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Parnas Hotel launches mall at Grand Intercontinental Seoul Hotel in Gangnam-gu

Parnas Hotel launches mall at Grand Intercontinental Seoul Hotel in Gangnam-gu | English News | Scoop.it
Parnas Hotel, which owns and runs the Grand Intercontinental Seoul Parnas and Intercontinental Seoul COEX in Samseong-dong, opened a shopping mall on the former's basement floor. The mall has replaced the tailor and jewelry shops that previously occupied the space to incorporate fashion and cosmetic brands, restaurants and cafes targeting trendy office workers in their 20s to 40s. Visitors can also enjoy music and works of art there. The Parnas Mall is located in proximity to the Hyundai Department Store and the COEX mall.
ULI Korea's insight:

Considering the competition from COEX and Hyundai department store, the shops at Parnas Hotel need to be positioned quite differently if they want to capture a reasonable portion of sales coming from on-site office workers and hotel guests. 

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Seoul’s ‘Awesome’ Islets Finally Open

Seoul’s ‘Awesome’ Islets Finally Open | English News | Scoop.it
It has taken several years, but a project in Seoul featuring three man-made islets on the Han River has fully opened to the public.
ULI Korea's insight:

With Hyosung managing these islands, will you be visiting anytime soon? Have you visited these spaces lately? What would make you visit them? An outdoor, open air lounge/bar? A study cafe/coworking cafe/space?

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Yeongjongdo to turn into Korea’s Las Vegas

A 2.3 trillion-won ($2.2 billion) casino resort project in Midan City on Yeongjongdo Island within the Incheon Free Economic Zone is expected to launch before the opening of the PyeongChang 2018 Winter Olympics.The project, which LOCZ Korea ― a consortium formed by China’s Lippo and Caesars Entertainment of the U.S., which received a preliminary casino license from the Seoul government in March ― includes the cons...
ULI Korea's insight:

Are you excited for the new casino developments on Yeonjeong Island? Will you be planning a visit there when any open several years later? 

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Double-deckers could solve Seoul's traffic jams

Double-deckers could solve Seoul's traffic jams | English News | Scoop.it
Double-decker buses will run on three routes between Seoul and cities in Gyeonggi Province in a pilot scheme next month.
ULI Korea's insight:

Great idea! Even though the initial pilot with double decker buses failed in 1991, hopefully it will be more successful this time around!

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Hyundai Motor to buy KEPCO land for 10.5 tln won

Hyundai Motor to buy KEPCO land for 10.5 tln won | English News | Scoop.it
Hyundai Motor Group won the bid to buy the lucrative land asset of the state-run Korea Electric Power Corp. (KEPCO) by offering 10.55 trillion won (US$10.14 billion), the power provider said Thursday.
ULI Korea's insight:

Hyundai Motor Group's plans for the 80,000 sm KEPCO site in Gangnam will include a global business center that incorporates its affiliates, a hotel and an auto theme park modeled after Germany's Autostadt by 2020, which will "become the group's new symbol." While these are the interests of Hyundai Motor Group, is anything being done by local politicians to ensure that the redevelopment is in a best interests of neighborhood residents as well?

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Samsung, Hyundai kick off tight race for lucrative Gangnam site

Samsung, Hyundai kick off tight race for lucrative Gangnam site | English News | Scoop.it
South Korea’s top two conglomerates ― Samsung and Hyundai ― have jumped into a heated bidding war to secure an 80,000-square-meter site in Samseong-dong, an affluent district in southern Seoul. The lucrative property, currently the headquarters of Korea Electric Power Corp., was put up for sale officially last Friday as KEPCO will relocate its head office to Naju, South Jeolla Province, in November.The market valu...
ULI Korea's insight:

Who do you think will best develop the site to not only suit the needs of their personal, corporate interests, but for the betterment of the Samseong-dong community as a whole? The project site that spans 80,000 sm represents a HUGE opportunity to reinvigorate the Samseong Station business district if planned syngergistically with the COEX redevelopment project. 

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Taubman's Subsidiary Raises Stake in South Korean Project

Taubman's Subsidiary Raises Stake in South Korean Project | English News | Scoop.it
Taubman Centers Inc.'s (TCO) operating arm, Taubman Asia, raised its stake to 34.3% from 30% in the Hanam Union Square shopping center project in South Korea.
ULI Korea's insight:

Taubman must see the Hanam Union Square project as huge opportunity now that LOTTE Supertower is indefinitely stalled due to safety issues. 

