A U.S. company has been selected to build South Korea's $12.5-billion massive 'New Songdo Intelligent City'.
"This project represents one of the largest international real estate developments in the world and the first United States/South Korea real estate joint venture in history. The POSCO/Gale Company venture has executed a development agreement to acquire 1,400 acres to be built in several phases over a ten-year period with an estimated completion cost of $12.5 billion. This project will be called New Songdo Intelligent City. The 1,000-acre development will include a World Trade Center, convention hall, office towers, retail, hotels, 15,000 housing units, two golf courses and a 60-acre, public Central Park. The remaining 400 acres will be targeted for the city's construction of public improvements to include streets, sidewalks, utilities and government buildings."
Thanks to Kristen Richards
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