By Kim Sung-jin
South Korea has attracted multi-billion dollar project to the Inchon (Incheon) Free Economic Zone (FEZ),
The Ministry of Finance and Economy (MOFE) said yesterday the Inchon municipal government and Atlanta-based global real estate developer, Portman Holdings, have signed a Memorandum of Understanding (MOU) for jointly developing the No. 6 and 8 blocks of the Songdo-Inchon FEZ.
The multi-phased $11 billion project includes construction of twin-towered. 151-story skyscraper, the highest in Northeast Asia.
The project is part of Koreas efforts to transform 1,500 acres of reclaimed land into an unrivaled business hub for Northeast Asia.
Inchon City Mayor Ahn Sang-soo and Portman Holdings vice chairman Jack Portman signed the MOU at the World Trade Club in Atlanta.
The construction consortium led by Portman Holdings plans to complete the tower by August 2010.
Inchon city government and the Portman consortium will finalize the development plans over the next six months, the MOFE said.
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