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S. Korea: New Master Plan for Yongsan Business Hub Unveiled
Source: chosun.com
Source Date: Friday, September 17, 2010
Focus: Electronic and Mobile Government
Country: Korea (Republic of)
Created: Sep 19, 2010

A giant underground strip mall six times larger than COEX will be built in the planned international business district in Yongsan, Seoul. Dream Hub, a project financing vehicle for the development project, in an investor blitz on Thursday unveiled the new master plan.

Conflict over the means of securing funds for the project between KORAIL and Samsung C&T, two umbrellas of the project, caused Samsung C&T to pull out on Aug. 31. Thursday's briefing was the first attempt to attract other investors to replace Samsung.

It drew over 150 people from some 80 companies including Hyundai Engineering and Construction, Daewoo Engineering and Construction, and STX Construction.

According to the new master plan, the underground space will measure 495,494 sq. m. It will also house studios, galleries and concert stages for young artists.

Three landmark buildings will stand in the center of the district, forming a triangle of spikes inspired by an ancient crown. They are 100, 72 and 69 stories tall.

Dream Hub said the total area for business facilities in the district will be 1.428 million sq. m and accommodate some 70,000 workers. Residential space will take up 26.6 percent with some 5,000 apartments for existing residents of the area and low-income earners as well as luxury clients. The group will finalize the master plan by the second half of next year after approval by the relevant authorities.
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