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Korea to erect world’s sixth tallest tower in Incheon by 2022

Collected: 2017.02.11

Distributed: 2017.02.13

Source: Go Direct

South Korea has finally laid out a blueprint to build the country’s tallest tower in Cheongna International City in Incheon as it found an eligible developer after a nearly a decade.

The Incheon Free Economic Zone announced on Friday that it signed a memorandum of understanding with the Cheongna City Tower consortium, a private developer for the construction of the City Tower with a 448-meter observation deck and commercial facilities on 33,058 square meters in the center of the Cheongna Lake Park.

Construction will begin in February 2018 and will be completed in February 2022. The public-private partnership project will cost about 400 billion won ($346.7 million) in total, which will be funded by state-owned Korea Land and Housing Corporation (LH) and the private consortium.

LH selected the consortium led by Korea’s Bosung Corporation as the developer last October. Other consortium members are main builder Hanyang Co. and U.S.-based investor Tower Escrow Inc.

All properties will be donated to the city upon completion, while the consortium will be responsible for operation and management of the facilities for up to 50 years.

Once completed, the landmark building will be the sixth tallest tower in the world behind the Tokyo Skytree (634 meters) in Japan and the Canton Tower (610 meters) in Guangzhou and other top skyscrapers.

By Sohn Dong-woo

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