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Busan to Modify Plan for East Busan Tourism Complex
Busan Metropolitan Corporation (BMC) announced on May 18 that it will review and inquire purposes of five facilities to be located in East Busan Tourism Complex (EBTC), all of which are now struggling to find investors.
EBTC, located in Gijang-county, is to consist of theme parks, leisure, health, accommodation and others. The facilities, a total area of 2,696,000㎡ and 34 buildings, will be developed via private investments.
Brand Roadshops, commercial buildings, and Family Land, a recreational facility, are under review after project proposals were accepted. And ‘Creative Center’ for media education and other 4~5 facilities are under negotiation with investors.
But tower condominiums and vacation homes have made no progress so far.
In 2005, the City of Busan and BMC set up a plan for the tourism complex which must be built in an eco-friendly way as the sites are classified as greenbelts. For this reason, unrealistic plans were applied to the construction and the authorities have failed to secure profitability and still have difficulty finding investors.
So, BMC decided to review the unrealistic plans and purposes for the development regarding the tourism complex. In an effort to draw investment, the corporation has largely modified purposes for the complex.
“BMC will make changes in the facilities in accordance with Tourism Promotion Act.”CEO Lee Jong Cheol of BMC said. “Plans for some facilities can be modified altogether but we will maintain the general concept of EBTC and will focus on essentials of the original plan.”
“BMC has already organized three teams for the modifications and looked into tourism complexes in Jeju Island and Japan for reference. With success and failure case studies, BMC will consider how to adjust and change plans. ”said Mr. Lee “Once results come out, we are to seek approval for changes from the City of Busan.”
sjh@yna.co.kr
Copyrights Yonhap News. All Rights Reserved. Source Text
Source: Yonhap News (May 18, 2014)
** This article was translated from the Korean.
Date
2014.05.28
Views
747
According to Yonhap News,
Busan Metropolitan Corporation (BMC) announced on May 18 that it will review and inquire purposes of five facilities to be located in East Busan Tourism Complex (EBTC), all of which are now struggling to find investors.
EBTC, located in Gijang-county, is to consist of theme parks, leisure, health, accommodation and others. The facilities, a total area of 2,696,000㎡ and 34 buildings, will be developed via private investments.
Brand Roadshops, commercial buildings, and Family Land, a recreational facility, are under review after project proposals were accepted. And ‘Creative Center’ for media education and other 4~5 facilities are under negotiation with investors.
But tower condominiums and vacation homes have made no progress so far.
In 2005, the City of Busan and BMC set up a plan for the tourism complex which must be built in an eco-friendly way as the sites are classified as greenbelts. For this reason, unrealistic plans were applied to the construction and the authorities have failed to secure profitability and still have difficulty finding investors.
So, BMC decided to review the unrealistic plans and purposes for the development regarding the tourism complex. In an effort to draw investment, the corporation has largely modified purposes for the complex.
“BMC will make changes in the facilities in accordance with Tourism Promotion Act.”CEO Lee Jong Cheol of BMC said. “Plans for some facilities can be modified altogether but we will maintain the general concept of EBTC and will focus on essentials of the original plan.”
“BMC has already organized three teams for the modifications and looked into tourism complexes in Jeju Island and Japan for reference. With success and failure case studies, BMC will consider how to adjust and change plans. ”said Mr. Lee “Once results come out, we are to seek approval for changes from the City of Busan.”
sjh@yna.co.kr
Copyrights Yonhap News. All Rights Reserved. Source Text
Source: Yonhap News (May 18, 2014)
** This article was translated from the Korean.