By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
Anyone who travels frequently knows that airports vary greatly. Some are better than others. I have always found Incheon a positive experience. It’s really no surprise that year-after-year they rank top in passenger satisfaction. When the new bridge linking the airport to Songdo IBD is completed later this year, the travel experience to Korea will be even better.
Global media notes…Incheon International Airport in South Korea won the coveted Best Airport Award, according to a survey conducted by Airports Council International. Passenger satisfaction with the new Terminal 3 promoted Singapore Changi Airport into 2nd place this year, with Hong Kong International Airport coming in at a close 3rd place. Airports Council International announced the top performing airports in the Airport Service Quality Survey.
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
The Korean press frequently shares Incheon Free Economic Zone’s (IFEZ) amazing progress. At the heart is Songdo IBD. This Korea Herald article does a great job pointing out that within the greater IFEZ, Songdo is one of three districts. Within Songdo is the international hub–Songdo IBD–which includes among a number of high profile projects, the International School, Jack Nicklaus Golf course and community, Central Park, 1st World Towers, and the Northeast Trade Center.
Korea Herald notes:
The Incheon Free Economic Zone has begun to take shape as a new global financial and logistics hub in Northeast Asia with the first phase of its development project scheduled to be completed this year.
The planned city, some 30 kilometers west of Seoul, features a working and living environment built to meet the standards of global companies.
The first phase of the project included reclamation work that has created 12.11 million square meters of coastal land and completion of infrastructure facilities for mass transportation and quality living.
Once this new infrastructure is established this year, Incheon aims to create new jobs by attracting multinational companies.
The IFEZ, an hour’s drive from Seoul, will bring a shift in the region from being manufacturing-based to knowledge-based, and foster a value-added industry by establishing a service-oriented infrastructure, the IFEZ Authority said.
The IFEZ will be comprised of three major districts, each taking on a special function. Songdo will serve the biomedical field and global education institutions; Yeongjong will function as a transportation and logistics hub; and Cheongna will host a robot-themed amusement park. Since its establishment in 2003, the IFEZ has signed a total of 41 memoranda of understanding for a combined $57.9 billion in foreign direct investment, the IFEZ Authority said.
Songdo has been selected by the government to be developed into a state-of-the-art medical and welfare complex by 2020 – a project worth 3 trillion won in government investment. Songdo is aiming to build top-notch infrastructure that would make it a people-friendly and health-oriented district.
Songdo sits on more than 13,047 acres and it is expected to be developed into six main clusters: international business center [commonly referred to as Songdo IBD], knowledge-based industry complex, biotech complex, information technology cluster, international academic complex and the Incheon new port.
Starting July this year, underground trains will start to connect Songdo and Incheon. Songdo International School, which will run kindergarten, elementary, middle and high schools is scheduled to open in September. A 405,000-square-meter central park located in the center of Songdo International Business District will be completed in June.
In addition, with the 12.3-kilometer bridge to be completed in October this year, the IFEZ will be only 15 minutes away from Incheon International Airport. The Incheon Bridge currently being built by a construction unit of Samsung C&T is to be the world’s fifth longest cable-stayed bridge. The construction will cost 2.5 trillion won, the authority said.
Even with the blueprints for the IFEZ, the lack of government support in building infrastructure and remaining regulations is making it hard for the IFEZ Authority to lure foreign investment, especially in times of economic decline, the office said.
“FEZs are supposed to offer a business-friendly environment as well as favorable tax breaks and other benefits to foreign investors. But not in FEZs in Korea,” an official of the IFEZ Authority said.
“The government also needs to simplify all the administrative work suitable for foreign investors,” he added.
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
After a week in Korea, I’m back in La Jolla, California. I’d like to share some insights on the visit. First, flying into Incheon International Airport, the new bridge looked awesome. Th Songdo IBD skyline is also beginning to standout–buildings sprouting up.
I cannot wait for the bridge to link the project with the airport. In fact, the new bridge will open up much of the region south of Incheon and spur growth. At two occasions over the week, Korean friends commented on the bridge making travel more convenient and that local businesses would benefit. All were also impressed with the scope and scale of Songdo IBD.
I also had the opportunity to chat with the construction management team for the Jack Nicklaus Golf Club Korea. They shared that the golf course was one of the most eco-friendly in the world. What I found interesting was not only the technology involved in the project, but Jack Nicklaus’ ongoing interest in the Songdo IBD golf course.
