POSCO Engineering and Construction Co. (POSCO E&C) will put on the market in June the M1 Bloc of the 6 & 8 Sections of the Landmark City in Songdo, Incheon, called the “Landmark City Central The Sharp,” which will have 3,472 apartments, shopping malls and 1,242 officetels, the company announced.
The areas will have a total of 12 residential and commercial buildings 49 stories high, all with three basement floors. Apartments as large as 84-95 square meters in size will total 2,230 units, and officetels with 29 to 84 square meters in size will total 1,242 units, which will be built in separate buildings.
The sections will be the largest among the 23 areas that the builder was involved in since constructing 19,120 residential units.
POSCO E&C will mobilize some of its top technologies for the development. It is the largest multiple residential and commercial project in the complex. Songdo has reached a milestone as it has been 15 years since shovels first went into the ground, and 12 years since the first residential houses were opened. About 49,870 residential units have been built and sold out of the 104,000 units that have been planned for the city.
The population has exceeded 116,000. A further 144,000 people are projected to move there. Songdo is already a vibrant city, with some of its largest development projects already becoming lively attractions, including Landmark City, Golden Harbor and the 2nd A-am Logistics Center.
After it’s completed, the tallest building in “The Landmark City Central The Sharp” will be 49-stories high and the complex will host some 3,472 residents. It will assume the title of being the largest-scale apartment complex. The apartments will be built in eight structures, all of which will face southward.
Those measuring 84 square meters in size are expected to be the highest in demand, taking up more than 70 percent of the total apartments in the complex. Officetels will be built in four structures totaling 1,242 units, the largest among them measuring 84 square meters in size.
The apartments in the Landmark City will be the first ones in Songdo City to have such amenities as saunas, fitness centers, golf practice facilities, table tennis and reading rooms. The officetels will have fitness centers, multi-cafes, and an unmanned delivery system. The apartments and officetels will be available to the occupants from June 2020 with a model house to be located in No. 10-8, Songdo-dong, Yeonsu-ku, Incheon.
New Songdo City (NSC)4 is a master-planned city designated to become a business hub in the Northeast Asia region.
The New Songdo City project (the “NSC project” or “Songdo International Business District project”) is the centerpiece of New Songdo City. This project is initiated by the public sector, including the city of Incheon and the central government, and developed by the private sector, a first-ever U.S.-South Korean real estate joint venture.
The NSC project is estimated to cost in excess of $20 billion, ranking as the largest private development project ever undertaken in the world.
It is situated on 1,415 acres of reclaimed land on the western coast of Korea, 40 miles southwest of Seoul. It fronts the Yellow Sea between mainland China and the Korean peninsula. New Songdo City is already estimated to be able to accommodate 65,000 residents and 300,000 workers in 45 million square feet of office space, 30 million square feet of residential space, 10 million square feet of retail space, 5 million square feet of hotel space, 10 million square feet of public space and a 100-acre central park.
Its success largely depends on the dynamic decision-making of the developer, who must respond to changes in the market and other issues related to the project.