yes indeed very cool approach on designing and building a mall

hope the tower gets built to will become an aewsome complex

Exacvation continues on the foundation. I'm a bit confused as to what those steel columns are for, as they seem too small for a supertall building.

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http://www.skyscrapercity.com/showpo...&postcount=783

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Excavation proceeding nicely.
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I think it's interesting that this building has the same floor count as the Twin Towers of the World Trade Center or 110 floors.

^Actually, depending on where you look, the floor count ranges from 107-130.

I'll be surpised if this actually goes up, I don't think South Korea has the market to support something like this; much less all the other supertalls they've purposed.

You're kidding right?

You do realise 30 million people live in Seoul and it has a PPP adjusted GDP of $300+ billion?

Onn I think you are confused and you are talking about North Korea.

Does Tokyo have a tower that tall? Is there a tower that tall in all of Japan? The property market in South Korea has been over-leveraged for a long time now, as is the case in much of Asia.

You must be kidding.

Tokyo Sky Tree.
http://en.wikipedia.org/wiki/Tokyo_Sky_Tree

That's an observation/broadcast tower, not a skyscraper. Canada has one of those too. :haha:

What does height have anything to do with it? The Seoul AAA office space market has traditionally had very high absorption rates and could fill this building quite handily by the time it is completed several years down the road.

Property market over leveraged? What in the world are you talking about?? First off NO South Korea's property markets are not over-leveraged, they don't even come close to levels seen in the West, in fact Chonsei leasing and governmental mortgage restrictions require large up front lump sums and has resulted in a much more stable mortgage market. Second, that is a completely irrelevant point as this is an office building which will be institutionally owned and leased out by multi-billion dollar multinational firms, over-leveraging of property markets has nothing to do with the market feasibility of this building what so ever.

Do you have any idea what you are talking about?

There more certinly is sir, I don't lie. :haha:

http://www.koreatimes.co.kr/www/news...123_68942.html

http://www.cnbc.com/id/41710133/Prop...Asia_Economist

http://viakorea.wordpress.com/2011/0...ousing-bubble/

http://www.bbc.co.uk/news/business-14133337

Your posts are related to personal and corporate debt levels, not overleveraged property markets... you do understand the difference right? Not to mention many of the articles are 6-12 months old and one of them is a blog...

South korean regulations dictate that 50-60% of mortgages be paid up front, which is a very high level resulting from government intents to direct public investment away from real estate to corporate and industrial sectors. While the policy has failed somewhat as properties have likely become over-valued, it is not due to high debt levels on individual properties that this has occurred.

Also you have failed to explain how any of this primarily residential housing issue has anything to do with a company building an office tower in Busan or Seoul...

But hey Japan doesn't have towers this big so how could Korea right? :rolleyes:

Bubbles always take longer to burst than expected. For example, it was known there was a property bubble in the US market in 2005, far before things let lose in 2008. It's well known China, Hong Kong, and Australia are well into bubble territory, if they blow so will South Korea.

It's always "this time's different" and it never is!


It's all connected, speculation in the proerty market. People build on speculation, it dosen't matter if it's office or housing. If one is hit you can bet the others will take a hit too. That's what has happened in all property bubbles throughout the history of the world!

I'm not dumb, stop thinking I'm clueless.

Well clearly it is, South Korean mortgage regulations are starkly different than those in the US. I never said S Korea was bubble proof I simply stated that it's real estate markets are not overleveraged. That does not mean people have not been speculating, it just means they are not speculating for the same reasons as in the US where cheap capital was abundant.


No this is simply incorrect. Very few office buildings are built on spec, and none of them have anything to do with the property market. Office is built to suit a clients needs and in all but the hottest markets is only built with prelease commitments.

But hey if its happened "in all property bubbles throught the history of the world!" then it must be true... :rolleyes:

I never said you were dumb, but you aren't helping your own cause when you say South Korea cant build this project because there isn't a building as tall in japan.

And also, as soon as it is known there is a property bubble, it bursts. people can speculate all they want that there is a bubble but until prices decline it isn't known.

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