To conclude, over the week despite many in Korea feeling the impact of the global recession (and scarce Foreign Direct Investment in Korea)…Songdo IBD, the Gale International team, and their partners are moving forward with the project.
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
I was recently given the link to a Popular Science website article that discusses Songdo IBD with regard to its eco-friendly design and Green footprint. The article notes NYC is looking at international success models to cope with sustainability and Green issues.
POPSCI.com notes…
Lean times call for green measures. Even before the cash crunch came to fruition, New York City was looking for ways to cut costs and bolster environment initiatives.
A brainchild of Mayor Michael Bloomberg, PlaNYC (pronounced plan-why-see) avoids the wait-and-see approach, in favor of a proactive checklist of what needs to happen to help the Big Apple adapt to a predicted influx of a million new residents by 2030. An exhibition at the Museum of the City of New York gets to the core of the proposed changes and looks to other cities for fixes that are more than skin-deep.
PlaNYC’s top goals include creating adequate housing, cleaning up contaminated lands (brownfields), updating the city’s energy infrastructure, reducing global warming emissions by 30 percent, and achieving the cleanest air in any American city.
You don’t have to be in midtown Manhattan to know those are lofty goals. Just take a look at the hazecam to check out the current soot situation.
Nonetheless, several international success stories have elements worth emulating.
Formerly laden with landfills and home to a major auto manufacturer’s biggest plant, Malmö, Sweden, is no longer a Saab city. An $85 million transformation ushered in the new Bo01neighborhood — and inventive ways of reusing refuse. Buses run on biogas made from organic waste, plastics of all sorts are recycled and renewable energy (mostly wind power) is the norm.
Singapore is no stranger to congestion. It’s not surprising that the Malaysian metropolis inaugurated its first congestion-pricing plan in 1975. (A similar plan in New York failed to pass in the City Council last year.) Traffic is down by 30 percent, even after a one-third increase in the number of workers streaming into the downtown area.
Sometimes the best solution is to start from scratch. New construction means new materials and more resources but it offers an opportunity to avoid old-school mistakes. In South Korea, 1,500-acres of reclaimed land are getting ready for a green-over. Forty minutes southwest of Seoul, Songdo City will be the world’s first international business zone based on Earth-friendly design. Forty percent of its footprint will be green space (as opposed to ten percent in New York City) and trash trucks will be a thing of the past: pneumatic tubes will whisk waste to processing facilities. To keep carbon emissions down, Korea’s urban green giant will pull from at least one New York City success story. Its 100-acre Central Park is modeled on New York’s verdant heart.
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
Joong Ahn Daily recently interviewed Incheon mayor Ahn Sang-soo. The article shared the mayor’s vision for the city and the importance of Songdo IBD projects such as the Jack Nicklaus golf course.
The future of Incheon is built on vision and synergy, according to its ambitious mayor.
Ahn Sang-soo, the mayor of the port city, says he is set on transforming Incheon into a global hub of finance, business and culture.
The final facelift of Incheon is not scheduled until 2020 with the completion of three free economic zones: Songdo, Yeongjong and Cheongra.
But the mayor is impatient to get going. “Just after 2014, it’s going to be one of the best 10 high-end cities in the world,” the mayor said in an interview with the JoongAng Daily. By then, 80 percent of the development will be complete.
Ahn’s vision calls for a city housing more than 300 multinational corporations in the free economic zones. They will be complemented by 13 international agencies, including institutions under the United Nations.
The Asia and Pacific Training Centre for Information and Communications Technology for Development is already operating and five others are in the discussion stage, Ahn said. To display its vision, the city will hold a Global Fair and Festival. The 80-day festival, themed “Lightening Tomorrow,” will offer visitors a journey to the future. Kicking off on Aug. 7, it expects to host participants from 100 countries.
“A future city can’t be described in a single word,” Ahn said. “It’s a mix of everything.”
The city Ahn envisions is one where almost everything can be accessible within 30 minutes.
“In the past one would have to go downtown to work and go to the suburbs to live,” Ahn said. “You had to commute which isn’t good for the new generation. Almost all cities have the same paradigm.”
When fully developed, Incheon’s new zones will closely integrate residential, business, medical and educational facilities.
Ahn says the future Incheon will be a city that offers a pleasant living environment and is economical. “Spending is important when vitalizing the economy,” he said. “But residents should not be burdened by additional costs” for accessing work and cultural facilities.
