$315 Million Cultural Complex Breaks Ground in South Korea's Songdo International Business District

INCHEON, South Korea, Sept. 11 /PRNewswire/ -- Gale International today broke ground on the $315 million Cultural Complex within the Songdo International Business District (IBD), a 1,500 acre new city under development off the coast of Incheon.

Songdo IBD, a 70/30 joint venture between Gale International and POSCO Engineering & Construction, is the largest private real estate development in history.

More than 350 guests attended the groundbreaking ceremony including Ahn Sang-Su, Mayor of Incheon, Stanley C. Gale, Chairman of Gale International, Han Soo-Yang, CEO of POSCO E&C, and Lee Gi-Soo, President of Korea University. The featured guest was world-renown maestro Chung Myung-whun, music director of the Asia Philharmonic Orchestra, who is playing an integral role in the creation of the Complex.

The 603,000 square foot Cultural Complex will encompass an 1,800-seat concert hall, a 1,400-seat opera house, a 500-seat multipurpose hall, the Asia Museum of Contemporary Art, a music school, a design school, dormitories and a library, in addition to other buildings and support facilities. The Asia Philharmonic Orchestra and the Asia Opera Company are among the arts organizations that will participate in the complex. A fountain park will be built for outdoor events such as a fountain show in summer and a skating rink in winter.

Following construction completion, scheduled for 2012, Gale International will formally hand over the Cultural Complex to the city of Incheon. The recently completed Songdo IBD convention center, the ConvensiA, and the under-construction 100-acre Central Park are other landmark Songdo IBD facilities earmarked as gifts to the people of Incheon.

The Cultural Complex will be part of the new 1.2 million square foot IFEZ Arts Center (IFEZ refers to the Incheon Free Economic Zone, of which Songdo IBD is a part). In addition to the Cultural Complex, the IFEZ Arts Center will boast an Artists Village that includes residential buildings such as hotels and condominiums, a medical center and a spa, and retail/commercial facilities. The $603 million Artists Village and related facilities will encompass 592,000 square feet and be developed by IFEZ Arts Center Development (IACD) and Incheon Urban Development Corporation.

Stanley C. Gale, Chairman and Managing Partner of Gale International, said, "I firmly believe that the IFEZ Arts Center will act as a powerful magnet for businessmen across the world and help the Songdo IBD serve not just as a business hub of Northeast Asia but also as a hub of the world's culture and arts."

Maestro Chung Myung-whun said, "Incheon and Songdo IBD are trying to do something no other region in Korea has ever tried. I firmly believe this project is one of the most meaningful ones I have ever participated in that the IFEZ Arts Center can contribute to not only performances but also education."

About Songdo IBD and Gale International

Songdo IBD, "The Gateway to Northeast Asia," officially opens in August, 2009, as the first new city in the world designed and planned as an international business district. This $35 billion, 100-million square foot, master-planned metropolis located within the Incheon Free Economic Zone will be connected to the Incheon International Airport, one of the world's busiest, by a 7.4 mile-long bridge; and linked by subway to Seoul. Songdo IBD will offer every conceivable amenity including a world class hospital, an international preparatory school, museums, and the Jack Nicklaus Golf Club Korea. When fully complete in 2014, Songdo IBD will be home for 65,000 people and create 300,000 jobs. For more information, visit www.Songdo.com.

Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.

SOURCE Gale International