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Seoul City to Develop International Business Town Near Kimpo Airport
Mar 29, 2005
Magok district near Kimpo Airport, southwestern Seoul, will be developed into an international business town by 2031, Seoul City said Monday.
The city plans to start the development project in 2006 and transform the area covering 1.42 million pyong (or 4.68 million square meters) into a major Northeast Asian business town.
The new town is expected to become a transportation hub, connecting the nation's two largest airports _ Incheon International Airport and Kimpo Airport _ to the nation's capital.
Two subway lines and a new rapid railway connecting Seoul Station, downtown Seoul, to the international airport on the west coast, will provide convenient access to the business area.
The new train system covering 61.5 kilometers has attracted around 2.5 trillion won ($2.5 billion) in financing, out of its total projected cost of 4.4 trillion won, from about 20 local financial institutions including Shinhan Bank and the Korea Development Bank.
The new train system will reduce the journey time to get to the international airport from downtown Seoul from about 100 minutes by express bus to approximately 50 minutes.
The construction of the first section of subway line No. 9 between Kimpo Airport and Kangnam Station in southern Seoul will be finished by 2007 in addition to the current subway line No. 5.
As its first step, the 450,000 pyong of land near the two subway stations including Magok, Songjong and Palsan will be developed into a business and commercial district with offices, hotels and convention centers as well as information and bio-technology related research and development centers.
In the southern part of Magok district, luxury apartment complexes and foreign schools will be built to provide a more comfortable residential atmosphere for foreign investors and residents.
The city plans to build massive underground parking lots and large-scale parks to create a more nature-friendly environment.
Kimpo Airport, which is currently used for domestic flights, is likely to be reborn as an international airport handling short distance international flights bound for Asian countries. The city government is considering renaming the airport ``New Seoul Airport.''
Seoul plans to begin compensating land owners as early as May 2007 to start construction in November of the same year. The project looks set to cost 2.7 trillion won in total, including 2 trillion won for land purchase.
Last year, the city government once considered establishing a so-called ``English town,'' a residential area exclusively for foreigners from English-speaking countries, taking up 100,000 pyong of land in Magok district.
But it later gave up the plan due to a set of restrictions.