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In just over a year from now, the Formula 1 race series will roar into South Korea for the first time ever. Construction on the nation's largest sports venue in Yeognam, South Jeolla Province, 320 kilometers south of Seoul, is well underway with the track, grandstands and pit lane starting to take shape (see it on a Google map).

The multi-million dollar project, the first ever international race track in the nation will allow more than 130,000 spectators to watch the race. It will come at a serious price - 340 billion won. But the venue is expected to be home to seven Korean Grand Prix races over the next seven years and hopefully, for race organizers, beyond. It's being billed by organizers as Asia's best race track and a potential symbol for a nation that has shown over the last quarter century that it's not afraid to hold major sporting events.

The first ever Korean Grand Prix is slated for Oct. 17, 2010, and is one of eight races -- along with the Bahrain, Malaysian, Chinese, Singapore, Japanese, Turkish and Abu Dhabi Grand Prix -- held in Asia on the 19-race calendar.

German track designer Hermann Tillke has been hired for the project. Tillke is the man behind several F1 track designs and redesigns, including circuits in Shanghai, China; Abu Dhabi, United Arab Emirates; and Kuala Lumpur, Malaysia.

The facility will cover 1.72 square kilometers along the scenic Yeognam coastline and will have a uniquely Korean flavor.