THE largest ever investment by the Koreans into the UK’s property market is being made in Swansea in a multi-million-pound deal.
Korean company CoDA has announced it is to build an £80m flagship residential development in Swansea. It follows the South Korean Government’s easing of restrictions on foreign real estate purchases.
CoDA is backed by a consortium of UK and Korean banks and has announced plans to create 400 construction jobs when it builds more than 400 apartments and seven retail units in the Harbour Square, on the city's SA1 waterfront site.
Welsh Enterprise Minister Andrew Davies said it was SA1's largest investment and would raise the city's profile.
Chief executive, Hoskik Chi brother lives in Swansea, said: "I was impressed with the SA1 development and felt it offered by far the best potential and our investors have also visited the site on a number of occasions…"The market in Swansea is dynamic and buoyant and I have been most impressed by the city and the surrounding area."
A planning application is expected to be submitted next month and the construction period will take three years.
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