Songdo International Business District Becomes More Popular As A Residential City Rather Than A ‘Smart City’ And Global Business Hub
The Songdo International Business District was supposedly built to become a hub for global companies, but to date, the district has become more of a residential city, reported NPR on Thursday.
Songdo International Business District is a reclaimed area along the Yellow Sea, an hour outside of Seoul. It is connected to South Korea's Incheon Airport via a 7.4 mile bridge and currently has approximately 36,000 people residing in the business district and 99,000 in greater Songdo.
"From the get-go, it was designed on the basis of connectivity and competitiveness," said John Kasarda, author of "Aerotropolis: The Way We'll Live Next," who believes that cities should be built near airports. "The government built the bridge directly from the airport to the Songdo International Business District. And the surface infrastructure was built in tandem with the new airport."
Byun Young Jin, chairperson of the Songdo real estate association, has started selling the residential units since 2005 to mostly Korean families as the schools in the area are considered good.
"It's a great place to live," noted vice president of Gale International, Scott Summers. "What's happened is, because we focused on creating that quality of life first, which enabled the residents to live here, what has probably missed the mark is for companies to locate here."
"There needs to be strong economic incentives," added Summers.
The U.S. Green Building Council noted on July 29 that the Songdo International Business District is a $35 billion joint development between Korean construction firm POSCO E&C and New York developer Gale International.
Globally, Songdo International Business District is known as the "world's foremost smart, sustainable city-scale development" and is often regarded as the "largest private real estate venture in history."
Once the project reaches completion in 2020, it will feature offices, residential areas, retail areas, hotels and public spaced. It is expected to house 65,000 residents, with 300,000 daily commuters.