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Tourist Development Project in Saemangeum Gains Momentum

According to Yonhap News,

(JEONJU = Yonhap News) Development of the tourist facility complex is forecast to gain momentum as Hanyang Corp. is expected to be nominated to develop the tourist-leisure site located between Saemangeum seawall Shin-si and Yami-gu.

Korea Rural Community Corporation (KRC) announced on 30th that Hanyang was the sole company to submit application for the project for developing the leisure site (193 ha) located between Shin-si and Yami-gu as a multiple leisure-tourist complex which offers accommodation, business, leisure and recreational facilities.

The development project was announced for the private investment last May but struggled to induce the investment because companies hesitated to make new investments due to the economic downturn and tightened regulations over the project financing.

Hanyang’s application as a sole developer will give a green light for the promotion of the project.

KRC plans to assess the company’s business plan with experts in various fields and decide in mid-December whether it should select Hanyang as the preferred in the project.

“We struggled to invite a partner into this project as there were few companies willing to participate in the project due to the global economic downturn. Hanyang’s participation will put some ginger into our project.” Official of KRC said.

The tourist complex site is located between Saemangeum Seawall and Shinsi-do, Muneo-do and Jangja-do. The development is also expected to affect the promotion of marine tourist attractions near Gogunsanyeol-do.

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Source Text

Source: Yonhap News (Nov. 30, 2013)

** This article was translated from the Korean.