THE largest ever investment by a South Korea sea property overseas company into the UK’s property market is being made in Swansea in a multi-million-pound deal.
Korean company Coda has announced it is to build an £80m flagship residential development in Swansea. It follows the South Korean Government’s easing of restrictions on foreign real estate purchases.
South Korean real estate investors have so far concentrated on the US market, investing heavily in residential property but with little investment in the UK.
Coda, an expanding Korean architectural property development company, is being backed by a consortium of UK and Korean banks and investment funds to deliver Harbour Square, a landmark residential development planned for the £400m SA1 waterfront scheme in Swansea.
Chief executive Hoshik Chi said Coda had already begun a large-scale commercial and residential redevelopment project in Seattle and was developing a 3,000-seat international conference centre and eight million square foot international logistics centre, in preparation for the 2008 Beijing Olympics.
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