KOAM International and KTB Investment & Securities Co., have launched a project to build a Korean-American town in Songdo, part of the Free Economic Zone in Incheon, by 2017, according to company officials.

KOAM, a real estate consulting firm, plans to build a total of 3,006 homes ― 849 apartments, 1,893 studio apartments and 264 rooms in residence hotels ― on 53,724 square meters of land bought for 178 billion won ($163.8 million).

In the town, there will be various facilities for residents, including fitness centers, concert halls and shopping districts, the developer said 

For its promotional activities, the firm has toured U.S. cities with large Korean populations, such as New York and Los Angeles, since September 2012 and held briefings with potential housing applicants, of which about 600 people entered into a contract and about 1,200 others signed letters of intent, according to officials.

KOAM International CEO Kim Dong-ok believes that establishing the Korean-American town will help raise Songdo’s reputation as an international city and promote even healthier relationships between locals and Korean-Americans, as well as between Korea and the United States.

Kim, who left Korea for “the American dream” over 40 years ago, said his intention to construct the town in Songdo was to allow first generation immigrants, like himself, that are close to retirement, to return and live their remaining years comfortably in their homeland.

“In the United States, when children grow older and eventually leave home to find their own way, it is less customary and physically more challenging to meet as often as we might in Korea, making one’s later years quite lonesome,” the CEO added. “The Korean-American town will help people of similar identities and life experiences rely on each other as neighbors, hopefully providing a bit more support and peace in their hearts.”

By Kim Joo-hyun (jhk@heraldcorp.com)