South Korea is amassing US $264 billion in order to create a mega-city.

The mega-city will be something akin to a giant city on the island of Yongyu-Muui, close to the Incheon International Airport.

Included in the ambitious mega-city is a "megastrip." The megastrip will include establishments such as hotels, casinos, and condominiums for the common folk.

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It will also have a theme park, shopping centers, concert halls, Formula One racing tracks, a medical tourism "healing town", and entertainment "hallyu" town.

Clearly, it seeks to be the largest and tourism effort that the world has ever seen, both in scale and size.

This mega-city will span 80 kilometers. The megastrip will be 200 meters high, 880 meters wide, and 3.3 kilometers long. It will be three times bigger than the famous gambling areas of Macau.

If the megastrip is successful, it will also have the distinction of being the largest architectural creation in the world.

There will also be an inner circle built, containing tubular 14-kilometer buildings.

The developers have stated that they are targeting the 5.7 million people who pass through the Incheon International Airport every year, while also catering to Chinese and Japanese tourists too.

Park Seong-Hyun, vice chairman project developer EIGHTCITY Co., said that, "It will become the world's top city that has the creativity of Dubai, convention centers and casinos of Las Vegas and Macau, as well as the shopping centers and financial hubs of Hong Kong and Singapore"

They are targeting the project for 2030.

The funding for the mega-city will be collected from the city and separate investors. EIGHTCITY has already secured US $2.8 billion from South Korean investors, and an additional US $1 billion from UK's Sanbar Development Corporation. 

TagsYongyu-Muui, Mega-city