Seoul, South Korea, is a city that is continually transforming itself, from huts a hundred years ago to high rises now. A new project is scheduled for the Yongsan business district that will cost $31 billion and transform the gritty to the glittery. The 152 story centerpiece is a pear-shaped landmark. The city hopes this will help transform the country into a more Northeast Asian business center similar to Hong Kong, Shanghai and Singapore.
It's the largest urban project in South Korea's history and will kick off in 2011, with funding from Samsung and The National Pension Fund. They hope the project will reach completion by 2016.
Cleaning up South Korea
Seoul's $31 Billion Yongsan Project
Trend Themes
1. Urban Transformation - The Yongsan project is a prime example of how cities are undergoing major transformations to attract more business and investment opportunities.
2. Landmark Architecture - The 152-story pear-shaped landmark in Yongsan highlights the trend of creating iconic and visually striking structures to attract attention and tourism.
3. Northeast Asian Business Centers - South Korea's desire to transform into a business hub, similar to Hong Kong, Shanghai, and Singapore, indicates a trend of countries vying for economic dominance in the region.
Industry Implications
1. Construction - The Yongsan project presents significant opportunities for construction companies to participate in large-scale urban development projects.
2. Tourism - With the construction of iconic landmarks, the tourism industry in Seoul is expected to flourish, attracting visitors who wish to witness impressive architectural marvels.
3. Real Estate - The urban transformation of Yongsan will likely drive up demand for commercial and residential real estate in the area, creating investment opportunities for real estate developers and investors.