Housing
Seoul Ends Failed 'New Towns' Project
Redeveloped neighborhoods boomed then busted.
After 10 years, a Korean program that actively tore down older, low-density neighborhoods and replaced them with high-density “new towns” is coming to an end. Seoul Mayor Park Won-soon announced the end of the program, which was intended to help provide housing for the rapidly growing South Korean capital, last week.
The "new towns" were initially heralded as a success but quickly fell victim to the global economic downturn. Thousands of Seoul residents have been caught in the crash.