Archive for Songdo IBD in the News

Cruising Together: Gale International and POSCO E&C

Whale-sculptureBy Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

On my recent trip to Songdo IBD, I attended and participated in a number of events. The unveiling of the Gale International–POSCO E&C  whales’ statue was memorable. It commemorates the strong partnership between NYC-based Gale International and Korea-based POSCO E & C.  Among the Korean and American VIPs and officials on hand at the unveiling were a number of Gale International chairman Stan Gale’s family, friends, and long time business colleagues–many in Korea for the first time. Gale noted in his speech the importance of family and building strong long lasting ties–stressing his family’s long business roots. Moreover, Gale stressed the strong bond between America and Korea, and Gale International and its partner POSCO. Significantly, the statue’s whales showcase both Gale and POSCO maritime roots.

Some details…
Huntington, NY… August 13, 2009… What is a familiar image to residents of Long Island’s North Shore—the Daniel Gale Sotheby’s International Realty whale logo, is getting a whole new audience in the Far East.

A commemorative statue, “Cruising Together,” depicting two whales spanning the globe, has been installed in South Korea’s Songdo International Business District, an emerging urban center developed by Gale International and POSCO E & C. Stanley C. Gale, grandson of the founder of Daniel Gale Sotheby’s International Realty, is the Chairman of Gale International.

The statue, which was installed in Songdo’s Central Park, is modeled after the first and current Daniel Gale Sotheby’s whale logos, and symbolizes the unique partnership and friendship Gale International and Posco E&C have achieved over the course of this project.

“The Gale family and its associated businesses, Daniel Gale Sotheby’s International Realty included, have a history of being at the forefront of new ideas and opportunities,” said Patricia Petersen, President and CEO of Daniel Gale Sotheby’s International Realty. “This latest accomplishment reflects and honors that tradition, and presents another yet another unique opportunity for real estate buyers and investors around the world to be aware of what Long Island, and Daniel Gale Sotheby’s, has to offer.”

The Songdo International Business District, roughly the size of downtown Boston, is being constructed on reclaimed land near Inchon, South Korea, an easy flight from China and other rapidly developing areas of Northeast Asia. Begun in 2002, Songdo represents a $35 billion city-within-a-city near Seoul’s international airport. It is one of the world’s largest commercial developments.

The statue, constructed of bronze, is 18 ft in length, 15.7 ft in width and 20 ft in height, and was made by Han Jeong-ho, Head of Soto Design Architect and Lee Young-song, a famous Korean artist.

Founded in 1922, Daniel Gale Sotheby’s International Realty consistently leads the nation in achieving one of the highest average sales prices in the country.

CISCO Looks to Korea and Sondgo IBD

By Don Southerton, Songdo IBD CityTalk Editor and Chief Bloggerimages

I had the opportunity to meet and spend time with the Cisco team at the Songdo IBD Grand Opening last week. I also was given a VIP tour of their pavilion at the Incheon Fair.  Songdo IBD fits well with Cisco plans as noted in this PR.  I’ll share more as it unfolds.

INCHEON, SOUTH KOREA — 08/11/09 — Cisco  today announced its intention to expand its relationship with Gale International by bringing together complementary skills, capabilities and solutions to create smart, sustainable cities of the future. The collaboration combines the Cisco®Smart+Connected Communitiesvision with Gale International’s experience as a smart-city builder to provide a connected and sustainable living and working experience to communities worldwide. Cisco shares a common vision with Gale International that in cities of the future urban services will be delivered more innovatively, and cities will be managed more efficiently using technology that enables newer models of managed and hosted services within public-private partnerships.

Highlights / Key Facts:

