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ground shopping complex connected to Bupyeong subway station. Rents in relatively new
apartment projects in the area, such as Hyundai's The Loft, start at around 500,000 won for
a studio, with deposits of around 10 million won. Selling prices average around 250 million
won.
An emerging alternative to Bupyeong is Songdo, a massive business and residential ven-
ture that's taken shape on a 1,500-hectare patch of reclaimed land just southwest of central
Incheon. While much of the city's infrastructure, including spanking-new apartments, me-
ticulously groomed parks, international schools and subway lines, is already in place, it's
still very much a work in progress. The government and developers are proud of Songdo's
environmental credentials and hope to transform it into a hub to rival places like Singapore
and Dubai. That's some way off, and it still feels a tad sterile and sparsely populated, but
development is continuing at a fast clip, and the area looks set to attract a number of inter-
national organizations and businesses in the coming years, including the offices of a new
United Nations-operated climate fund. New, nicely equipped two-bedroom apartments in
complexes such as the Sharp Central Park are currently trading hands for around 330 milli-
on won. Rents are fairly high at around 1-1.5 million won for two- to three-bedroom units,
with deposits of 10-20 million won.
Songdo development, southwest of Incheon
