JEJU-DO < invest Korea

According to Yonhap News,

Hanwha Group, set to build a space center in Jeju, is also going to push for the creation of a tourism complex.

On February 16, Jeju-do announced that Hanwha Hotel & Resort (Hanwha Hotel), an affiliate of Hanwha Group, is considering the creation of a tourism complex consists of hotel, resort, and theme park in Sangari, Aewol-eup, Jeju-si.

Aewol Forest PFV, a real estate developer that pushes for the construction of Hanwha Hotel and tourism complex, requested the Jeju provincial government on February 2nd for the pre-review of urban management plan location as a preliminary measure.

The "Urban management plan location pre-review" is an administrative step to examine whether it is possible to change the urban plan at the district level for large-scale development of the planned site.

An official from Jeju-do government said, "It is still in the early stages of the project. If Hanwha Hotel hopes to go ahead with the project, it should go through various processes such as environmental impact assessment, landscape assessment, and traffic impact assessment."

The area that Hanwha Hotel considers for this project is 1.207 million sqaure meters in Sangari, Aewol-eup. The investment for this project is estimated at KRW 1.7 trillion.

The site was initially owned by Hanwha NEXT, a subsidiary of Hanwha Hotel, but was determined to be sold at KRW 41 billion to Awol Forest PFV.

The site under consideration for the creation of the tourism complex includes a ranch near Aewol International Cultural Complex.

Hanwha System, affiliated with Hanwha Group, is a major player in the space industry, which is intensively fostered by Jeju-do.

Hanwha System has decided to build Hanwha Space Center at Hawon Techno Campus in Seogwipo, the old site of Tamna University, and is undertaking necessary administrative procedures.

koss@yna.co.kr

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Source: Yonhap News (February 16, 2024)