The International Finance Center Seoul opened its doors Thursday after a nine-year wait.

Construction of all three towers, which began in 2006 after three years of development, is expected to be finished by the end of 2012.

According to Seoul Metropolitan Government, 16 global financial institutions have concluded contracts and begun moving into One IFC.

Those attending the opening ceremony included AIG Global Real Estate Managing Director John Whitaker and AIG Korean Real Estate Development President William Freeman.

The 500,000-square-meters IFC Seoul is situated in Yeouido, and the center aims to become a global financial hub.

The development is the byproduct of cooperation between the Seoul government and AIG Global Real Estate, which acts as the developer, finance arranger and project manager.

IFC Seoul will be comprised of three towers of grade-A quality office space, the five-star Conrad Seoul Hotel, IFC Mall, a fine-dining plaza, new public outdoor spaces and a multi-screen cinema.

Green spaces have been incorporated into the design, which also incorporates sophisticated energy efficient technologies such as solar panels to heat water, rainwater collection and co-generation of power.

By Robert Lee (robert@heraldcorp.com)