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Korea's $1bn Lotte World Tower aims to match Dubai's record of boosting the world's highest outdoor observation platform. 

The 123-storey tower, located in south-eastern Seoul, is due for completion in the second half of 2016.

Burj Khalifa's observation deck, which is located on the 148th floor of the tower, currently holds the world record at 555 metres high. 

However, Korea's tower, which is being developed by Lotte Duty Free, is expected to boost an observatory on the 123rd floor, which will be 555 metres high, according to Arabian Business as reported in the Korea Times.

The Korean development is expected to emulate Dubai's Downtown district - with plans for a 123m high musical and light fountain, concert hall, six-star hotel and a 1,650,000 sqm mall aquarium featuring an 85m long underwater tunnel.