2,145 New Songdo Condos Pre-Sold in 5 Days

INCHEON, SOUTH KOREA-The 2,145-unit first phase of New Songdo City’s residential component was pre-sold in just five days in May, the project developers announced Tuesday. New Songdo is a $25-billion mixed-use redevelopment of 1,500 acres along the waterfront here that will eventually contain 50 million sf of office space, 30 million sf of residential space, 10 million sf of retail, 5 million sf of hotel space and 10 million sf of public space. The developer is New Songdo City LLC, a joint venture between New York-based Gale International and POSCO E&C, a subsidiary of South Korea’s giant steel company. The duo said an average of seven offers were made for every first-phase unit and an average of 277 applications were received for every officetel, which is a unit that contains both a commercial and residential components. The sales agreements, signed in May, total more than $1 billion.Called “1st World,” the 25-acre residential component will eventually include 6.3 million sf of residential space and 400,000 sf of retail in the tallest mixed-use towers in Incheon. The 2,145-unit first phase will get under way next year. When all phases are complete, the complex will include 12 buildings, including four 65-story towers, four 25-story towers and four low-rise buildings that will contain the live-work units. Designed by Kohn Pedersen Fox, the master plan architect for New Songdo City, the 1st World development will include high-end street retail, a health club, courtyards and views of the Yellow Sea and the city skyline. Large areas of green space will be featured and a canal style water system will run throughout. “The presale is proof that the manpower needed by multinational corporations will be present and living in the city, allowing companies to operate,” says Gale International CEO John Hynes, hoping to generate interest in the office component of New Songdo City, which will get under way next year on a speculative basis. In support of that, New Songdo City has been designated a Free Economic Zone, which provides significant tax incentives for corporations and residents.