University as real estate developer: Comparative perspectives from the Global East

Abstract

By examining comparatively two recent projects of university-led large-scale real estate development in South Korea and Singapore, this paper contributes to the ongoing efforts to problematise the methodological statism in the study of East Asian urbanisation, i.e., understanding it as a process dominated by state actors, on the one hand, and to challenge the perspective that university-led real estate projects are a neoliberal strategy as conventionally understood in the West on the other. To this end, this paper uses qualitative research methods to investigate how and why East Asian universities participate in real estate development projects; how the universities pursue their material goals by negotiating with the state, which is known to have led condensed urbanisation and industrialisation in East Asia (Global East). This paper concludes that speculative real estate development activities of East Asian universities are variegated based on their developmental legacies and need to be understood as more nuanced processes. The case studies demonstrate that East Asian universities have worked beyond their social roles by directly participating in the urban process, pursuing the accumulation of real estate assets that would eventually undermine their public role as educational institutions.