“A city once built lasts for 100 to 200 years,” Ahn said. “Therefore, one needs to be cautious when developing a city since it is difficult to undo what has been done.”
The mayor showed confidence that the upgraded Incheon will be a paradigm for future cities. Similar cities will include positive aspects of Singapore, Shanghai, New York and San Francisco, the mayor said.
As Incheon transforms, the mayor expects its current population of 2.75 million to increase up to 3.5 million by 2014. The central government recognized the potential of the country’s third-largest city when it designated Incheon’s free economic zones in 2003.
However, the mayor said the city is not in competition with Seoul. Rather, he stressed synergy would be generated by the two cities in areas including education, medicine, high-tech and logistics.
Ahn said the synergy would extend to the North Korean city, Kaesong, where there is access to low cost real estate and less expensive labor.
In fact, connecting Kaesong, Incheon and Seoul is one of Ahn’s key goals.
By linking the three, he hopes to form what he calls a “Golden Peace Triangle,” that will not only contribute economically, but also bring peace and stability to North and South Korea.
The mayor said once the 1.8-kilometer (1.1-mile) bridge is built from Ganghwa Island, which is part of Incheon, to the mainland, products manufactured from Kaesong could be transported to the international airport in less than an hour. Products could also be delivered to Incheon’s port.
The mayor is a glass-half-full optimist. He even sees a silver lining in the current economic crisis.
“Potential investors have mentioned that after this financial crisis, China, India and Korea would emerge as countries good for investment,” Ahn said.
Dubbed CIK, the countries will be front runners in economic recovery because of their rapid growth and efficient infrastructure, the mayor said.
“In the past they [investors] weren’t constrained because they could succeed anywhere,” Ahn said. “But after the crisis, you have to choose safe investments.”
He said Incheon is such an investment not only because it has free economic zones but because it has logistical advantages thanks to the international air and sea ports.
The city also has a geographic advantage as it is located close to the two major Asian economies – China and Japan – with access to a market of over a billion.
Incheon already has secured several prominent global investors, including Gale International and Portman Holdings.
Portman is jointly building Songdo’s signature 151-story skyscraper, Incheon Tower, with Hyundai Engineering and Construction and Samsung Engineering and Construction,
The skyscraper is scheduled for completion in 2014 when Incheon hosts the Asian Games.
“Elsewhere in Korea you cannot see towers like in Incheon,” the mayor said.
Incheon not only aims to be a top financial or business center in Asia, but wants to be a center for service industries, including education, health, tourism and culture.
“We are going to have more than 10 foreign universities,” Ahn said.
North Carolina State University, the State University of New York, University of Southern California and Delaware State University are some of the foreign schools that plan extended campuses at Incheon.
Additionally, a prominent U.S. hospital is negotiating with the city to establish services there.
The mayor said some U.S. students will study courses at the universities for a year or more. Classes will be in English, although some of the staff will be Korean.
The city is also in talks with New York’s Guggenheim Museum to set up a branch in Songdo.
On a more leisurely note, famous golfer Jack Nicklaus is designing an 18-hole golf club in the Incheon Free Economic Zone. The mayor said Nicklaus told him that he has designed more than 250 golf courses in the world but only allowed his name to be used in five. The Incheon course is one of those.
The mayor said the city has decided to hold a Senior PGA tour October next year.
The city also plans an Art Center similar to Sydney’s Opera House. It will be run by the internationally famed maestro Chung Myung-whun.
Additionally, Incheon is strengthening its entertainment efforts. The Paramount theme park, currently under construction within the Songdo free economic zone, is scheduled to be completed in 2011.
All of these lofty ambitions will be on display this summer, as Incheon hosts Global Fair and Festival 2009.
The primary goal of the event is to promote Incheon as a brand.
“I hope more than 7 million visitors from home and abroad participate in this occasion,” Ahn added.
Another event to be held this summer is a marathon that will take place on the recently constructed Incheon Grand Bridge, which stretches 21 kilometers. The mayor is also planning to hold an evening event where 20,000 participants would enjoy a lunchbox dinner on the bridge.
The bridge, which is the longest in Korea and the fifth longest in the world, is to temporarily open for the festival in August. It will be in full operation in October.