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S. Korea to ease regulations on integrated resorts with casino

S. Korea to ease regulations on integrated resorts with casino | English News | Scoop.it
South Korea will lower regulations for building integrated resorts incorporating a wide range of tourist contents with gaming facilities to help boost its economy and tourism industry, the Ministry of Culture, Sports and Tourism said Tuesday.
ULI Korea's insight:

More casinos to come to S. Korea as foreign investment and less regulations come into play. The gov't plans to introduce a bidding system for selecting casino operators. 

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ULI Urban Open Space Award Finalists - Urban Land Magazine

ULI Urban Open Space Award Finalists - Urban Land Magazine | English News | Scoop.it
Five finalists have been announced for this year’s award, which recognizes outstanding examples of successful large- and small-scale public spaces.
ULI Korea's insight:

Are there any significant public spaces in South Korea that are worthy of an open space award? Does Seoul have any "nice" public spaces like NYC's Bryant Park or any of those that were nominated in ULI's Urban Open Space Award? If not, then why not?

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Chinese Developers Eyeing Casino Sites in Korea, Australia

Chinese Developers Eyeing Casino Sites in Korea, Australia | English News | Scoop.it
Chinese real estate developers are turning their eyes to casinos in Korea and Australia, amid the slump in the Chinese realty market.
ULI Korea's insight:

Korea and Australia are emerging as the top locations for Chinese investors to develop casinos. Does Korea or Australia need more casinos? 

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Dongdaemun Design Plaza Becomes Must-see Destination for Tourists

Dongdaemun Design Plaza Becomes Must-see Destination for Tourists | English News | Scoop.it
Lotte FITIN Dongdaemun branch, which used to be quiet when it first opened in May last year, is now full of tourists from China and Japan. This is a very radical change. Dongdaemun is becoming a fashion spot all over again.
ULI Korea's insight:

Significant public spaces tend to help surrounding and adjacent communities. In the case of DDP, we see that sales of adjacent retailers skyrocketed by over 15% in addition to seeing 25% higher foot traffic rates. While not all public spaces need to be super-sized like DDP, the concept of providing public spaces that help the local community should be one of the top priorities for urban planners in South Korea.

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KEPCO to auction land in open bid from November 2014

KEPCO to auction land in open bid from November 2014 | English News | Scoop.it
ULI Korea's insight:

What will happen to the KEPCO land that sits adjacent to Samseong subway station and the COEX/ASEM Tower complex? 

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Redevelopment of Guryong Village - a Gangnam slum languishes

Redevelopment of Guryong Village - a Gangnam slum languishes | English News | Scoop.it
ULI Korea's insight:

What will happen to the  287,000 sm Guryong Village (about 70 acres) that is located in Gangnam-gu? 

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Busan to build second Centum City

Busan to build second Centum City | English News | Scoop.it
CHICAGO ― Busan is preparing to build the so-called second Centum City, a high-end industrial park equipped with smart technology. Centum City is an upscale multipurpose business and shopping district in the port city, featuring around 1,400 companies, including ones in the IT sector, and the world’s biggest department store, Shinsegae. “We are going to renovate the old industrial complex (in Sasang district, wes...
ULI Korea's insight:

Great idea by the Mayor of Busan to re-purpose the "derelict factories" of the district, instead of getting rid of them completely. ULI Korea is looking forward to how this project will develop and move forward!

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(Yonhap Feature) Red-light neighborhood in Seoul dreams of gentrification

(Yonhap Feature) Red-light neighborhood in Seoul dreams of gentrification | English News | Scoop.it
Behind the glitzy Lotte Department Store and Cheongnyangni Station, narrow winding alleys lead to one of Seoul's last remaining red-light districts, the entrance to which is marked by an ominous sign banning minors.
ULI Korea's insight:

Do you agree with the government's "urban renewal" proposal to demolish Seoul's red-light districts?

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(LEAD) Hyundai Motor reveals ambitious plan for new real estate

(LEAD) Hyundai Motor reveals ambitious plan for new real estate | English News | Scoop.it
Hyundai Motor Group, chosen Thursday as the buyer of the land that the state energy agency put up for sale, laid out an ambitious plan to use the expensive property to build a global business center and an automobile theme park emulating auto giant Volkswagen.
ULI Korea's insight:

What are your thoughts about HYUNDAI's plans of the 80,000 sm KEPCO site?

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First buildings at Lotte World Mall given green light to open

First buildings at Lotte World Mall given green light to open | English News | Scoop.it

I would like it if the government was more transparent about the panel of experts. Who are they? Not once have I been able to find who these "panel of experts" are in any article. 

 

Are you looking forward to visiting the LOTTE World Mall when it opens? 

