Songdo International Business District (SIBD)

Songdo International Business District (SIBD) is a new Smart City or Ubiquitous City built from scratch on 1,500 acres (610 ha) of reclaimed land along Incheon's waterfront, 40 miles (65 km) west of Seoul, South Korea and connected to Incheon International Airport by a 7.4 mile (12.3 km) reinforced concrete highway bridge, called Incheon Bridge. Along with Yeongjong and Cheongna, it is part of the Incheon Free Economic Zone.
The Songdo International Business District will feature the Northeast Asia Trade Tower and the Incheon Tower. Schools, hospitals, apartments, office buildings and cultural amenities are to be built in the district. Replicas of architectural hallmarks, including New York City's Central Park and Venice's waterways, will also be incorporated. This 10-year development project is estimated to cost in excess of $40 billion, making it one of the most expensive development projects ever undertaken.
Gale International, in partnership with Morgan Stanley Real Estate, holds a 70% stake in the Songdo IBD venture, with Gale International taking a majority stake of 61%, and Morgan Stanley, which invested US$350 million in the project, holding 9%. The remaining 30% stake is held by Posco. The masterplan was designed by the New York office of Kohn Pedersen Fox (KPF). Infrastructure development, labor, and funding are also being provided by the city of Incheon.
A small number of Japanese residents have sought to live in Songdo IBD after the Tohoku earthquake.

The Incheon Free Economic Zone (IFEZ)

The Incheon Free Economic Zone (IFEZ), located in Incheon, South Korea consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of 51,739 acres (209.38 km²). The goal of the IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for the Northeast Asian region. Incheon's Free Economic Zone was officially designated by the Korean government in August 2003. IFEZ is planned to be a self-contained living and business district featuring air and sea transportation, a logistics complex, an international business center, financial services, residences, schools and hospitals, and shopping and entertainment centres.