  • Cisco is building on its collaboration with Gale International in Sondgo International Business District (IBD) and intends to jointly develop and deliver a robust, repeatable platform and transformational solution set that will help customers deploy Smart+Connected Communities solutions globally, including near-term opportunities in China.
  • In April 2009, Cisco signed a framework agreement with Gale International to establish the ‘Cisco Global Center for Smart+Connected Communities’ in Songdo IBD, a 1,500-acre new city being developed off the coast of Incheon by Gale International and POSCO E&C under the auspices of the Incheon Free Economic Authority. The same month, Cisco also announced it would work closely with Incheon Metropolitan City to develop network-enabled innovation and to support sustainable economic development in the Incheon Free Economic Zone (IFEZ).
  • The two companies intend to partner to help accelerate the development of such smart and connected cities, which will be designed to improve economic development, environmental sustainability, and the quality of life for citizens. They will also assemble a broad ecosystem of strategic design, development and technology partners to enable and drive network-enabled city-scale innovation.
  • Cisco and Gale International also today announced that they intend to collaborate on the Meixi Lake District project in Changsha, Hunan Province, China. The Meixi Lake District project will be the first city-scale development in China for Cisco and Gale International.
  • Focused on eight “tracks” within a city, Cisco’s Smart+Connected Communities initiative is designed to provide smart and connected solutions for real estate, safety and security, transportation, utilities, government, education, health care and sports.

Executive Quotes:

  • Wim Elfrink, chief globalisation officer and executive vice president, Cisco Services

“The vision for this new city is truly transformational, giving residents, businesses and government leaders within Songdo the opportunity to experience the city of the future — today. Our collaboration on Songdo IBD with Gale International is a living example of the globally replicable model we are building for Smart+Connected Communities. We are thrilled to be part of such a groundbreaking initiative, working closely with Gale International to develop new business models for managing and delivering urban services using the network as the platform for transforming cities and countries. We look forward to future visionary projects like this one, such as the efforts currently underway in Meixi Lake District in China.”

  • Stan Gale, chairman of Gale International

“We are globalizing the real estate industry by identifying and deploying integrated solutions in a unique replicable model. City-scale development must fit the needs of the visionary communities daring to undertake them. The city of Incheon is to be commended for their vision. More than a decade ago, they believed that Songdo IBD could deliver a better quality of life and deliver economic benefit to the people of Korea. We are excited about this vision and look forward to working closely with IFEZ, Cisco, and other partners to make Songdo IBD and IFEZ the successful model for sustainable cities of the future. Similarly, our next project, China’s Meixi Lake development, seeks to provide an unparalleled quality of life for its inhabitants. Gale International and Cisco, working with other global partners, such as UTC and 3M, intend to deliver sustainable, smart cities of the future that will allow those who live and work there to thrive for generations to come.”

  • The prospect of the partnership was lauded by Mayor Xie Jianhui, vice mayor of Changsha, Hunan Province

“The Meixi Lake project is central to the success of the West Changsha Pioneer Zone. Our vision for the Meixi Lake District is to create a harmonious society that integrates innovative technology with environmental and sustainable design. The involvement of Gale International, a world-class city-scale developer, and Cisco, a leader in intelligent systems, will ensure that the Meixi Lake District will become a world-class city right here in Changsha, the heart of Hunan Province.”

Chemulpo to Songdo IBD Launched in Incheon’s Historic District

Incheon, South Korea August 11, 2009 The global launch of the pictorial history Chemulpo to Songdo IBD: Korea’s International Gateway took place on Thursday August 6 at Incheon Korea’s historic Chemulpo Club. Hosted by author Don Southerton and sponsored by Gale International, the event was attended by notables including Incheon Mayor Ahn Sang-soo, Gale International chairman Stan Gale, and former Ambassador Donald Gregg. Also attending were local officials, Korean and American guests, and the media.

Chemulpo to Songdo IBD: Korea’s International Gateway documents 125 years of life in the port area through first hand accounts and historic photographs. Fittingly, the book’s launch was held at the foreign settlement’s former gentleman’s club, which was built in1901.

After warm opening remarks by Stan Gale, author Southerton shared his inspiration for writing the book—one built on collaboration. In fact, Southerton noted the early trade settlement and surroundings were home to Europeans, Americans, Japanese, Chinese, and Koreans. Likewise, the book was a collaboration of Korean and American teams. Building on this theme Southerton pointed out that today’s nearby Songdo International Business District (IBD) was, too, a diverse international collaboration of firms including Gale International, POSCO E&C, Kohn Pederson Fox, and most recently CISCO.

Joining Southerton on the podium, Mayor Ahn Sang-soo was presented with a copy of the book. The mayor then shared his vision for the city becoming one of the world’s top ten cities.

Following the book presentation, Southerton, conducted a tour for the American VIPs of Jayu Park and the historic Chinatown district.

