Task #2-Interesting Parcel of Real Estate

Lotte World Tower

The Lotte World Tower is the supertall building in the capital of South Korea, Seoul. This tower fascinated me when the government and Lotte Inc. announced that they were going to build because it is located close to where I grew up. Once completed, it will be the tallest building on the Korean peninsula, a title currently held by North Korea's Ryugyong Hotel.

After 13 years of planning and site preparation, the tower gained final approval to start construction by the government in November 2010 and the first groundbreaking activities of piling and frame assembly was observed at the construction site on March 2011.

As of July 2014, nearly 70 floors have been completed. Once completed, it will be 1,824 ft tall with 123 floors above ground. 

Concerns:

Sinkholes- Starting in June 2014, residents in surrounding neighborhoods began to notice small sinkholes forming and a nearby lake had been shrinking. The cause of this is unknown but authorities have said they are unrelated to the construction of the tower. However, an advisory team of lawyers, engineers, architects, environmentalists and university professors were asked to submit their opinions on the construction site, if there are any dangers to the tower, and to see if indeed the sinkholes are caused by the tower's construction.

Traffic- The area called Jamsil is traditionally packed with people and vehicles. There are three lines of subway and a number of buses and bus stops. This area already has problem with this unsolvable traffic jam. The residents of the area are unwelcoming this giant building which increase enormous number of people and vehicles. Neither the governmental authorities nor the Lotte Inc. has suggested the solution. It is obvious that the traffic problem will be worse. 

Task #1-Introduction

Howdy,

Welcome to my blog, Aggies! My name is Du Hyun (Dewey) Sung, and I am a senior finance major from Seoul, South Korea. I love to be involved with school activities, so I joined the Corps of Cadets. Wearing the traditional senior boots is my honor and one of my biggest achievements so far in my life. I feel blessed being in this great school. Outside of my life on campus, I have been involved in many activities. I can say it has been quite dramatic. I joined the Republic of Korea Army when I was 20. I spent two years there. During the period, besides shooting and fighting, I learned a lot of good stuff that still motivate me and keep my life in some degree of intensity. Also, my interest in the business world began to grow during that time. It was a valuable time. I enjoy many hobbies such as snowboarding, swimming, playing soccer, traveling and socializing. Every winter, I drive to Colorado or New Mexico to go snowboarding.

I have always loved real estate, lands and buildings. My grandmother accumulated her wealth by investing lands and buildings while the Korean economy was booming. I inherited the sense of looking at real estates from my grandmother. Since I was young, my grandmother drove me around lands and buildings. She often asked for my opinion, even though I was so little. This is how my interest of real estate grew. When I complete this course, I expect to be able to knowledgeably view and evaluate real estate.

I have very fixed short term and long term career goals for my life. For the short term, I'd like to get hired by some investment banks that has one of their departments focus on real estate. I'd like to work as an investor. The field of real estate fascinates me more than stock markets because it is less risks and more tangible, and doesn't fluctuate a lot over the time. With all the money I earn from my job, I will franchise my brother's restaurants and also get into leasing building businesses. This is my long term career goals.

I love travel. I will visit every country in the world before my time comes. Skydiving is also on my bucket list. I have a fear of heights, but I will try.

I always update myself with news about what is going on in my country and in the world. The site I insert below is a Korean website where I usually read news articles.

www.daum.net