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05 Mar 2019
US$4bn tourism complex in Korea will centre on huge K-pop theme park
BY
Luke Cloherty
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The whole project is set to cost around US$4bn (€3.5bn, £3bn) to deliver and it is expected that ground will be broken in 2021
A huge new development in Korea is set to go ahead after stalling twice since 2007, with the new attraction boasting a gargantuan K-pop and natural history theme park as its centrepiece. The Hwaseong International Theme Park in Hwaseong, Gyeonggi Province, will be built by Shinsegae Property Consortium and will also feature a hotel, shopping centre and golf course.
The whole project is set to cost around US$4bn (€3.5bn, £3bn) to deliver and it is expected that ground will be broken in 2021. The theme park is set to open in 2026, with construction outlined to fully complete on the 3.15sq km (1.21sq mi) site in 2031.
K-pop and natural regional features such as the Shihwa Lake and a dinosaur fossil site will be central to the destination’s theme.
60,000 people will be employed through its construction and a further 15,000 jobs will be created at the theme park.
"We're aimimg to build Asia’s best global tourist destination that will contribute to the growth of Korea and the region," said Shinsegae Property CEO Lim Yeong-rok.
In 2007, Lotte Group had planned to pursue the project but the company failed to agree with landowner K-Water on the price of the land in 2010.
Then, in 2016, K-Water and another consortium could not agree on terms to build a Korean version of Universal Studios after funding issues.
This new deal with Shinsegae seems to have finally decided the land’s fate after a drawn-out process.
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