This Futuristic Korean Real Estate Project Is On The Verge Of Collapse
The "Dream Hub" in Seoul was supposed to be a "city within a city" — home to a dozen skyscrapers, waterfront parks, and business and residential facilities.
But the $28 billion project, officially called the Yongsan International Business District, is on the line after developers defaulted on a major loan repayment amid a
We won't know whether the project will go bankrupt until June, when another round of loans matures.
While ground has been broken on the project, it's still a far way from the gleaming city pictured in the Dream Hub's promotional materials.
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The ambitious 'Dream Hub' development plan is conveniently located near the airport. Promotional materials go so far as to call it "Center of the World."
The $28 billion development will be situated by the Han River, one of the most important in Korea.
The layout of the buildings is supposed to resemble the Golden Crown of Shilla, an ancient treasure of South Korea.
The district was designed by architect Daniel Libeskind, whose work includes the plan for the reconstruction of the World Trade Center in NYC.
18 star architects from around the world collaborated on this project.
The district will have shopping malls, hotels, department stores and apartment buildings.
There will also be plenty of water features, like rivers and a waterfall.
The plans call for a massive shopping mall and the "Grand Canyon of underground shopping arcades," according to promotional materials. The ceiling will supposedly comprise the world's largest LCD screen.
The plan calls for 4,700 residential units.
The apartments look futuristic.
There would also be a large amount of office space, as well as a 6-star hotel, according to promotional materials.
In total, the Dream Hub would have 66 buildings, including 19 skyscrapers.
The pièce de résistance would be the Dream Tower, a 111-story skyscraper. If completed, it would be one of the world's tallest buildings.
Investors had hoped the Dream Hub would become a new business, residential, and cultural center in Seoul.
But things aren't looking good for the developers, who recently defaulted on a major loan.
The developers were originally hoping to have the project completed by 2016. But they could be facing bankruptcy by June.
Now see an ambitious project that was completed.
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