Plans call for the book to be donated to Korea-focused organizations and universities in the U.S. and Korea. A full schedule of book promotion events is also planned.

An online eBook version of Southerton’s work is now available at http://chemulpotosongdoibd.com

About the Author
Don Southerton has held a life-long interest in Korea and its rich culture. His previous books center on culture, entrepreneurialism, and early U.S.-Korean business ventures. Southerton extensively writes and comments on modern Korean business culture and its impact on global organizations. His firm, Bridging Culture Worldwide, provides consulting and training to Korea-based global business.

About Gale International
Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.

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Chemulpo-to-Songdo IBD: Korea’s International Gateway Book Released

Breaking News, Songdo IBD Korea
The August 6, 2009 Korea launch of Chemulpo to Songdo IBD was attended by a huge crowd including including Incheon Mayor Ahn Sang-soo, Stan Gale- Chairman Gale International, former Ambassador Donald Gregg, local officials, Korean and American VIP guests, and media.

The event took place in the historic former Chemulpo Club, a gentleman’s club built in 1901. Following the book presentation, author Don Southerton, conducted a tour for the American VIPs of Jayu Park and the historic Chinatown district.

MORE TO FOLLOW.

Book Preview
http://chemulpotosongdoibd.com

Korea Daily (Jongang Ilbo) Interviews Chemulpo-to Songdo IBD Author

던 서들턴씨가 최근 자신이 발간한 책 ‘제물포에서 송도 국제무역지구(IBD)로; 대한민국의 국제적 관문’에 대해 설명하고 있다.

던 서들턴씨가 최근 자신이 발간한 책 ‘제물포에서 송도 국제무역지구(IBD)로; 대한민국의 국제적 관문’에 대해 설명하고 있다.

Korea Daily ( Jongang Ilbo) recently interviewed author Don Southerton. The Korea language newspaper shared Southerton’s intent for the book which covers 125 years of history for the port of Incheon with Songdo IBD and Gale International, the latest chapter in Korea’s long international development. Souttherton points out that like today the first westerners brought with them technology, commerce, new economic opportunity, and humanitarianism. The community also represents collaboration of Koreans and foreigners.

벽안의 미국인 사업가가 인천에 관한 의미있는 역사책을 발간해 화제다.

동서양 문화 교류를 자처하는 기업 ‘브리징 컬쳐’(Bridging Culture Worldwide)를 경영하는 사업가이자 역사가인 던 서들턴(56·SD거주)씨가 최근 인천의 125년 변천사를 담은 책 ‘제물포에서 송도 국제무역지구(IBD)로; 대한민국의 국제적 관문’을 펴냈다.

이 책 속에는 역사적으로 의미가 깊은 미공개 사진자료 70여장과 함께 다양한 계층의 서양인들의 눈에 비친 항구도시 인천의 모습이 충실히 담겨있다. 또한 125년전에 이미 중국과 일본은 물론 미,영,독,러,프랑스 외 유럽의 각 나라로 부터 몰려든 상인이나 관료, 선교사들이 활발한 활동을 벌이며 명실공히 국제도시의 면모를 자랑하던 인천(당시 제물포)의 모습을 각종 문헌 속의 증언과 자료를 바탕으로 상세히 기록했다.

또한 결론적으로 이책은 1880년대 서방에 개항한 이후 부터 국제도시의 면모를 착실히 다져온 인천 송도가 세계를 향해 무한한 성장 가능성을 갖고 있다고 역설하고 있다.

한편 전문가들은 이 책이 지금까지 출판된 어떤 자료보다도 인천을 역사적으로 정확히 재조명하고 있다는 평가다.

서들턴 씨는 이 책의 발간 동기에 대해 “수년간 사업차 양국을 오가며 송도가 국제도시로 선정된 이유가 궁금했다”며 “본격적으로 자료를 찾아보니 인천 역사의 수많은 부분이 일본에 의해 왜곡돼 있는 것을 발견하고 객관적인 시각을 가진 역사가로서 제대로 한번 알리고 싶었다”고 밝혔다. 때마침 송도국제도시 개발 프로젝트를 진행 중인 게일 인터내셔널(Gale International)사로 부터 적극적인 지원을 받아 1년동안 땀흘린 끝에 책을 완성한 것.

