Incheon's Cheongna zone to be built as international business hub
Updated November 20, 2006
The 17.8-million-square-meter Cheongna zone in the free economic zone of Incheon, west of Seoul, will be developed as an international hub of tourism, leisure and business.
An estimated 30,000 apartments, including 16,000 medium and large size, will also be built in the area to help ease housing shortage in Seoul and its metropolitan area.
The Finance and Economy Ministry on Wednesday (Nov. 15) approved the development program during a free economic zone committee meeting presided over by Deputy Premier-Finance and Economy Minister Kwon Okyu.
Located 10 kilometers east of Incheon International Airport on Yeongjong Island and 30 kilometers west of central Seoul, the Cheongna zone is assessed as the optimum location to attract foreign investors, businesspeople and tourists as it has easy access to the capital city. The Seoul metropolitan area, covering Seoul, Incheon and Gyeonggi Province, has a population of 23 million.
In line with the approval, foreigners are scheduled to invest a total of 6.8 trillion won in three theme complexes there -- an international business town, a theme park-style golf course and a leisure and sports complex.
According to development programs screened among foreign applicants in August, the consortium of Wachovia and Daewoo Engineering and Construction Co. is to construct a landmark building with a total floor space of 12.6 million square meters, which will accommodate foreign banks such as ABN Amro and Hong Kong Shanghai Banking Corp. (HSBC).
In addition, the Macquarie-Lotte Construction consortium is scheduled to build a world-class golf course and a deluxe golf village designed by Jack Nicklaus on the theme golf park with a total space of 1.5 million square meters.
The Pangaea-Haewon ST consortium will build a 21st-century leisure and sports complex housing a leisure sports park, aqua-park and an Asian cultural park, all covering 808,000 square meters.
State-run Korea Land Corp. will spend 6.07 trillion won to purchase land and build basic drainage facilities and roads in the Cheongna zone.
The government expects that the Cheongna zone will create 3.3 trillion won worth of production, 7 trillion won worth of income, 17.9 trillion won worth of added value and 264,000 jobs.
[Source: Korea.net (November 18, 2006)]
An estimated 30,000 apartments, including 16,000 medium and large size, will also be built in the area to help ease housing shortage in Seoul and its metropolitan area.
The Finance and Economy Ministry on Wednesday (Nov. 15) approved the development program during a free economic zone committee meeting presided over by Deputy Premier-Finance and Economy Minister Kwon Okyu.
Located 10 kilometers east of Incheon International Airport on Yeongjong Island and 30 kilometers west of central Seoul, the Cheongna zone is assessed as the optimum location to attract foreign investors, businesspeople and tourists as it has easy access to the capital city. The Seoul metropolitan area, covering Seoul, Incheon and Gyeonggi Province, has a population of 23 million.
In line with the approval, foreigners are scheduled to invest a total of 6.8 trillion won in three theme complexes there -- an international business town, a theme park-style golf course and a leisure and sports complex.
According to development programs screened among foreign applicants in August, the consortium of Wachovia and Daewoo Engineering and Construction Co. is to construct a landmark building with a total floor space of 12.6 million square meters, which will accommodate foreign banks such as ABN Amro and Hong Kong Shanghai Banking Corp. (HSBC).
In addition, the Macquarie-Lotte Construction consortium is scheduled to build a world-class golf course and a deluxe golf village designed by Jack Nicklaus on the theme golf park with a total space of 1.5 million square meters.
The Pangaea-Haewon ST consortium will build a 21st-century leisure and sports complex housing a leisure sports park, aqua-park and an Asian cultural park, all covering 808,000 square meters.
State-run Korea Land Corp. will spend 6.07 trillion won to purchase land and build basic drainage facilities and roads in the Cheongna zone.
The government expects that the Cheongna zone will create 3.3 trillion won worth of production, 7 trillion won worth of income, 17.9 trillion won worth of added value and 264,000 jobs.
[Source: Korea.net (November 18, 2006)]
Global Index
|
4.30
|
0.00%p
|
1,132.00
|
| Dollar/Won | KTB3Y | Oil(WTI) |
| 1,132.00 | 1.19% | 38.56 |
Global Market
 DOW JONES |
27,685.38 | -650.19 | 2.29% |
| SNP500 |
3,400.97 | -64.42 | 1.86% |
| NASDAQ |
11,358.94 | -189.34 | 1.64% |
 NIKKEI 255 |
23,304.29 | -190.05 | 0.81% |
| HANG SENG |
24,918.78 | +132.65 | 0.54% |
| SHANGHAI |
3,251.12 | -26.88 | 0.82% |