RE 4203 Topics in Real Estate Summer Program 2013

Seoul South Korea

Seoul

Seoul

Did you know? • Seoul is the eighth most globalized city in the 2012 Global City Index; Tokyo and Hong Kong are ranked fourth and fifth, respectively. • Seoul generates 21% of Korea’s GDP while 50% of Korea’s financial assets are concentrated here. Seoul accounts for only 0.6% of the entire country’s land area. • S Korea is the first OECD member country to overcome the global financial crisis in 2008. • Incheon International airport is named the ‘number one airport worldwide’ for seven years in a row in 2012 by the Airports Council International, 2011. • Seoul has the highest park ratio among major cities in the world – 26.1% of the entire Seoul is covered with parks and green spaces. • Seoul made it to Forbes’ annual ‘Top 10 billionaire cities’ compilation in 2011 for the first time.

International interest in S Korea real estate

Ascendas ventured Into Seoul Nov 2006

GIC buys Star Tower 2004

Urban Planning Practices in Seoul • Seoul has been experiencing the rapid urbanization and globalization process. • Seoul faced many challenges including insufficient infrastructure, environment issues, traffic/congestion, and housing shortage/affordability problems. • Seoul has shown many innovative management strategies to deal with these challenges, from saturated public transportation system to the various affordable housing policy measures. • It will be interesting to see how Singapore could learn these lessons!

Saturated Public Transportation Seoul Metropolitan Subway features the world #1 passenger ridership!

Saturated Public Transportation

Sustainable Urban Development

Outline of Programme Week

Activity

Remarks

1. Mon 13 May – Fri 17 May

Orientation and Planning Briefing and Seminar Project Discussion

Selection of student leaders Formation of Groups

2. Mon 27 May – Fri 31 May

Field Trip: Seoul

See following table

3. Mon 3 Jun – Fri 7 Jun

Post trip debrief

Submission of research diaries/journals on Fri 7 Jun

4. Mon 5 Aug – Wed 7 Aug

Group Project

5. Mon 12 Aug – Fri 16 Aug

Group Project

6. Mon 19 Aug – Fri 23 Aug

Presentation and Discussion of Group Projects

Final Submission of Group Projects on Fri 23 Aug 2013 (hard and soft copies)

Tentative Program Date

Organization

Purpose

May 27 (Mon)

Incheon International Airport Corporation (Planning)

Public-Private Partnership Visit to the development sites near the airport

May 27 (Mon)

Seoul National University

Briefing of Seoul RE markets

May 28 (Tue)

Samsung C&T Corporation Raemian Housing Gallery (Planning)

Innovative residential development

May 28 (Tue)

Ascendas (RE)

Tentative Program Date

Organization

Purpose

May 29 (Wed)

Seoul City Hall/City Gallery (Planning)

Overview of Seoul Urban Planning /Q&A with planners

May 29 (Wed)

Official tour of Cheonggyecheon stream (Planning)

Visit to the river restoration project

May 30 (Thu)

GIC (RE)

Investment strategy Visit to Star Tower

May 30 (Thu)

Coex or Seoul Finance Center

Visit to Underground shopping mall

May 31 (Fri)

CBRE (RE)

Market briefing

Eligibility • For Year 3 students in 2012 proceeding to Year 4 in AY2012/2013 Sem 1 • Max 30 students only • To be selected via balloting if >30

Administration • Co-ordinator: Prof ONG Seow Eng Co-ordinator:Dr LEE Kwan Ok • All administrative matters – Ms Cecilia Wong, DRE General Office Tel: 6516 1320 Email : [email protected] Ms Kamariyah, DRE General Office Tel: 6516 3414 Email: [email protected]

Assessment • Components Seminar Participation: 20% Group Project Work: 50% Field Research Diaries/Journals: 30% Total: 100% • NO EXAMINATION

Seminar and Project Work • Seminar participation: This includes seminars held for Overview and Planning and the seminars during the field trip and the 6th week. • Project work: Each group is to work on a specific topic related to the real estate market in Seoul. • A group project report (not more than 30 pages), single-line format of font size 11, inclusive of pertinent tables and figures, etc, is to be submitted. • A presentation of the group projects will be held in week 6. Each group will be given 30 minutes to present their project. • The group project report is due on 23 Aug (Friday) 2013. Submissions include a hard copy of the report and soft copies of the report and the ‘PPT’ file

Estimated Cost • Air fare – SQ $788 (super deals) – Air China $565 – Asiana Airlines $715

• Accommodation • Student travel grant and subsidy – NUS subsidy $600 – SDE travel loan $1,000