Invest KOREA

According to Yonhap News,

(INCHEON=Yonhap News) A project to establish a marine tourism complex consisted of water park and high-end hotel on the Yeongjongdo dredged soil dumping area, made of the soil dredged to keep the route of Incheon port, will begin its construction, if early, in June this year.

The Incheon Regional Office of Oceans and Fisheries announced on March 22 that as a project operator of Dream Island, a development project for the Yeongjongdo dredged soil dumping area, submitted an official document for stating construction on March 21, construction can begin in June-July this year after preparation period.

The Dream Island, in the scale of KRW 2 trillion in total estimated expense, is the first ever project suggested by the private sector in Korea's port redevelopment history.

Six financial institutions including Mirae Asset Daewoo participated as financial investors while construction investors including Hyundai Engineering&Construction are planned to finish the first phase of construction by 2021 to establish the foundation for construction in the scale of KRW 410.3 billion.

The total area for the project is 33.2 million square meters, 1.1 times that of Yeouido, and the complex will have water park, luxury hotel, golf course, and multi-complex shopping mall.

With six parks and educational and research facilities utilizing natural and ecosystem of nearby Yeongjongdo, the complex will also provide a place for environmental education and nature experience for local residents.

An official from the Incheon Regional Office of Oceans and Fisheries said, "We will make every effort to help Dream Island project go as planned by improving accessibility and transport connection, thereby contributing to revitalization of regional economy".



smj@yna.co.kr

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Source Text

Source: Yonhap News (March 22, 2019)

** This article was translated from Korean.