오는 6일(한국시간) 송도국제도시 오프닝 행사의 일환으로 ‘출판 기념회 및 리셉션’을 통해 최초로 공개될 이 책은 한글과 영어로 동시 표기돼 한국의 역사를 바로잡고 널리 알리는 데에도 크게 기여할 전망이다.

류태호 기자

http://www.koreadaily.com/news/read.asp?page=1&branch=SD&source=SD&category=&art_id=885245

Author Don Southerton Announces Release of New Pictorial History Showcasing Korea’s First Trade Hub

Author Don Southerton

Author Don Southerton

Don Southerton announces the release of a new pictorial history titled Chemulpo to Songdo IBD: Korea’s International Gateway. The book showcases 125 years of commerce, trade, and interaction in the nation’s first foreign trade hub, Incheon. The bilingual work is author Don Southerton’s latest writing on Korea and weaves key historic events with photographs and first-hand accounts, past and present.

Located on the western coast of Korea, Incheon has played a significant role in the history of the region since the late 19th century. Once called Chemulpo, as Korea opened its borders to the West, the backwater port quickly became home to a diverse group of foreign merchants, traders, entrepreneurs, and sojourners.

A century later, under the direction of Mayor Ahn Sang-soo and the Incheon Free Economic Zone Authority, the city’s waterfront region is again becoming an international community and center for business and trade. The book also highlights Songdo IBD, a 10-year project being developed by Gale International and POSCO E&C.  The project seeks to make South Korea the preeminent business hub of East Asia.

Southerton notes, “With the world turning its attention to the Incheon Global Fair and Festival and the Grand Opening of Songdo International Business District sharing the port’s rich heritage is timely.”

In researching the book, the author explains, “Photographs from archives in Korea and the U.S. have been included, along with engaging stories about daily life in the port town from the past 125 years. To best showcase the port’s early progress, many of the photographs have been digitally reproduced from the original plates shot over 100 years ago.”

Finally, Southerton points out that the book shares the role of the foreign community in humanitarian efforts and the introduction of new technologies and innovations.

On August 6, 2009, a formal release will take place at the former Chemulpo Club in Incheon,  Soon after, media events will follow in the U. S.

The global release of Chemulpo to Songdo IBD: Korea’s International Gateway is sponsored by Gale International.

About the Author Don Southerton has held a life-long interest in Korea and its rich culture. His previous books center on culture, entrepreneurialism, and early U.S.-Korean business ventures. Southerton also extensively writes and comments on modern Korean business culture and its impact on global organizations. His firm, Bridging Culture Worldwide, provides consulting and training to Korea-based global business.

Media preview of the book and select photographs are available by contacting the author.

Contacts For additional information and author interviews.

Don Southerton     Dsoutherton@bridgingculture.com

+1-310-866-3777

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New Book, $20 Per Gallon, Lauds Songdo IBD and Gale International

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By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

I shared with a longtime friend and well-known Denver-based entrepreneur Stephen Oliver that over the past several years, I’ve been so focused on Korea writing projects I rarely pick up a book for casual reading. Later that day, I was skimming new book reviews and came upon Christopher Steiner’s $20 Per Gallon How the Inevitable Rise in the Price of Gasoline Will Change Our Lives for the Better. My hope was to find a interesting book, then take some time to read and reflect.  Previewing the book online, I noticed the author lauded Songdo and the developer Gale International. How convenient!

After buying a copy and a giving the book a quick skim, I found that author Steiner sees New Songdo City (Songdo IBD) as a model for his future urban revolution. With quotes from Gale International CEO John Hynes III, $20 Per Gallon provide a nice overview on Songdo IBD interconnectedness, sustainability, and quality of living. The book is available at Amazon...

I am curious to the thoughts of Songdo IBD CityTalk readers on Steiner’s arguments and foresight.

Songdo IBD Sheraton Dazzles

image.axd

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger
An online article in Luxury-Insider.com does a great job showcasing Songdo IBD’s new Sheraton Hotel. I can’t wait to stay there in August.

Sheraton Incheon Strikes First at Songdo City, South Korea
By RACHEL TAN

Gracing the international business district of Songdo City, South Korea is Sheraton Incheon Hotel, only the second Sheraton Hotel to open in Korea in close to three decades.

As the first five-star hotel in Songdo, Sheraton Incheon is set to lead the pack with its signature Sheraton luxury accommodation and services.

