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Sejong City is Korea's first start into smart city planning. While there have been issues regarding if Sejong City has "lived up to expectations" the current administration wants to complete a few major developments before completing the initial planning and fully handing further development of the city to the Sejong City Council.
The first major development will be the development of the Sejong Techno Valley. While we have Pangyo Techno Valley I, II, III and have seen the major benefits of this focused development, Sejong Techno Valley will be focused on start-up culture both for domestic and foreign companies. STV will be critical for the pull of people and economic developments in Sejong City. This will also hopefully increase the job opportunities for young people, while also providing critical population relief for Seoul. While the PTV will continue to be developed, the STV focus and the continued growing technology sector will allow for growth in the planned city.
In parallel with the STV, upgrades to the transportation infrastructure will be undertaken. It has been noted that access to the new city has been a bit difficult. With this in mind, a review will be conducted with the goal of improving both bus and rail travel to the city. Understanding the importance of our rails, we will build additional rail lines and stations in order to alleviate any issues and allow for ease of access. It is likely a new rail station within the new city close to the bus terminal in the south. We are currently extending Daejeon Metro Line 1 from Banseok station, though there is a plan to open 4 more stations in Sejong City by 2029. We hope that with a focus on improved access this improves the appeal of this planned city.
As more of the ministries in Seoul are moved here, we expect continued growth of the city. In order to encourage movement, new residential buildings in Sejong City will be rent controlled for the first in Sejong City will be rent controlled for the first 5 years. This should encourage a lot of people to move from the high rent prices of Seoul, and help facilitate the move of the ministries and some businesses. We do not plan to have industrial plants in Sejong City as it will seem to be the antithesis of the green smart planning of the city. However, tech companies and financial services will be heavily encouraged especially with STV.
Finally to align Korea with our hopeful bids for the 2031 Women's and 2030 Men's World Cups, as well as more international sporting events, 3 new sporting venues will be built in Sejong City. Sejong Olympic Stadium will be built with a maximum capacity of 91,000, making it the largest stadium in South Korea. Unique futuristic inspiration will be the design of the Sejong Olympic Stadium which we hope will be a multi-use stadium as we hope it is center of our new city developments. It is expected to cost $530m with construction done in 3 years. The second stadium will be the Sejong International Stadium which will have the capacity of 85,000, making it the second largest stadium in South Korea. Similar to Sejong Olympic Stadium, Sejong International Stadium will be a multi-use stadium for various sports and other functions. It is expected to cost $520m with construction done by 2028. Another unique and imaginative design, we will also ensure that our transport and foot traffic congestion will be manageable with the addition of these massive stadiums. These stadiums will be able to handle multiple sports, which will be key in increasing our cultural profile. The last venue will be the Sejong Entertainment Complex. This will be a massive resort with various smaller venues in the overall complex. On a daily, citizens will be able to use the various facilities including soccer training fields, baseball training fields, basketball courts, ice skating rinks, archery training areas, e-sport centers, volleyball courts, fencing training areas, Korean martial arts areas, lacrosse fields, and table tennis training areas. This complex will be both expansive but also built upwards, which will allow for all the various sports to be played simultaneously. We expect our Olympic athletes and professional athletes to use this complex, which will be great for marketing and PR. Used as a venue and massive training facility, there is no set home teams, but rather we expect this to be used by the general population more, which we hope improves the happiness of the citizens. We expect this to cost $750m and should be completed by 2030. These efforts should draw a lot of economic opportunities and we expect a large number of businesses to enter Sejong City.
In our efforts to host more international sporting events, South Korea will be positioning itself quite well for a solo bid. Comparing to the Qatar World Cup, there were 8 venues of which one was about 89,000 capacity, the second largest was about 69,000 capacity, and the other 6 were around 45,000 capacity. By 2030, South Korea will have the Sejong Olympic Stadium (91,000), Sejong International Stadium (85,000), Seoul Olympic Stadium (69,950), Seoul World Cup Stadium (66,704), Daegu Stadium (66,442), Busan Asiad Main Stadium (53,769), Incheon Munhak Stadium (49,084), Suwon World Cup Stadium (44,031) as our primary 8 stadiums. Goyang Stadium (41,311), Daejeon World Cup Stadium (40,535), and Gwangju World Cup Stadium (40,245) are our backup or extra stadiums in our bids. These stadiums except for the Sejong-based ones are pre-existing from our previous hosted events, but we will commit roughly $750m to the updating of existing stadiums to ensure they are on-par with modern standards. This includes transportation to and from the stadiums, as well as around it.
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