Songdo International Business District

Incheon, South KoreaMaster-planned CommunityOperational

A 1,500-acre smart city built on reclaimed land west of Seoul, designed as an international business hub and the largest privately-funded urban development in history.

Last verified: 2026-05-01Submit a correction →Visit site

Founded

2003

Status

Operational

Operating entity

New Songdo International City Development LLC (NSIC) — JV: Gale International (61%) / Morgan Stanley Real Estate (9%) / POSCO E&C (30%)South Korea (governed by Incheon Free Economic Zone Authority, IFEZA)

Total funding

$35B

Population

36,000 / 65,000current / target

Founders & Leadership

Stan Gale
Founder/Chairman, Gale International
John B. Hynes III
CEO/Managing Partner, Gale International
Tom Murcott
EVP, Gale International

Funding

Total raised: $35B

$35B project — largest privately-funded urban development in history per multiple sources.

2007Syndicated loan$2.7BShinhan Bank
2007-12Refinancing$2.4B—

Investors

Gale International
Firm
POSCO E&C
Firm
Morgan Stanley Real Estate ($350M)
Firm
Shinhan Bank (lead lender)
Firm
Cisco (technology partner)
Firm
United Technologies
Firm
Hanjin
Firm

How to join

Property purchase
Residency
Business setup in Incheon Free Economic Zone
Business incorporation
Education at Chadwick International / SUNY Korea / Yonsei International Campus
Application

Goals

1,500 acres reclaimed; 100M sq ft; 40% green space; LEED ND pilot; Northeast Asia Trade Tower (68 floors).

Target population — 65,000

Press

ENR · 2011-12-07Songdo IBD profile

Official channels

Website

Unverified or unconfirmed

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