By Jane Han
Staff Reporter
Seoul's multi-billon-dollar riverfront transformation into a hub of businesses and tourist attractions is planned to be yet another English-friendly district, the project developer head said Wednesday.
``It will be like Itaewon (a popular foreigner district in central Seoul), where people walking on the streets can easily ask for directions and talk to store owners in English,'' Lee Won-ick, president and CEO of Yongsan Development, told The Korea Times.
The 28 trillion won (approx. $31 billion) plan, led by a consortium consisting of Samsung Corporation and the National Pension Service, among 25 others, is set to break ground in 2011 for completion by 2016.
The international business zone project, dubbed ``Dream Hub,'' will house a 620-meter-high landmark building, two six-star luxury hotels, high-rise residential and commercial complexes and shopping centers in the Yongsan district, according to the developer.
``Hospitals, schools, financial institutions and other facilities in the `new city' will be easily accessible to foreigners because English usage will be encouraged,'' he said, adding that road signs will be put up in English as well.
Lee acknowledged that English-friendliness is essential for a development project to be a genuine hub, as the potential ``consumer-base'' will not be just domestic, but from all over the world.
He said Prudential and Samsung Life Insurance have so far asked for office space, but Yongsan Development will look for more global financial institutions as tenants.
Lee claimed that although the project currently plans no tax breaks for foreign businesses, its strategic location at the heart of Seoul will give them an edge over free economic zones, such as Songdo and Cheongna.
Despite the central location, Yongsan has been considered underdeveloped due to the railroad depot and U.S. military facilities that have taken up a significant portion of the area over the past decades.
But after the consortium bought the Korea Railroad Corp. (KORAIL)-owned land late last year, Lee highlighted relocation of the railroad terminal as one of their main tasks.
``The development process will pick up speed now, as we have a lot of work cut out for us,'' said the chief, stressing purchasing necessary land from residents living in the area, creating a master plan for the construction, and marketing overseas as top priorities.