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
As noted in Dr. Jorge Nelson’s December 15, 2008 CityTalk post, Songdo IBD is for everyone. Although Songdo IBD is designed to attract a wide range of foreign businesses, the city will also appeal to many already living in Korea. It will create jobs, provide entertainment, and become a shopping destination. I expect most Koreans will visit Songdo IBD as the project unfolds. I see Songdo IBD appealing to three generations of Koreans. For those familiar with America’s generational groups, understanding Korea’s groups is insightful.
Common American generation groups include:
Gen Y (millennials) – Born 1977-1990, Ages 18-32
Gen X – Born 1965-1976, Ages 33-44
Younger Boomers – Born 1955-1964, Ages 44-54
Older Boomers – Born 1946-1954, Ages 55-63
Silent Generation – Born 1937-1945, Ages 64-72
G.I. Generation – Born -1936, Age 73+
Korea has its own generational divides. I found an article by By Park Sun-Young from the International Affairs Desk at Hankook Ilbo relevant. I pulled parts from the article I feel are most appropriate. For example, Park describes three Korean generational groups:
The “Shinsedae” or “new generation” between 26 and 35. (She also refers to this as the “2635” generation. It can also include younger people.)
The progressive 386 generation between ages 36 and 45.
Older conservatives or those over 46
Ms. Park notes…Who are the new generation called Shinsedae?
Since the early 1990s the term Shinsedae, which means “new generation” in Korean, has come to be used to refer to a specific group of people in Korean society. Though there were other terms for this new or younger generation — such as the X-generation and the N-generation — they all share a common denominator of being the “post-386 generation,” which means they are free from ideological or political bias.
The “386 generation,” named after 386 computers, was coined in the 1990s to describe those in their late 30s and 40s who were “born in the 1960s and attended university in the 1980s.” It is the 386 generation who spent most of their youth fighting for democracy under authoritarian rule and who had a shared generational experience and culture for the first time in Korean history. They are now in decision-making positions in all fields, including political, economic, social and cultural areas. The 386 generation will go down in history as a very active and passionate group of people who toppled a military dictatorship of more than three decades and built democracy in Korea.
The 1990s was an era of a widening generation gap. Farewell to ideology, a new generation emerged – a generation that is heavily immersed in consumption. This group of Koreans was born during a time of rapid economic growth, spent their childhood in a prosperous environment and experienced the 1997 Asian financial crisis. They are substantial beneficiaries of the nation’s democracy, which was achieved by the blood, sweat and tears of the 386 generation. And they are the first generation who went abroad for travel and study with the liberalization of overseas travel and the advent of an era of information and communications.
Unlike the 386 generation who fought for democratization and ideological issues, what worries this new generation most is the high unemployment of university graduates. While the 386 generation enjoyed a booming economy with plenty of jobs available, the new generation is struggling with unemployment and riding the tide of “fierce competition.”
When Korea was hit by the Asian financial crisis, they were in high school or college. Raised in an affluent society with full access to the Internet, this new generation witnessed their fathers being kicked out of jobs and their families collapsing. After having to submit resumes without success, they have faced the grim reality that getting a job is crucial but never easy. The Asian financial crisis changed the mindset of this new generation in Korea to put the economy before anything else.
These young people, the first beneficiaries of globalization in Korea, have strong confidence and pride in their country, especially after the Korean national soccer team performance in the 2002 World Cup and with overseas travel and study much more common.
Their version of nationalism — which is based on the belief that Korea is not inferior whatsoever to the United States or Japan — is fundamentally different from the nationalism of past generations with vestiges of Japanese colonial rule of Korea.
A survey conducted by the Chosun Daily also showed that more than a third of this new generation has a positive impression of Japan, often associating it with its computer games and comic strips. With regard to the question of where they want to immigrate or work, apart from Korea, Australia was ranked first, followed by the U.S. and Japan, respectively.
Those aged between 26 and 35, also known as the “2635 Generation,” represent 17% of the national population and 24% of the working population.
Thoughts? Questions? Concerns? Comments are welcome.
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
2009 is the Year of the Ox according to the Chinese zodiac. Koreans, too, follow the lunar calendar, but have rich, unique traditions regarding many of the 12 zodiac animals. A goal of this Blog is when appropriate to share some insights into Korean tradition and history.
For example, in Korea the ox was the symbol of the three main virtues – honesty, sincerity, and self-sacrifice. It works slowly, but steadily, and is always patient. Building a city like Songdo IBD is a slow, but steady process, too.
