the korea,and World..
Look at below picture. Very big Landfill-Korean Dubai!



I live in Jeonju...Saemangeum is near area of Jeonju...
Jeollabuk-do's Provincial Capital is Jeonju.

For some reason, I don't like this picture of Dubai. Dubai may be constructing tons of sleek-looking skyscrapers but for some reason the surroundings are not very attractive >_< I guess it's because the area is a dessert? It just seems so dry and arid from the pic. I think they need more trees since they don't have mountains and hills nearby like Seoul does
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Old March 3rd, 2008, 06:43 AM   #220
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Here's some more on Saemangeum & the mega-projects:
Quote:
A Saudi Arabian property developing firm Dar Al Salam will invest $8 billion in South Korea's Saemangeum reclamation project, becoming the first foreign company to invest in the 400-square-km area located on the west coast
Quote:
What to Do With W230 Tril. in Gov't Projects

It looks like the new government will take on around W230 trillion-worth of major construction projects from the time it takes office later this month to 2011 (US$1=W942). No wonder many are worrying already about a looming shortage in construction materials.

Most of those are projects that have been initiated by the Roh Moo-hyun administration. There is the Multifunctional Administrative City, 10 "Innovation" cities, six "Enterprise" cities, 10 new towns in the capital region, free economic zones and a new headquarters for U.S. military forces in Korea to replace the existing one in Seoul. Also included on the list of large government construction projects are the Grand Canal and the development of the Saemangeum landfill.

Site preparation and actual construction of the Multifunctional Administrative City begins this year. Around W4 trillion is expected to go into the construction of that city over the next four years. Almost W30 trillion will reportedly be spent to construct the Innovation and Enterprise cities, while it's going to cost more than W50 trillion to build new towns in the capital region. The Grand Canal is another massive construction project that will cost more than W15 trillion according to conservative estimates. Never before have so many major construction projects been pursued simultaneously.

Over the last five years, the government paid close to W100 trillion to landowners to buy land needed for massive state construction projects. Those landowners, flush with the money they received for selling their land, invested that money right back into the property market, fanning real estate speculation and boosting land prices across the nation. If the government construction projects planned at present continue on schedule, the government will pay more money than what has been spent over the last five years to buy land from real estate holders. The government will pay a total of W30 trillion to landowners this year alone, including close to W20 trillion to buy land for the new towns being built in the capital region. There's no way of telling where this money will end up being invested and what repercussions this will generate.

The real problem is the fact that government projects are not crucial factors in boosting the potential growth capacity of our economy. It's still a mystery how spreading out government agencies across the country, creating greater nuisances for businesses and citizens, would benefit our economy. In an age of high-speed information and a digital economy, the concept of seeking to boost growth by digging and constructing buildings misses the point. This is why the Grand Canal project continues to be controversial in terms of its economic worth. It's time to do some serious thinking as to whether we should push ahead with these major construction projects, or determine whether there are more desirable alternatives.
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