UTC Chairman and CEO George David and Hanjin Chairman Yang-Ho Cho Tour South Korean City; Three Companies Explore Opportunities to Establish Songdo IBD as Model of Green Urbanism
INCHEON, South Korea, Oct. 18 /Xinhua-PRNewswire/ -- Gale International, United Technologies Corporation (NYSE: UTX), and Hanjin Group today agreed to collaborate on advancing Songdo International Business District in South Korea as a model of sustainability and technological innovation. United Technologies Corporation (UTC) and Hanjin Group will be involved in key projects in the urban development, which is being developed by New York-based Gale International on 1,500 acres of reclaimed land along Incheon's waterfront. UTC Chairman and Chief Executive Officer George David and Hanjin Group Chairman Yang-Ho Cho toured Songdo IBD earlier today.
"Across UTC, all of our products convert energy to useful work, and new designs are much more efficient than traditional ones. For example, Otis elevators that regenerate electric power when loads descend and operate with one quarter of the power otherwise needed. Or on-site electric power generation that captures waste heat to drive nearby loads like air conditioning, consequently doubling energy efficiency. Or fuel cell powered busses with zero emissions. Songdo IBD is an extraordinary opportunity to demonstrate on an urban scale what can be accomplished," said UTC Chairman and CEO David.
"Songdo IBD is an important national project," said Hanjin Group Chairman Cho. "Hanjin Group, particularly Korean Air, wants to help establish the city as the sustainability leader in Northeast Asia. We are particularly pleased, as well, to be working with our longtime friend United Technologies."
Chairman and CEO David; Chairman Cho; Stanley C. Gale, Chairman and Managing Partner of Gale International; and John B. Hynes, III, Chief Executive Officer and Managing Partner of Gale International, today signed memoranda of understanding outlining their joint goals in Songdo IBD, including two landmark projects: the Gale International/ U-Life Northeast Asia Headquarters and the Sustainable International Business Center. These projects are part of an accelerated development plan leading to the September, 2009, opening of Songdo IBD that will include two high-concept, commercial developments totaling 7 million square feet being announced today.
Also present at the signing ceremony were United States Ambassador to the Republic of Korea Alexander R. Vershbow; Thomas C. Hubbard, former U.S. Ambassador to the Republic of Korea and Chairman of the Gale International Advisory Board; and Ken Fox, Vice President of On-Site Power Solutions at UTC Power.
Stanley C. Gale, Chairman and Managing Partner of Gale International, said, "The participation of international leaders such as United Technologies and Hanjin Group ensures that Songdo IBD will set the standard for sustainable urban planning. Today is yet another indication of how Songdo IBD has moved from visionary ideal to dynamic reality."
John B. Hynes, III, Chief Executive Officer and Managing Partner of Gale International, said, "We look forward to working with UTC and Hanjin Group on making this the most sustainable city possible and fulfill the mandate of making Songdo IBD an economic hub of Northeast Asia."
Gale International and UTC will collaborate on the Gale International/ U-Life Northeast Asia Headquarters, the first LEED-Platinum building in Korea and the centerpiece of the 800,000 square foot, mixed-use U-Life Complex. U-Life, Songdo IBD's ubiquitous computing division, is a joint venture of Gale International, POSCO E&C and LG CNS. The headquarters will be a model of sustainable building design and will include an extensive public exhibit area for UTC innovations in use in Songdo IBD. UTC also will assist Gale in implementing best-in-class green technologies from other companies throughout Songdo. Songdo IBD as a whole was recently named a "green urbanism" pilot project by the U.S. Green Building Council. Gale International also will work closely with the recently formed Korea Green Building Council.
This headquarters complex exemplifies how multinational corporations will utilize Songdo IBD as a test-bed for their most innovative services and technologies. Additionally, UTC's involvement served as a catalyst for Hanjin Group's participation in Songdo's overall sustainability effort. Thus Songdo IBD demonstrates a cascading affect in attracting top-tier multinationals to the city.
Hanjin Group (specifically Korean Air and Inha University), UTC and Gale will collaborate on the formation of the Sustainable International Business Center (SIBC), a large-scale research facility aimed at the study and communication of "green" ideas, technologies and products. The SIBC also will be the future home of an annual sustainability conference that will position the Republic of Korea and Songdo IBD at the center of environmental initiatives in Northeast Asia. The center is envisioned as a showcase for leading-edge green technologies.
The SIBC is expected to anchor International Plaza, one of two high-concept, Rockefeller Center-inspired building complexes also being announced today. Totaling seven million square feet, International Plaza and Gateway Center will form the heart of the city's commercial district. International Plaza (3.5 million square feet), to be designed by Kohn Pedersen Fox Associates, P.C., will cover three city blocks and incorporate five commercial buildings linked by low-rise retail. Gateway Center (3.5 million square feet), designed by KlingStubbins, also will incorporate five buildings. Both offer prime views of Central Park and can accommodate customized buildings.
Songdo IBD's leadership in sustainable development is a key quality of life attribute for both corporations and residents. From the bedrock of its sustainability and U-Life initiatives, Songdo IBD offers every conceivable amenity including a world class hospital, an international preparatory school, museums, a 100-acre Central Park, and the Jack Nicklaus Golf Club Korea. Songdo IBD's iconic 65-story Northeast Asia Trade Tower will stand as Korea's tallest building and the stunning "Convensia" Convention Center will be Korea's largest column-free space.
Songdo IBD is being developed by Gale International and POSCO E&C in a 70/30 joint venture. Gale International is a premier international real estate development and investment company headquartered in New York with offices in Boston; Irvine, California; Seoul and New Songdo, South Korea. Songdo IBD is both a Korean national project and a unique international partnership, although one that remains essentially a private initiative.
Songdo IBD, "The Gateway to Northeast Asia," officially opens in September 2009 as the first new city in the world designed and planned as an international business district. This $25 billion, 100-million square foot, master-planned metropolis is thought to be the largest private real estate venture in the world. Songdo IBD is connected to the Incheon International Airport, one of the world's busiest, by a new 7.4 mile highway bridge; and linked by subway to Seoul, just 35 miles away. It is estimated that Songdo IBD will be home to 65,000 people and that 300,000 will work there. More information can be found at http://www.Songdo.com.
United Technologies Corp., based in Hartford, Connecticut, is a $50 billion company providing a broad range of high technology products and services to the building systems and aerospace industries worldwide. Its businesses include Carrier, Hamilton Sundstrand, Otis, Pratt & Whitney, Sikorsky, UTC Fire & Security, and UTC Power. In 2007, UTC was named for the third consecutive year as one of the 100 Most Sustainable Corporations in the World at the World Economic Forum in Davos, Switzerland. Fortune magazine has ranked UTC first in its annual Most Admired survey for aerospace/defense for seven years running. United Technologies has a strong presence in the Republic of Korea, where it employs about 3,400 people in nearly 60 locations in 17 cities.
