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INCHEON, SOUTH KOREA-Work begins here this week on $1.2 billionof projects for New Songdo City, a $25-billion, 1,500-acrereclamation project that is being called the largest private realestate venture in history. The development is a 70-30 joint venturepartnership between New York City-based Gale International andPOSCO E&C, a subsidiary of Korean steel giant Posco. MorganStanley is also providing funding for the project.

Gale International president John Hynes tells GlobeSt.com thatby the end of the year some $9.3 billion worth of development willbe under way including 11 commercial projects, nine residentialprojects and five infrastructure projects. Included in the mix is a7.4-mile bridge that will connect New Songdo City to IncheonInternational Airport, an international school for 2,000 studentsand the first phase of residential, for which $1 billion ofapartments were sold the first day they were made available.