[Photo provided by Land & Housing Corporation]
South Korea’s state-run Korea Land & Housing Corporation (LH) said Thursday it has signed a partnership deal with Bolivia-based property developer Grupo Empresarial Lafuente (GEL) to advise it on a massive urbanization project worth 3.2 trillion won ($2.97 billion) in Santa Cruz, Bolivia.
GEL envisions creating a satellite city for 450,000 residents near Bolivia’s largest city of Santa Cruz. GEL is Santa Cruz-based developer with 1,900 staffs that has joined 24 city and industrial complex projects since its inception in 1995.
LH has been involved in the city development from the beginning stage. Korean companies are engaged in $11.49 million worth in the project.
The Bolivia government last year dedicated the new city’s main road “Avenida Corea”, meaning the Korea Avenue.
By Sohn Dong-woo and Lee Ha-yeon
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