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Old November 15th, 2013, 08:07 PM   #2721
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well we knew incheon tower was dead, i already had no hopes left anyways. it is really rare to have a never-built actually getting cancelled though
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Old November 16th, 2013, 04:50 AM   #2722
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Off topic But Today(MORNING) LG ELECTRONICS'S HELICOPTER CRASH WITH TALL RESIDENCE(I PARK) OF SEOUL.

http://www.ytn.co.kr/_ln/0103_201311160937054495
http://news.naver.com/main/read.nhn?...aid=0002415113
http://news.naver.com/main/read.nhn?...aid=0000555707
http://biz.chosun.com/site/data/html...111600656.html
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Old November 16th, 2013, 04:54 AM   #2723
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I think that tends to be because interest drops to the point that no one asks about it anymore. But Incheon 151 had a decent chance of being built (relatively speaking), and it was supposed to be the centerpiece of Songdo, so they decided to cancel it entirely to stop any rumor-making about it.

South Korean politicians seem to have pushed some of these projects along thinking that they'd be more like China in terms of scale of development, apparently not realizing that a., China's scale of development is necessary, and b., it's therefore happening somewhat organically.

That's another reason why I'm not really disappointed to see the Yongsan development crash; the market simply couldn't have supported/didn't need all that extra real estate, and the glut would've exacerbated pre-existing issues. Korea really needs to reform their real estate market, particularly the jeonse system, if they want it to revive on a permanent basis.
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Old November 16th, 2013, 06:40 AM   #2724
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http://media.daum.net/economic/estat...31115162613227

OFF TOPIC
But Incheon free economic zone(IFZ) OFFICIAL DENIAL OF REPORT "Incheon Tower's cancelled" http://biz.chosun.com/site/data/html...111501771.html

Today IFZ say "Incheon tower still ongoing negociation. We can not understand why he(chosun report) report such unreaosnable story. Even he have no task in this project(Incheon tower)"

In short
Yesterday chosun report official cancelled but ===>today IFZ denial report.

SO
SEOUL LOTTE 123FL U/C
BUSAN 100FL OFFICIAL CONSTRUCTION BEGIN CEREMONY
BUSAN LOTTE TOWER(100FL) HOLD ON
INCHEON INCHEON TOWER HOLD ON
INCHEON INFINITY TOWER GOT PERMISSION
SEOUL SEOUL LITE(640M) HOLD ON
SEOUL HYUNDAI TOWER(OVER 500M) HOLD ON
SEOUL PARC1(300M) HOLD ON
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Last edited by inno4321; November 16th, 2013 at 06:51 AM.
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Old November 16th, 2013, 07:04 AM   #2725
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Quote:
Originally Posted by aquaticko View Post

South Korean politicians seem to have pushed some of these projects along thinking that they'd be more like China in terms of scale of development, apparently not realizing that a., China's scale of development is necessary, and b., it's therefore happening somewhat organically.
you'd better check the real fact rather than looking down on korea.
Korea is not the country which builds unnecessary buildings in order to raise only GDP, and in reality the most people has very rare interest on architecture, building, supertall thing.
and thus, NO politicians in korea pushed supertall projects, NEVER, actually no politicians have such interest because it gives no vote.
Almost the projects in korea came from the local needs, the profit aim of construcion companies, and other personal cause,
i.e. Lotte super tower was the life dream of Mr.Shin, the founder of Lotter Group,
Hyundai global business tower project in Tukseom was the dream of Jung Monggu, who is the owner of Hyundai motors group,
Yongsan project was established by the CEO of Korail for the paying-off the debt of Korail through the development profit.
Seoulite was planned as the main phase of Sangam DMC development area, and fully functioned for the marketing of the area sales, although the building itself was not built.
and other projects are all-like.
the biggest problem was just the global financial crisis 2008~2009 for the failed projects ; MONEY FLOW & demand withdrawl

Last edited by Mussoda; November 16th, 2013 at 07:22 AM.
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Old November 16th, 2013, 02:52 PM   #2726
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OMG! Are there any death or injured people? Please, tell me "NO!" :'(
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Old November 16th, 2013, 02:58 PM   #2727
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Sadly yes. The pilot and his copilot died:

Copter Crashes Into Seoul High-Rise, Killing 2

Quote:
A helicopter plunged to the ground in Seoul on Saturday, killing the two pilots after its propeller clipped the side of a 38-story luxury apartment building.

Fire official Cha Yang-oh told reporters that the helicopter crashed in the upscale Gangnam district in southeastern Seoul. The helicopter belonging to the LG Electronics was on its way to a nearby landing field where it was scheduled to pick up LG employees and head to a Korean city in south.

Cha said 57-year-old captain Park In-kyu died. A 36-year-old vice-captain survived the crash, but died later in a hospital. LG Electronics Inc. said the two were company employees.

Cha said no one was hurt in the apartment tower. The I-Park building is one of the most expensive apartment buildings in Seoul.

"I heard a blast sound while I was sleeping, so I ran out. The boom sounded like a war had started," said Jeong Young-woo, 54, an apartment tower resident.

TV footage showed shattered windows on the upper levels of the building. The helicopter was nearly destroyed save for its tail section.

Seoul was foggy on Saturday morning but Cha declined to say if the thick fog played a role in the crash.

