GWANGJU < invest Korea

According to Yonhap News,

The development project for the Eodeungsan Tourism Complex, where 'Starfield Gwangju' will be located, is progressing smoothly.

According to Gwangju-si on January 16, Shinsegae Property, the private developer for the project, paid KRW 7.74 billion as the second interim payment for the land cost, as stipulated in the agreement, to Gwangju Urban Management Corporation (GUMC).

Shinsegae Property signed an agreement with GUMC in December 2023 for the development of the Eodeungsan Tourism Complex and has been taking follow-up actions.

In January of last year, Shinsegae Property paid the Security Deposit for the performance of the Contract (KRW 11.6 billion) and land contract deposit (KRW 8.6 billion), followed by the establishment of a local corporation, 'Starfield Gwangju', and a basic plan (MP) service contract in March, the first interim payment for land cost (KRW 7.74 billion) in July.

According to the agreement, Shinsegae Property plans to complete detailed designs in the first half of this year and proceed with the process for changing the construction plan in the second half.

Construction is scheduled to begin in 2026, with the 'Grand Starfield', condominium, and auxiliary facilities set for completion in 2030, and the residences to be completed in 2033.

Mayor Kang stated, "We will ensure that this project becomes a staycation destination visited from all over South Korea, not just the southwest region, and further evolve into a luxury mixed-use tourism complex encompassing tourism, leisure, culture, and shopping. We will spare no administrative support in its development," and added, "Once detailed plans are available, we will also initiate discussions on mutual cooperation with local small businesses."

cbebop@yna.co.kr

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Source: Yonhap News (January 16, 2025)