The first foreign residential complex in Songdo is under construction to be completed in early 2017, developers said.
The “Korean American Village,” including a 49-story landmark building and a multifunctional complex on 385,733 square meters, will be established in the M-2 block of Songdo International City Business District, they said.
The KAV will be located between Campus Town Station of Incheon Metro Line 1 and Yonsei Songdo Global Campus. The complex will also house 830 residential apartments, 1,974 officetel units, 312 guestrooms in a residence hotel, and a retail shopping mall.
Overseas Korean communities, mainly in the U.S. Canada, Australia, New Zealand, Germany and other European countries, are a primary target market for KAV.
Many overseas Koreans who hold their mother country’s citizenship or permanent alien status have signed a purchase contract with KOAM International, the KAV developer.
KOAM has been holding sales promotions in major U.S. cities as well as in Sydney, Auckland and Berlin since July 2013.
Developers said KAV is suitable and ideal for Korean-American seniors who have lived, retired or will retire in foreign countries as well as the middle-age group in their 40s or 50s.
“Long-term life in foreign countries has made overseas Koreans feel strange or uneasy about coming into the Korean community even though they were born in Korea. However, KAV will provide similar cultural circumstances of the U.S.,” an official said.
Company officials said the travel convenience is another attractive point, as KAV is located 20 minutes from Incheon International Airport.
The retail shopping complex will be an American-style shopping mall to include various features such as culture, leisure, performance, dining and various retail shops, and even Edison Science Museum.
Incheon Free Economic Zone Authority designated KAV as a foreign residential complex, and IFEZA will provide one-stop administrative assistance to all foreign residents in KAV including support services to move in and information provision of relevant government agencies.
“So far, more than 1,100 contracts have been made in overseas Korean communities,” said a KOAM official.
“Because of the relatively inexpensive purchase price compared to other complexes in Songdo and the upgraded image of a foreign residential complex, KAV will attract many domestic investors for the remaining units upon completion of overseas marketing,” he added.
For details on the KAV, call (032) 811-4466.