The Seoul International Finance Center in Yeouido, a vast project aimed at transforming Seoul into the financial hub of Northeast Asia, will make its debut at last, nine years after the project’s commencement in 2003.
The Seoul Metropolitan Government held the opening ceremony for the Seoul International Finance Center Office 1 on the 32nd floor of the SIFC Office 1 in Yeouido-dong, Yeongdeungpo-gu, at 10 am on November 17.
Construction of the Seoul International Finance Center Office started in December 2006. The project, Korea’s largest, comprises three commercial towers, a 38-story five-star hotel, and a three-story underground ‘retail mall,’ and will be completed in phases by the end of 2012.
For the newly opened 32-story Office 1, an advance lease method of renting office spaces was adopted before its construction. Currently, sixteen world-renowned financial companies, including Deloitte, ING Investment Management, ING Real Estate Investment Management, Daiwa Securities, China Merchants Securities, and The Bank of New York Mellon Corporation, have signed rental contracts with the building, which has posted a high advance rental ratio of 76.6 percent, a rarity among new buildings.
The three-underground-level IFC Mall, scheduled to open in next year’s first half, will be the first general shopping center in Yeouido. Housing over 110 premium brands, including a multiplex cinema and a large bookstore, the mall has already posted a high rental ratio of over 70%, and is destined to emerge as a center of business, shopping, and culture.
With a view to developing Seoul as a center of economy and finance in Northeast Asia, the Seoul Metropolitan Government is striving to create the best possible investment environment by attracting international commerce, housing, and cultural facilities to Yeouido.
Seoul International Finance Center is a landmark that will materialize this vision, and constitutes one of Korea’s largest projects, which is tasked with public function of cultivating Seoul as a center of economy and finance in Northeast Asia.