South Korea makes its name in world property investment
photo credit: Toddomanbot
Fasten your seatbelts ladies and gentlemen; today we’re off to a new destination, not America, not the UK and not the UAE. Today’s trip is to…. Korea.
Don’t worry, not troublesome North Korea with its unstable but humorous-looking leader, but the much pleasanter North-east Asian country of South Korea.
Turns out, while the Dubai set are shouting about their rotating towers, fancy fountains and colossal canal, the South Koreans are busily constructing a city which will give any Middle Eastern developer a run for its money.
South Koreans Songdo it best
Located in the Yellow Sea economic basin, Songdo is set to become one of the world’s leading business hubs. The plans include 50 million square feet of office space, including a 65-storey tower and convention centre, 30 million square feet of residential space, ten million square feet of retail space, five million square feet of hotel space and ten million square feet of green space. That’s a lot of feet.
But they have big shoes to fill. Squashed in between China and Japan, South Korea is often overlooked by property investors and it’s hoping to change this with the £100 billion development, due to be completed by 2015. There will be financial rewards for businesses willing to relocate, as long as they’re not labour-based, as one city spokesperson told the BBC “anything from art all the way to bio or nanotechnology, the brain-based industries.”
Big brother Tom is watching you
The whole city will be set up with wireless technology to link residential, business, medical and government systems. If you invest in residential property and decide to live there, you can have access to all sorts of cool James Bond stuff, like a gadget which will pay your bills, access your medical records or, if you’re feeling especially lazy, open the door for you. Sounds great, unless you’ve seen Minority Report. Tom Cruise is watching you.
Technorati Tags: real estate, real estate investing, property, property investment, korea
