On Tuesday, June 30, 2015, IFEZ, Songdo American Town, KB Real Estate Trust, Hyundai Development Company, and Meritz Securities held a commemorative ceremony for the start of construction of “Songdo American Town IPARK.” The project, to be developed on Block M2-2 of the Songdo International City Internationalization Complex, was planned as a residential complex with three towers ranging from three basement floors to 49 above-ground floors, including 830 apartment units and 125 officetel units. It was designed as a specialized housing complex for overseas Korean citizens and permanent residents seeking to settle in Korea, and Hyundai Development Company planned to proceed with construction with completion targeted for October 2018.