The Songdo New City project in Incheon's Free Economic Zone, west of Seoul, has attracted 180 million dollars in development capital from U.S. investors during investor relations meetings in New York.

The financial advisory group for the new city project, comprised of Woori Bank, global financial services firm, Morgan Stanley, and international bank, ABN Amro, reportedly secured a syndicate loan worth 210 billion won from investors in New York.

According to financial sources, the capital will be used to buy 1.7 billion pyong or 5.5 million square meters of land for the new city and for the first stage of related construction.

A senior official of Woori Bank said in an investor relations meeting in New York that the group would soon sign an official contract with the investors.