Songdo International Business District (SIBD) is a planned international CBD planned to be built from scratch currently under construction on 1,500 acres (6 km²) of reclaimed land along Incheon's waterfront, 40 miles (65 km) west of Seoul, South Korea and connected to Incheon International Airport by a 7.4 mile (12.3 km) reinforced concrete highway bridge, called Incheon Bridge. Along with Yeongjong and Cheongna, it is part of the Incheon Free Economic Zone.
The Songdo International Business District will feature the Northeast Asia Trade Tower and the Incheon Tower. Schools, hospitals, apartments, office buildings and cultural amenities are to be built in the district. Replicas of architectural hallmarks, including New York City's Central Park and Venice's waterways, will also be incorporated. This 10-year development project is estimated to cost in excess of $40 billion, making it one of the most expensive development projects ever undertaken.
Gale International, in partnership with Morgan Stanley Real Estate, holds a 70% stake in the Songdo IBD venture, with Gale International taking a majority stake of 61%, and Morgan Stanley, which invested US$350 million in the project, holding 9%. The remaining 30% stake is held by Posco.[1] The masterplan was designed by the New York office of Kohn Pedersen Fox (KPF). Infrastructure development, labor, and funding are also being provided by the city of Incheon.
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