Global City Development: Songdo City

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Songdo City is a $10 billion dollar global city development project in South Korea. It is designed to be a finance and research hub in NE Asia and has attracted many top universities and multinational corporations. Currently there are over 30,000 people living in completed phases of Songdo with numerous regional headquarters under construction. Diomede is one of the founding members of Songdo.

Northeast Asia, anchored by Japan, China, and Korea, is home to three of the largest economies in the world, all with dynamic business environments. Throughout history, geographic convenience led to international business being transacted primarily through the Southeast Asia hubs of Hong Kong and Singapore. However, the explosive economic growth experienced by Northeast Asia during the last decade has led to the need for a Northeast Asia Hub.

Songdo International Business District (IBD) began development in early 2003 and officially opened in 2009 as a Free Economic Zone. It is conveniently located just 10 minutes driving time from the busiest airport in Asia, Incheon International Airport. Also, it is within 3 ½ hours flight time to cities throughout China, Russia and Japan, giving it access to one third of the World’s population.

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As a founding partner, Diomede helped develop and fund the master plan for the construction of Songdo City. Together with our partners, we successfully established the master development company, New Songdo City Development Company. Also, we negotiated the development of numerous projects throughout the city such as 600 acres of parks, an advanced technology infrastructure, award winning convention center, five star hotels, an international school, museum, luxury retail mall, high rise residential homes, and a Jack Nicklaus Golf Course. By employing the best practices of urban planning and sustainable design, our master plan and investment expertise has created a city that offers residents, workers and visitors an unparalleled quality of life.