Gangnam is Seoul's trendy district that became famous due to South Korean rapper PSY's smash hit music video "Gangnam Style."
http://abcnews.go.com/International/...lling-20907870

Btw, I found this pic on Koreaherald:

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Old November 16th, 2013, 03:11 PM   #2728
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Oh God :'(
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Old November 16th, 2013, 05:30 PM   #2729
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Quote:
Originally Posted by Mussoda View Post
you'd better check the real fact rather than looking down on korea.
Korea is not the country which builds unnecessary buildings in order to raise only GDP, and in reality the most people has very rare interest on architecture, building, supertall thing.
and thus, NO politicians in korea pushed supertall projects, NEVER, actually no politicians have such interest because it gives no vote.
Almost the projects in korea came from the local needs, the profit aim of construcion companies, and other personal cause,
i.e. Lotte super tower was the life dream of Mr.Shin, the founder of Lotter Group,
Hyundai global business tower project in Tukseom was the dream of Jung Monggu, who is the owner of Hyundai motors group,
Yongsan project was established by the CEO of Korail for the paying-off the debt of Korail through the development profit.
Seoulite was planned as the main phase of Sangam DMC development area, and fully functioned for the marketing of the area sales, although the building itself was not built.
and other projects are all-like.
the biggest problem was just the global financial crisis 2008~2009 for the failed projects ; MONEY FLOW & demand withdrawl
I wasn't looking down on Korea. It's just that there's no real need for the number of supertall towers in Korea that were proposed before the crisis. South Korea's population is barely growing at all, and Seoul's population is either stable or slightly declining (depending on what you read).

If there was a real need for additional skyscrapers in South Korea, for towers built to serve a market and not the vanity of chaebol leaders (who are very closely tied to politicians, and politicians have a strong incentive to show economic growth through things like tall towers even if they can't push for them openly), you'd see a lot more towers at lower heights (175-300m) which are actually profitable for the builders and owners of them.

Trust me, I'm very, very supportive of South Korea; I just want it to develop in ways which are actually good for all its people, not just its leaders.
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Old November 16th, 2013, 06:57 PM   #2730
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Quote:
Originally Posted by KillerZavatar View Post
well we knew incheon tower was dead, i already had no hopes left anyways. it is really rare to have a never-built actually getting cancelled though
Is there a reason for that? And I liked Lotte World Tower better anyways:



And I like this rendering of the Incheon Tower, but apparently it's "wrong":

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Old November 16th, 2013, 06:57 PM   #2731
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great video!
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Old November 17th, 2013, 02:51 AM   #2732
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Quote:
Originally Posted by aquaticko View Post

South Korean politicians seem to have pushed some of these projects along thinking that they'd be more like China in terms of scale of development, apparently not realizing that a., China's scale of development is necessary, and b., it's therefore happening somewhat organically.
Because the municipal governments essentially operate as real estate brokers: they seek high rents on the land by controlling how much of it is available and where. It's been a very successful way to finance development and government expenditures, but hardly "organic."
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Old November 17th, 2013, 03:05 AM   #2733
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Hence "somewhat" organically. I'm aware that there's a lot of politicking about real estate in China, but mass urbanization is very much so a real thing there, and will only become stronger if/when the hukou system is reformed.

South Korea, by contrast, isn't really seeing urbanization anymore, save for some areas in Gyeonggi near Seoul. Combine that with the borderline gridlock that's currently affecting the real estate market nationally due to both the jeonse system and extremely high levels of consumer debt, and there's very little new demand that really justifies a whole lot of new construction on the scale of much of what was proposed before the crisis.
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Old November 17th, 2013, 05:45 AM   #2734
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Cladding is looking great!
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Old November 17th, 2013, 06:54 PM   #2735
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Quote:
Originally Posted by aquaticko View Post
Hence "somewhat" organically. I'm aware that there's a lot of politicking about real estate in China, but mass urbanization is very much so a real thing there, and will only become stronger if/when the hukou system is reformed.

South Korea, by contrast, isn't really seeing urbanization anymore, save for some areas in Gyeonggi near Seoul. Combine that with the borderline gridlock that's currently affecting the real estate market nationally due to both the jeonse system and extremely high levels of consumer debt, and there's very little new demand that really justifies a whole lot of new construction on the scale of much of what was proposed before the crisis.
I agree with you 100%. I don't know what is wrong with Mussoda. Maybe he has a complex. certain reforms need to happen to breathe new life into the real estate market in Korea.
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Old November 18th, 2013, 05:58 AM   #2736
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Originally Posted by KillerZavatar View Post
well we knew incheon tower was dead, i already had no hopes left anyways. it is really rare to have a never-built actually getting cancelled though
Wally, quick question, Incheon tower isn't the same as what was supposed to be the Busan Lotte Towwer is it? I thought the Busan Lotte was a cool looking tower.
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Old November 18th, 2013, 10:16 AM   #2737
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Off topic: Any updates for Seoullite?
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Old November 18th, 2013, 12:48 PM   #2738
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COPYRIGHT http://news.naver.com/main/read.nhn?...aid=0000556427

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Off topic: Any updates for Seoullite?

Actually official developer report recommend to built over 600m hight landmark for SEOULITE NEW PROJECT. However Seoul mayor didn't allow skyscraper due to his "new anti-develop policy". Even HYUNDAI COMPANY wish to built 500m head office in ducksum of seoul but project rejected by seoul mayor.
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Old November 18th, 2013, 01:11 PM   #2739
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Quote:
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Actually official developer report recommend to built over 600m hight landmark for SEOULITE NEW PROJECT. However Seoul mayor didn't allow skyscraper due to his "new anti-develop policy". Even HYUNDAI COMPANY wish to built 500m head office in ducksum of seoul but project rejected by seoul mayor.
What are the reasons for such prohibition?
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Old November 18th, 2013, 01:41 PM   #2740
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Weekly Update : Nov. 18. 2013












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