It is commonly thought that those born in the Year of the Ox are hard-working and loyal. They may be slow at times but they can be focused and determined once they put their mind to something. Such single-mindedness has lead to the expression “stubborn as an ox.” Moreover, there is a Korean idiom “reading the scriptures to an ox.” which refers to the pointlessness of trying to persuade someone who will not listen.
For more info and additional Genre artwork on Korea’s ox traditions, see LINK.
In his annual Chairman’s Message Stan Gale commented on past accomplishments, current challenges, and future opportunity. In sum, for 2009 Gale and Songdo IBD plan to go Full Speed Ahead.
Annual Message
Gale International Chairman Stan Gale expressed satisfaction from himself and CEO John Hynes that preparations in recent years have positioned the company well to weather the current global economic crisis.He expects 2009 to show continued progress on current projects and expects to capitalize on emerging opportunities as the need for large-scale urban development grows globally.
To our valued Employees, Investor and Development Partners:
Gale International traces its roots back to 1922, having pioneered innovative real estate developments in both up and down markets.The growth and evolution of our company is now focused on city scale multi use development.These business and living environments are designed to attract foreign investment and international commerce.They will serve as an engine for sustainable development and financial stability for the people and the markets they serve.As we look to the future, let me point to several areas of focus for our company.
Stay the Course
I encourage every Gale International employee, and our partners to continue to work “full speed ahead.”We are well positioned to keep projects underway and strengthen the economies in which we operate.Today, more than 20,000 people are gainfully employed, making a good living, as a result of our international initiatives.
Continued Project Progress
In the United States, plans for the 23-acre, $3 billion Seaport Square development in Boston are well underway, with construction work on the first mixed use block set to commence in mid-2009.Key leases are being negotiated and it is expected construction will start on the $700 million One Franklin project. We are also proud of our contribution in bringing the New York Jets training facility to Florham Park, New Jersey.
In Korea, work continues at an accelerated pace on the Songdo IBD. As you read this letter, over 30 projects and 50 buildings are underway representing an investment of over $10 Billion.A total of fourteen projects were started in 2008. This past October, we were proud to attend the opening of the Songdo Convensia convention center. Thousands of Korean and international visitors are getting a dramatic first look at Songdo IBD through the soaring windows of the Convensia lobby. The First World towers will welcome their first tenants in the first quarter of 2009 and tours are running through the Songdo International School. Preparation is well underway for Songdo IBD’s “Grand Opening,” which will coincide with the 2009 Global Fair and Festival and the opening of Incheon Grand Bridge, connecting Songdo IBD with the Incheon International Airport and the world beyond.
Focus on Sustainability
Gale International is committed to sustainable design and development.Sustainability means that Gale International projects will be more energy efficient, environmentally friendly and economically rewarding.Sustainability is proving to be a bulwark in a down market, maintaining market value as non-sustainable project returns erode.We are dedicated to enhancing the ability of our developments to carry themselves from both a revenue and long term cost perspective.
Partnerships for Global Expansion
The sustainability initiative has also allowed us to assemble an impressive list of strategic alliance partners.Business relationships have been forged with global leaders; companies like UTC, 3M, Microsoft and GE. This is in addition to existing partners Posco E&C and LGCNS.In 2008, we created the Sustainable International Development Team (SIDT).This includes a comprehensive list of investment partners, architects, engineers and consultants.Quality of life partners like Taubman and Jack Nicklaus also play an important role in the SIDT.The stated mission of the team is to dedicate its collective expertise to reduce the cost and development time of state-of-the-art sustainable city scale projects around the world.
Alignment of Interests
Periods of downturn often have the positive effect of aligning interests.We are committed to improving communication with our public and private sector partners to identify opportunities to ensure continued business growth.Every aspect of operations is being examined and evaluated.Our partners are doing the same.We see positive signs that the communities in which we operate are equally committed to keep the momentum gained to date going, despite economic challenges.For example, the city of Boston recently pronounced its intent to invest in local projects identified as crucial to the success of the city’s redevelopment initiatives.Our One Franklin (Filenes) project was singled out by Mayor Thomas Menino as a project particularly worthy of community support.No doubt, continued public sector support and local investment in our projects both in the US and in Korea will help to jump start slowing economies and spur job growth.
