The project of the New Songdo City is a very enthusiastic project which is massive, even mammoth in its size and undertaking. As a result the nature of the New Songdo City project tends to go either ways on terms of being a major success to being a major failure. Most of the other cities that are the competitors of the New Songdo City in terms if acquiring international businesses and companies as investors in the region have evolved in to the metropolitan, highly strung together cities.
The New Songdo City on the other hand is currently more of a project and less of a city which needs to be extensively worked upon in order to develop it and make it into a city. This would take, time, patience as well as commitment from Hynes, the Gale company as well as the potential investors in the New Songdo City project. These constraints on part of the New Songdo City make it a difficult investment which is very risky but also has the chance of rewarding the investors in the form of great returns in their investment in the long term.
Moreover the alternatives of the cities likeShanghai, Hong Kong Beijing, Singapore,SeoulandTokyoalso have the advantage of already existing and having a stable flourishing economy when compared to the New Songdo City which is still in the developmental and planning stages. This puts added pressure on the project to attract investors who are willing to see the project to its completion. The factor of attaining commitment form the investors before the city is built is one of the most difficult tasks for the gale company, however it is not impossible and it can be done through strategic marketing.
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