More excitingly, the Songdo branch will be the first in Korea to pioneer several new Sheraton features.

To start, an increased focus on environmentally friendly operations has led the LEED (the Leadership in Energy and Environmental Design) rated hotel to declare a fully non-smoking policy within the premises.

Guests will also get to enjoy ‘Link@Sheraton’, a concept to transform the hotel lobby into a social focal point where guests feel at ease to mingle, relax or work.

Decked out in a warm contemporary design mixed with traditional Korean prints, lobby lounging is highly encouraged especially with the inclusion of e-mail and printing facilities.

Unique to Sheraton Incheon is the 24 hours Sheraton Fitness gym facility, a suitable vent for tense business travellers to exercise the stress away. Themed workout programs designed by Core Performance will be made available to those who crave an extra punch in their routine exercises.

Guests may then savour a post-workout meal at any one of the four restaurants and two bars such as Italian restaurant BENE and the all-day dining FEAST.

An eagerly anticipated addition to the heart of the Songdo business district, Sheraton Incheon Hotel will open its doors on 1 August

Global Incheon

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

I’ve been sharing previews of my soon to be released book Chemulpo to Songdo IBD.  The book will document the region’s amazing 125 history beginning with opening of the port–then called Chemulpo–to the West. I was pleased that preserving Incheon’s past was a priority for Mayor Ahn Sang- soo according to this timely Korea Times interview.

Chemulpo early 1900s

Chemulpo early 1900s

INCHEON ― The major seaport city of Incheon is eager to demonstrate to the world that it is a global city of economic and cultural vigor through the “Visit Incheon 2009” campaign.

Mayor Ahn Sang-soo, 63, said that Incheon will see 20 million visitors by 2014. In an interview with The Korea Times, the CEO-turned-politician elaborated on Incheon’s potential to emerge as one of the world’s 10 must-visit cities in the next five years.

Incheon’s Role in Global Korea

Incheon has been closely associated in recent years with showcase development projects, particularly in the form of a Free Economic Zone (FEZ) currently underway in reclaimed areas of Songdo and others.

Ahn stressed, however, that Incheon is much more than economic and developmental pursuits. On the occasion of the Visit Incheon 2009 campaign, he wants to renew the world’s attention on the city’s history, culture and nature.

“Incheon housed many of Korea’s first modern institutions,” said Ahn in introducing the city’s identity as one of modern Korea’s first global cities.

“It was Incheon that linked the country to the world and simultaneously initiated foreign settlement in Korea with the historic opening of ports in 1883.”

Incheon port managed more than half of Korea’s foreign trade between the years 1880 and 1910, according to historical records.

“Korea’s first post office, bank, hotel, among other modern facilities, were established in Incheon during those early years of modernization,” Ahn said.

Reviving Historical Legacies

The city plans to restore these historical legacies as part of efforts to distinguish itself as a unique tourist destination, setting itself apart from areas with just a commercial focus.

On May 22, the city announced that it has designated a cultural cluster of buildings with modern historical value as part of initiatives to boost the city’s tourism industry.

The city will establish a tour route that passes through one of the nation’s first post office, a sub-branch of Japan’s First (or Dai-ichi) Bank and eight other signature establishments testifying to the city’s role in Korea’s modernization.

Songdo International City

By the early 1900s, thousands of Korean, Japanese, Chinese, and Westerners had transformed the port, then known as Chemulpo, into the trade hub of the region. During those times, there were more foreign residents, mostly Japanese and Chinese, in Incheon than in Seoul.

It is perhaps no surprise that a city with such a distinct historical background should be the nation’s frontrunner in building an international city where the use of English in classrooms, business conferences and shopping centers could possibly become the norm.

One of the three districts of the Incheon Free Economic Zone (IFEZ) with Cheongna and Yeongjong, Songdo International City, 64 kilometers from Seoul, it is the largest development project of its kind in Korea as Northeast Asia’s new multicultural center of business and education.

By 2014, the Incheon Free Economic Zone will house more than 300 Northeast Asian business headquarters, 30 international organizations including those affiliated with the United Nations, and extended campuses of 15 foreign universities.

“At least within the boundaries of the free economic zone, English should be the common medium of communication,” Ahn said on the possibility of adopting English as an official language. “Those working in our schools, shops and even public administrations should be able to communicate in English.”

