Korea plans a $264 billion futuristic city


Korea’s latest tourism project is a plan to create a gigantic city on the islands of Yongyu-Muui in the port of Incheon. This enormous city will be located close to the Incheon International Airport, so as to target the 5.7 million passengers that pass through every year. If they manage to pull this 8-city project off it will be the largest tourism plan in the world and cities like Dubai and Las Vegas won’t hold a candle to it. This extravagant city is set to span 80 square kilometers and feature a megastrip, which would be 200m high, 880m wide and 3.3km long. The plan is for the city to contain luxury hotels, condominiums, casinos, theme parks, shopping centers and a Formula 1 racing track; because really how can a city be complete without a racetrack. While this covers all the generic things that can be found in Dubai, Las Vegas, Singapore or Macau, what will make this city extraordinary is the medical tourism in “healing town” and entertainment in “hallyu” town. Vice chairman Park Seong Hyun of Eightcity Co, the projects developers has said “It will become the world’s top city that has the creativity of Dubai, convention centers and casinos of Las Vegas and Macau, as well as the shopping centers and financial hubs of Hong Kong and Singapore.”

So far Eightcity Co has recieved $3.8 billion from South Korean investors and UK’s Sanbar Development Corporation. This sum of money does not even begin to put a dent in the $264 billion that the project is going to cost. If the project does manage to finish as planned in 2030, let’s hope that it doesn’t go through the same financial crisis that Dubai did in 2007.
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[Theaustralian]

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