South Korean architectural property development company, CODA, has announced it is to build an £80m residential development in what is believed to be the first Korean property investment of this scale in the UK.

It is being backed by a consortium of UK and Korean banks and investment funds to deliver Harbour Square, a residential development planned for the £400m SA1 waterfront scheme in Swansea. According to Andrew Davies, Enterprise Minister for the Welsh Assembly Government, it is the largest single investment in SA1 to date.

“The fact that SA1 is being developed by the Welsh Assembly Government and that we will be engaging directly with them has created a huge amount of confidence amongst our investors and provided the assurance they needed”, says Hoshik Chi, chief executive of CODA.

Miles Thomas of global property consultancy Knight Frank, who acquired the site on behalf of CODA, says: “The continued demand for residential accommodation in Wales is the driver for increased investment at home and from abroad.

“This, coupled with a relaxation in South Korea’s laws regulating the purchase of property abroad, means that similar organisations may now look to Wales’ strong property market as a route to invest”, he concludes.

The development will consist of twin structures comprising of 406 apartments, including a percentage of affordable housing as well as car parking and seven retail units on the ground floor. The project is due to start in October 2007 and should be complete near the end of 2009.