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EFEZ approved the Mangsang 2nd District Development Execution Plan
The East Coast Free Economic Zone Authority (EFEZ) approved the execution plan for the 'Mangsang 2nd District Global Resort Creation and Development Project' and will announce it as of November 30.
The project is to create a premium hotel with five basement floors and 34 floors above the ground, a terrace-type condo, an art museum, and a book cafe on a 222,734㎡ site in the area of Mangsang-dong, Donghae-si.
MS Hotel & Resort, the development project operator (Special Purpose Company), will begin land compensation for the project site after approval of the execution plan and will finish construction design by November 2025, commence construction from the end of 2025, and complete the construction by the end of 2028.
Meanwhile, the EFEZ also signed a contract of management consignment in December last year to launch the Grand Hyatt Hotel and Hyatt Alila Villa Hotel in Mangsang District 2.
hak@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2023.12.04
Views
140
According to Yonhap News,
The East Coast Free Economic Zone Authority (EFEZ) approved the execution plan for the 'Mangsang 2nd District Global Resort Creation and Development Project' and will announce it as of November 30.
The project is to create a premium hotel with five basement floors and 34 floors above the ground, a terrace-type condo, an art museum, and a book cafe on a 222,734㎡ site in the area of Mangsang-dong, Donghae-si.
MS Hotel & Resort, the development project operator (Special Purpose Company), will begin land compensation for the project site after approval of the execution plan and will finish construction design by November 2025, commence construction from the end of 2025, and complete the construction by the end of 2028.
Meanwhile, the EFEZ also signed a contract of management consignment in December last year to launch the Grand Hyatt Hotel and Hyatt Alila Villa Hotel in Mangsang District 2.
hak@yna.co.kr
Source Text
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Source: Yonhap News (November 29, 2023)
** This article was translated from Korean.