Monday 1st February 2010

Expat town to be constructed in South Korea

The Seocho district of Southern Seoul is soon to be home to a high-end residential area that is aimed at expatriates living in Seoul according to newspaper reports.

The Korean Times reported that a “Global Town” is to be constructed in Seocho ― one of the most up market areas in Seoul ­â€• where expatriate targeted residential accommodation, educational establishments and cultural facilities will be constructed. Speaking to reporters from The Korean Times, Park Sung-joong, Head of the Seocho District Office disclosed details of the plans:

"This is not only for our district but also for our country," he said. "I'd bet the new village will eventually help sharpen the country's competitive edge.”

"Today, talented foreigners are one of the most valuable assets for private companies. It's not an exaggeration at all to say that they play a pivotal role in determining a company's international competiveness," Park said. "To attract such talent, a high-quality residential and educational environment for them and their children is indispensable.

It is believed that the plans to construct the new town are partly in response to a survey conducted by the Korean Trade Investment Promotion Agency (KOTRA), which revealed that while many expatriates living in Korea are attracted by the business environment, they frequently complained about lack of educational facilities and affordable international schools. Alluding to this Park Sung-joong commented:

"Many talented foreigners here have complained of the lack of places for leisure and to share information with those at the same level (…) I hope the village will provide the solution.”

The “Global Town” will be constructed over a 163,000 square foot area and will be home to approximately 2000 up market residential houses, a hospital and various sports, entertainment and cultural venues.

Read the full article: http://www.koreatimes.co.kr/www/news/nation/2010/01/113_59634.html

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