The city administration has adopted programs to equip their officials with better English-speaking skills.

“English is important because Incheon’s foreign population is expected to reach 200,000 around the time the IFEZ is completed in 2020. We are hoping that more students, researchers, scholars and workers from abroad will relocate to the IFEZ,” he said. The current population of Incheon is approximately 2.7 million.

Meanwhile, to achieve a balanced development for the rest of Incheon with the IFEZ, the older parts of the city are undergoing multiple redevelopment projects.

2009 Incheon Global Fair & Festival

As widely publicized, the coastal city is the host of the world’s first exhibition on urban development models which will take place in Songdo for 80 days starting Aug. 7.

Incheon first perceived the idea for the exhibition around 2004. “We thought that it would be a good idea to create a venue for sharing with the world our roadmap for the IFEZ as well as our experience in redeveloping the older parts of Incheon,” Ahn explained.

The organizers will invite representatives of business and government as well as urban planners to explore futuristic urban development models and lifestyles utilizing up-to-date digital technologies. Incheon is aiming to attract half a million foreign tourists, particularly from neighboring countries China and Japan.

“We are living in an age where the competitiveness of each city ultimately translates to the entire nation’s competitiveness. Exploring ways to adjust urban development to the environmental and energy needs of the 21st century is an immensely important issue,” Ahn said

The event will feature exhibitions, conferences and festivals organized around five main subjects ― Development of New City, Environment and Energy, Advanced Technology, Tourism and Leisure, and Culture and Art.

Organizers said that the event is expected to generate 530 billion won in added value and contribute to attracting more foreign investment for the IFEZ. More than 100 cities around the world will participate.

Transformation from Chemulpo to Songdo

Ahn says that there are plenty of other reasons to visit Incheon this year.

As he invited the world to come and witness the city’s transformation from Chemulpo to Songdo, he also stressed Incheon’s richness in natural beauty and cultural legacies.

It is not commonly known that Incheon is surrounded by 150 Islands, some of which are famed for their scenery and have recently attracted many tourists with “Island Stay” programs. Combining all the islands, Incheon is actually slightly bigger than Seoul, according to Ahn.

Incheon is also home to age-old temples such as Bomunsa and Jeondungsa. Additionally, it is the only city in Korea with an extensive Chinatown.

Photo courtesy of the Moffett Collection, Special Collections, Princeton Theological Seminary Library

Songdo IBD’s Jack Nicklaus Golf Club Korea to host PGA Champions Tour Event

Incheon Mayor Ahn(center left) Jack Nicklaus (center) Gale International CEO John Hynes ( center right)

Incheon Mayor Ahn Sang-soo (center left), Jack Nicklaus (center), Gale International CEO John Hynes (center right)

Gale International’s master plan for Sondgo IBD included providing outstanding amenities. A world class golf course was part of this vision. Partnering with Jack Nichlaus to design the course has added to the excitement. News this weeks adds to what will be a major attraction for Songdo IBD.

The Golden Bear rolled into Korea to help announce the first-ever PGA Champions Tour event in the country, and in all of Asia for that matter.

Incheon will host a seniors competition in the latter half of next year and annually through 2012, golf legend Jack Nicklaus revealed yesterday during a press conference at the Grand Hyatt in central Seoul.

The event will be held at the Jack Nicklaus Golf Club Korea, which is currently being built in Incheon’s Songdo International Business District.

The 72-par golf course measures 7,257 yards and is approximately 60 percent complete. It’s expected to open in time for the event.

Nicklaus – who designed the golf club bearing his name – said plans to bring a Champions Tour event to Korea have been in the works for years.

“The golf course awaiting the Champions Tour players is totally created [from the ground up], but one we believe will be world class,’’ Nicklaus said. “The project is right off Incheon Bay, so the golf course provides bay and harbor views.’’

PGA Tour Commissioner Tim Finchem said in an Associated Press story that the Korean market is important to the organization.

“We welcome this addition to the Champions Tour schedule and the opportunity to further elevate golf in South Korea with an event of this magnitude,” Finchem said.

The 54-hole stroke play event has a $3 million purse and is offering a prize of $450,000 to the winner. Event sponsor IMG is working with PGA Tour officials to include Korean and Asian players in the event.