Dirt Moves for $1.2B in New Songdo City Projects

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INCHEON, SOUTH KOREA-Work begins here this week on $1.2 billion of projects for New Songdo City, a $25-billion, 1,500-acre reclamation project that is being called the largest private real estate venture in history. The development is a 70-30 joint venture partnership between New York City-based Gale International and POSCO E&C, a subsidiary of Korean steel giant Posco. Morgan Stanley is also providing funding for the project.

Gale International president John Hynes tells GlobeSt.com that by the end of the year some $9.3 billion worth of development will be under way including 11 commercial projects, nine residential projects and five infrastructure projects. Included in the mix is a 7.4-mile bridge that will connect New Songdo City to Incheon International Airport, an international school for 2,000 students and the first phase of residential, for which $1 billion of apartments were sold the first day they were made available.