SEOUL, South Korea--(BUSINESS WIRE)--Korea Racing Authority (Chairman: Myung-Kwan Hyun) announced that it will host a contest for ‘Space Design and Operation Plan of Land’ in Seocho-dong, Seoul, starting on November 16, 2016 to January 17, 2017.
The contest is designed to plan the ‘space with a new brand’ by transforming current business programs and realizing innovation, exploration of future business areas and value of social contribution, using its own land.
The projected land is an estate of Korea Racing Authority in space of 1,400.4 square meters located near the subway station in Seocho-dong Seocho-gu, Seoul. It provides convenient transportation and it has strong effect of gathering people with a large floating population as it is neighboring to business facilities, a university and residential areas.
The underlying principle in preparing a proposal for the contest is ‘Brandscaping.’ Ahead of the 100th anniversary of introducing horse race that marks in 2022, the proposal should be creatively designed in the way of removing negative image of speculation business of Korea Racing Authority and realizing innovation, exploration of future business areas and value of social contribution. And it also should include state-of-the-art facilities that comprise future business areas and horse-related contents, which can serve as experiencing or entertaining space with easy and convenient accessibility.
“We plan to enhance the value of corporate brand by building a space that will help Korea Racing Authority and horse-related industry contribute to better life of Korean people by exploring innovative ideas that can lead the future rather than using already developed contents,” said Myung-Kwan Hyun, Chairman of Korea Racing Authority. “We hope a large number of specialists around the world will actively take part in the contest of Space Design and Operation Plan of Land in Seocho-dong, Seoul.”
The winner of the best prize will be granted with a right to design, produce and install the content proposed by him or her within the budget of up to 10.6 billion won (approx. 9.1 million dollars). Four other prize winners will be granted with a total of 120 million won combined.