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Korea Is Building The City Of The Future On An Artificial Island

25 Jun
VNREThe most exciting real estate project in the world is already alive and breathing on an artificial island in the Yellow Sea. It’s called Songdo International Business District, a high-tech, post-modern, green utopia.

Planned business districts like London’s Docklands and Shanghai’s Pudong are usually placed to maximize convenience for workers to get to work and other existing office areas. But South Korea is investing tens of billions of dollars to build a new city in the sea.

The reason is that Songdo aims not to be a hub for Korea, but a hub for all of Asia. Songdo is envisioned an aerotropolis. The island is positioned for easy access to Incheon International Airport via a seven-mile-long suspension bridge. South Korea is betting that for hyper-mobile global corporations, connectedness to other business hubs overseas will be a lot more important than the local area.

The city is only nominally Korean. The lingua franca of Songdo is English. The school is projected to be 70% non-Korean. Even the city plan adopts elements of foreign cities. From their website:

Songdo IBD boasts the wide boulevards of Paris, a 100-acre Central Park reminiscent of New York City, a system of pocket parks similar to those in Savannah, a modern canal system inspired by Venice and convention center architecture redolent of the famed Sydney Opera House.

If Songdo is without history and sense of place, but it’s also the first city-sized green building project. The city is 40% green space and the transportation infrastructure encourages bicycling and walking. The entire project is built according to LEED standards.

It’s also a fully wired city. The developers teamed up with Cisco to provide TelePresence in every home, office, school and hospital in the city.

Sounds like science fiction? Or a waste of money? Songdo is still a few years away from completion, but according to developers Gale International, 22,000 of the expected 65,000 permanent residents have already moved into the city and more are expected to come. China is also planning on building new cities modeled after Songdo. Perhaps this isn’t so outlandish after all.

http://www.flickr.com/apps/slideshow/show.swf?v=104087
Reported by Vincent Trivett | Business Insider

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CBRE appointed sole leasing agents for the Vattanac Capital Development

23 Apr
VNRECB Richard Ellis has been appointed as sole leasing agents for Vattanac Capital Development, a mixed-use project situated in the heart of Phnom Penh’s burgeoning Central Business District. This landmark development will become Cambodia’s new financial centre having been designed by world renowned architects, TFP Farrells and constructed to British/Hong Kong standards by POSCO E&C.


Vattanac Sam Ang, head of Vattanac Properties Ltd, commented “We are pleased to have CBRE on-board to assist us in realizing our goal to create the office, retail and tourist destination for Phnom Penh and Cambodia.”

Vattanac Capital Development will consist of a 38-storey tower, a 6-storey “floating” tower and a retail podium with a total gross floor area of 129,000 m² offering a mixture of prime offices, high class retail and luxury serviced apartments. This development, which will be LEED certified, will meet the demands of multi-national companies requiring high quality office space. The two Towers will provide flexible floor plates, raised floors, up to 3.5m ceiling height, 21 designated high speed zoned office lifts and with an emphasis on sustainability.

David Simister, Chairman of CB Richard Ellis Cambodia said “CBRE is delighted to be involved in this prestigious development which will be the first genuine Grade A office building in Phnom Penh.”

In addition to its quality office space, with three levels dedicated to retail, Vattanac Capital Development will provide a unique retail experience. The luxury retail podium with designer brands and restaurants will span the ground and first levels, anchored by Vattanac Bank. The retail area will also extend to the basement level with a food court, bookshop and supermarket. On the upper floors of both towers, river and city view restaurants will offer a fine dining experience.

An internationally branded serviced apartment operator will be selected to manage the luxury serviced apartment component in the high zone of Vattanac Capital Tower, bringing a new standard of living to the city.

Construction of Vattanac Capital Development has already begun in earnest with the first
phase of the development ready for tenant occupation by May 2012 and the project will complete in its entirety by October 2012.

Daniel Parkes, the Cambodia Country Manager for CB Richard Ellis, remarked, “This iconic development symbolizes Cambodia’s growing economy which is attracting an increasing amount of international occupiers and CBRE is confident that Vattanac Capital Development can now fulfill their requirements.”

For more information, please contact Dan Parkes or Ryan O’Sullivan + 855 (0) 81 828 827 or Daniel.Parkes@cbre.com and Ryan.OSullivan@cbre.com

About Vattanac Properties

Vattanac Properties Co. Ltd, the developer for the Vattanac Capital project, is a fully owned and incorporated Cambodian company. It forms part of a family-owned group of enterprises including Vattanac Bank, Progress Import and Export Co. Ltd – the local partner of Cambodia Brewery Ltd. The group of companies is dedicated to contributing to the emergence of Cambodia as a vibrant and progressive economy.


Source: CBRE Cambodia