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Inchon to Have World's 2nd-Highest Tower By Kim Sung-jin Staff Reporter South Korea has attracted multi-billion dollar project to the Inchon (Incheon) Free Economic Zone (FEZ). The Ministry of Finance and Economy (MOFE) said yesterday the Inchon municipal government and Atlanta-based global real estate developer, Portman Holdings, have signed a Memorandum of Understanding (MOU) for jointly developing the No. 6 and 8 blocks of the Songdo-Inchon FEZ. The multi-phased $11 billion project includes construction of twin-towered. 151-story skyscraper, the highest in Northeast Asia. The project is part of Korea’s efforts to transform 1,500 acres of reclaimed land into an unrivaled business hub for Northeast Asia. Inchon City Mayor Ahn Sang-soo and Portman Holdings vice chairman Jack Portman signed the MOU at the World Trade Club in Atlanta. The construction consortium led by Portman Holdings plans to complete the tower by August 2010. Inchon city government and the Portman consortium will finalize the development plans over the next six months, the MOFE said. The proposed 151-story building, which would be 610 meters tall, would be world’s second-highest tower in the world, after the 160-story Burj Tower in Dubai _ the world’s tallest building currently under construction. ``(With) inclusion of the 151-story twin tower in the FEZ, Inchon will be transformed into a world-class business city on par with Shanghai and Dubai,’’ Mayor Ahn said. Ahn also says the twin tower will become the landmark that symbolizes Korea’s future growth potential and opportunities. ``Inchon city government and the Korea’s central government will provide all-out support to the Portman consortium,’’ Ahn said. Portman consortium plans to finance 40 percent of the $11 billion investment through internal financing and raise the remaining 60 percent through investment banks and investment funds both at home and abroad. sjkim@koreatimes.co.kr 02-06-2006 21:46 |
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151-Story Building in Songdo lncheon City signed an agreement Tuesday with a consortium led by U.S.-Based real estate developing company, Portman Holdings, to build part of Songdo International City in the Incheon Free Economic Zone. The agreement was made about five months after signing a memorandum of understanding in February. The agreement includes the construction of 151-story twin buildings, provisionally called the “Incheon Towers.” The construction project will begin at the end of next year and be completed in 2012 Twin Buildings in Songdo What attracts the greatest attention about the agreement between Incheon and the Portman Consortium is that a “super high-rise building” is being constructed. It is planned to commence the construction of the two 151-story buildings (640 meters in height), Incheon Towers, at the end of 2007. Portman Holdings invests 40 percent in the consortium, while Korea’s Hyundai and Samsung invest 30 percent, respectively. The Incheon Towers having hotels, business, commercial, residential and leisure facilities will become the center of Incheon’s International City. <KBS NEWS IN ZOOM / 2006.07.13. / (C)http://english.kbs.co.kr> |