ULI Korea's insight:

I wonder who the panel of 23 experts are that evaluated the safety of the building and what their track record is...not once was I able to find this information out.

 

Of course the government's major concern is traffic - wondering if LOTTE's measures will be enough to mitigate traffic in the area. 

 

Are you looking forward to visiting LOTTE World Mall when it opens?

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Mapo Oil Depot to Be Turned into New Cultural Place

Mapo Oil Depot to Be Turned into New Cultural Place | English News | Scoop.it
SEOUL, Aug. 27 (Korea Bizwire) – Mapo Oil Depot, located on the hill of Mt. Maebong in Mapo in the west of Seoul and used as oil …
ULI Korea's insight:

Do you agree with the government's process in determining the future use of this site? Instead of holding an international design competition, should the government have included the local community's feedback in determining the future of this site? 

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Lotte Focuses on Omni-channel Retailing Strategy

Lotte Focuses on Omni-channel Retailing Strategy | English News | Scoop.it
SEOUL, Aug. 27 (Korea Bizwire) – Shin Dong-bin, CEO of Lotte Group, the leading food and shopping mall operator, highlighted on …
ULI Korea's insight:

Better late than never...I'm surprised it took LOTTE so long to organize a team to develop an efficient omni-channel retail strategy considering tech has always been a major influence in brick & mortar retail strategies...the future of retail is omni-channel and those without a synergistic online and offline strategy will get left behind. 

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South Korean real estate is still really depressed

South Korean real estate is still really depressed | English News | Scoop.it

While the government hoped to perk up the moribund property market by easing loan restrictions, namely the loan-to-value and debt-to-income ratios affecting mortgages, it turns out Seoul’s housing values have dropped nearly 2 percent.

ULI Korea's insight:

How can the government help boost the real estate sector? President Park has tried to take steps to help it, but it appears they are having a minimal effect? 

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Dongdaemun commercial district regaining luster & becoming more competitive

Dongdaemun commercial district regaining luster & becoming more competitive | English News | Scoop.it
Japanese tourist Toyota Yohei, 29, was surprised at just how much the Dongdaemun commercial district has changed compared to last year.
ULI Korea's insight:

It appears that the newly opened DDP complex is helping to boost sales and footfall at nearby retail centres. As developers such as LOTTE recognize this, the district will become more competitive as they renovate/redesign/re-position their centres in an effort to gain a greater portion of the spending. Which developers will be able to keep up with newest retailing trends? Which will fall behind and lose their market share? 

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Another Sinkhole Opens in Songpa

Another Sinkhole Opens in Songpa | English News | Scoop.it

A 2.5 m wide and 5 m deep sinkhole opened in a road around 1 km away from the construction site of an amusement park in Songpa district in southern Seoul on Tuesday.

ULI Korea's insight:

Doesn't look good for LOTTE Supertower...

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Residential building is booming in Pyeongtaek

Residential building is booming in Pyeongtaek | English News | Scoop.it

Currently, there are 20 private and seven public development sites in Pyeongtaek on a total of 3,086 square meters (33217.4 square feet). About 160,000 housing units will be constructed for 430,000 residents. By 2020, Pyeongtaek’s population is expected to more than double, from 440,000 to more than 1 million.

ULI Korea's insight:

It appears Pyeongtaek is going to be a new hub of Gyeonggi-do thanks to the development of Samsung Electronic's newest facility in the Godeok Industrial Complex.

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[Herald Interview] Hibrand to woo high-end shoppers by shopping centre repositioning/redevelopment

[Herald Interview] Hibrand to woo high-end shoppers by shopping centre repositioning/redevelopment | English News | Scoop.it
Hibrand, a premium shopping outlet, located in the affluent Yangjae area of Seoul, is eager to change the tide in local shopping trends by attracting more people to outlet stores, a move that its CEO sees to be critical as the shopping center seeks the next level in business. “With the Korean economy entering a low-growth era, more high-end shoppers are migrating to premium outlets from department stores,’’ Hibran...
ULI Korea's insight:

The Yangjae based HiBrand shopping centre that is relatively unknown is to redevelop their centre to feature an outdoor/lifestyle area. Will this be enough to bring shoppers to the centre? 

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Retail takes stab at entertaining

Retail takes stab at entertaining | English News | Scoop.it
In search for success,companies must look to other industries
ULI Korea's insight:

South Korean retail developers are starting to realize that their traditional brick-and-mortar development strategy of the "department store" or  the "백화점" is ill-fated and are trying to integrate other uses that will continue to attract shoppers on regular basis. 

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