South Korea has plans to build a mega metropolis – known as 8City – close to Seoul and costing an estimated $265 billion. The development is planned for Yongyu-Muui island near Incheon International Airport, and is so far being funded by luxury hotel operator Kempinski, South Korea’s flag carrier Korean Air and Daewoo Engineering and Construction. With casinos to rival the likes of Las Vegas and Macau, it seems that wealthy Chinese gamblers could be the key target market, but there will also be luxury hotels, exclusive shopping centres, financial hubs, theme parks and even a Formula 1 racetrack.
When you consider that the Burj Khalifa and the entire development around it cost (just) $20 billion, this gives you some perspective of the enormity of this project. The project’s developer is EIGHTCITY Co. and the projected date of completion – if indeed this ever goes ahead – is not until 2030.