Gale International: 2009 and Beyond
As a result of the impressive progress in Songdo IBD, Gale International is considering development opportunities for future city scale projects.Enlightened government officials in burgeoning and evolving nations like China, India, Ireland, Saudi Arabia, Iraq, Vietnam and Turkey are assuming a proactive leadership role in the creation of new urban models.The Songdo IBD experience and SIDT make Gale Internationaland our partners uniquely qualified to assist in these developments.
The projects Gale International is proud to work on every day are not conceptual; they are thriving developments which present a unique, opportunity to set the standard for how future cities should be constructed.They are playing an important role in the evolving global economy.In this time of inertia, there is a distinct need for action.No doubt, there are many opportunities ahead for Gale International, our investors and development partners.From here we go “Full Speed Ahead.”
Chinese Media notes… Gale International is a large-sized & high-end international real estate development and investment company, with its representative projects including Seaport Square and Franklin Street in Boston, and Songdo International City in Korea. Last September, Secretary Zhang Chunxian paid a special visit to the Songdo International City in Korea, and sincerely invited Gale International to invest on projects of the same kind in Hunan, after which, the two parties began with the advance-phase preparation for the cooperative project of Changsha Meixi Lake Sci-Tech Innovation Center.
Zhang warmly welcomed Chairman Stanley Gale and his delegation. Zhang said that the concept of ecological and excellent life of Songdo International City in Korea had greatly impressed him. Nowadays, Hunan is facing up a great and precious opportunity, that is, Changsha, Zhuzhou and Xiangtan have been approved as China’s Comprehensive Reform Pilot Area of ‘Two-oriented’ Society construction. Hunan is making use of its advantages in geography, scientific research and market consumption as well as the sound natural scenery to step up the research on and development of Changsha Meixi Lake Sci-Tech Innovation Center, aiming at a first-rate international center featured by the research and development of high-end technology, and an international ecological & innovative city with multifunction of modern business, top-grade housing, leisure and vacationing.
Hunan warmly welcomes the Gale International to join in the investment and construction of Meixi Lake Project, to whom, Hunan provincial CPC committee and Hunan people’s government will grant full support, said Zhang.
Chairman Stanley Gale said that he led his advisory group to Changsha for a field investigation on the Meixi Lake Project for more substantial progress. He said that he is also expecting to establish a long-term cooperative relationship with Hunan.
Chen Run’er, member of the Standing Committee of the Hunan Provincial CPC Committee & secretary of the Changsha City CPC Committee accompanied the meeting. Source: www.hunan.gov.cn
By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
I was excited to see this announcement. Megabox is popular in Korea, so are films. Did you know the first films were shown in Korea during the late 1890s. In fact, in 1899, Burton Holmes, the great travelogue writer and lecturer, entertained the Korean royal family with motion pictures. Today Korean cinema has gained much international acclaim.
Taubman Asia, a subsidiary of U.S. mall REIT, Taubman Centers, Inc. today officially announced that cinema multiplex leader Megabox, has signed as the cinema operator and third anchor tenant in Songdo Shopping Center situated in the heart of the master-planned Songdo International Business District (Songdo IBD), Incheon, Korea. Songdo IBD is being developed by New York headquartered Gale International and Korea’s Posco E&C.
“This is the third major anchor signing to be completed for Songdo Shopping Center, following the announcement of Lotte Department Store back in April, and Tesco Homeplus in September,” said Morgan Parker, president of Taubman Asia, the manager and developer of Songdo Shopping Center.
“We are thrilled to secure Megabox as an anchor tenant. Megabox is widely recognized in Korea as the premier provider of big screen entertainment,” Parker said.
The Megabox multiplex at the Songdo Shopping Center will feature nine theaters with seating for approximately 1,900 patrons. One of the nine theaters will be “M Class,” Megabox’s up-market, luxury experience, featuring a large format screen and superior sound system.
“The Megabox deal is a significant milestone for this project, as it is the first lifestyle/entertainment provider for the shopping center in Songdo IBD,” added Parker. “This is in keeping with our vision of developing a leisure lifestyle and entertainment destination, in addition to a retail complex of international standards. The Megabox complex will perfectly augment the international luxury lifestyle shopping and amenities planned for the shopping center.”
The two-level enclosed international style shopping center, designed by globally renowned architect Daniel Libeskind, with interior design by Benoy, will be the first of its kind in Korea. It is being developed as an integrated space and includes a Lotte Department Store, a Tesco Homeplus hypermarket, a Megabox multiplex cinema, a food emporium, an ice rink, and approximately 150 specialty stores.
