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Samsung Consortium Chosen to Build Yongsan Int¡¯l Biz Zone By Ryu Jin Staff Reporter A consortium led by Samsung Corporation and National Pension Service was selected as a priority bidder for the 28 trillion won ($31 billion) construction of an international business zone in central Seoul, which would include a landmark skyscraper. According to KORAIL on Friday, the state-run railroad firm selected the consortium made up of Samsung and 25 other firms as the priority bidder of the future negotiation for the construction of the ``Yongsang International Business Zone.¡¯¡¯ KORAIL would set up a special project company along with the Seoul Metropolitan Government and the consortium, which would be finally chosen as the successful bidder, to begin the country¡¯s single largest construction project in 2011. ``We will complete all the negotiations with the priority bidder as soon as possible,¡¯¡¯ a KORAIL official said on condition of anonymity. ``We will also speed up the necessary works such as the establishment of the project company and relocation of facilities.¡¯¡¯ Covering a total of 566,000 square meters of land in Yongsan, central Seoul, the envisioned zone will house facilities for international business and trade, commercial and cultural complexes as well as residential areas. Currently, the zone is divided into the 442,000-square-meter state-owned land used for railroads, train depots, a train maintenance center, logistics centers and a postal office and the 124,000-square-meter private land in Seobuichon-dong, adjacent to Yongsan. In particular, the new international business zone would have a 152-story, 620-meter high building that will be one of the symbols of the metropolitan city along with the 640-meter DMC Landmark Tower in Sangam-dong, western Seoul. International passenger and cargo terminals would also be built in Seobuichon-dong and a green pedestrian¡¯s path linking the Han River bank, Yongsan Railway Station, the skyscraper and Yongsan Park, according to the metropolitan city government. Prime and Hyundai Engineering & Construction also made a bid along with 29 other firms for the construction project. But KORAIL chose the consortium led by Samsung as the priority bidder after a one-month review of the two bidders¡¯ proposals. Under the concept of the ``Dream Hub,¡¯¡¯ the Samsung-National Pension Service consortium has proposed developing the zone into a globally recognized multi-purpose complex with finance, information technology (IT) and tourism as its three main pillars. Samsung is also building the 160-story Burj Dubai tower in the United Arab Emirates (UAE), which would be completed next year. Currently, the world¡¯s highest skyscraper is the 508-meter-tall Taipei Financial Center in Taiwan with 101 stories. jinryu@koreatimes.co.kr |