Otis wins contract for Seoul development

Farmington, Conn.-based Otis Elevator Co. has been awarded a contract from AIG Korean Real Estate Development YH to provide 125 elevators, escalators, and moving walkways for Internationa Finance Centre 9IFC) Seoul in Korea. Otis is a unit of United Technologies Corp.

IFC Seoul is located in Seoul's financial district on the island of Yeouido. The 5.4-million-square-foot development features three office towers, a five-star hotel, and a three-level luxury mall.

The contract is for 73 elevators, including six energy-efficient Gen2® systems, along with 38 escalators, and 14 moving walkways. The Gen2 systems are up to 50 percent more energy efficient than conventional systems and do not require any additional lubrication, the company says. Otis will begin installing equipment in 2010 and IFC Seoul is scheduled for completion in late 2011.