Photo: Via Yongsan IBD
The “Dream Hub” in Seoul was supposed to be a “city within a city” — home to a dozen skyscrapers, waterfront parks, and business and residential facilities.But the $28 billion project, officially called the Yongsan International Business District, is on the line after developers defaulted on a major loan repayment amid a real estate slump, AFP reports.
We won’t know whether the project will go bankrupt until June, when another round of loans matures.
While ground has been broken on the project, it’s still a far way from the gleaming city pictured in the Dream Hub’s promotional materials.
The layout of the buildings is supposed to resemble the Golden Crown of Shilla, an ancient treasure of South Korea.
The district was designed by architect Daniel Libeskind, whose work includes the plan for the reconstruction of the World Trade centre in NYC.
There would also be a large amount of office space, as well as a 6-star hotel, according to promotional materials.
The pièce de résistance would be the Dream Tower, a 111-story skyscraper. If completed, it would be one of the world's tallest buildings.
Investors had hoped the Dream Hub would become a new business, residential, and cultural centre in Seoul.
The developers were originally hoping to have the project completed by 2016. But they could be facing bankruptcy by June.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.