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  S. Korean govt to build marine tourism complex near Incheon International Airport
  Writer : admin1     Date : 16-04-01 14:16     Hit : 1022    
 
 The South Korean government will build a marine tourism complex consisting of a waterpark, hotels and golf courses next to Yeongjong Island off Incheon, west of Seoul in hopes that the 3.3 million square-meter theme park near Incheon International Airport, the gateway to Korea, would become the global hub for marine tourism. 

The countrys Ministry of Oceans and Fisheries announced on Monday that it plans to break ground for the tourism complex in the latter half of 2016. Under the plan, the complex will house a water park, an aquarium, a hotel, shopping malls, education and research centers and a theme park on a 3.3 million-square meter site. While the government provides the state-owned land, a consortium of private investors will lead the project and receive land in return for their investment. 

The project will be led by World Hansang Dream Island Co., of which 61.5 percent stake was financed by Japans largest pachinko parlor operator Maruhan whose founder is a Korean-Japanese businessman, and 24 percent by a local investment firm. The construction is expected to cost about 2 trillion won ($1.73 billion) in total including 1.94 trillion won to be financed by the private sector and the governments 96.4 billion won. 

Convenient proximity to Incheon International Airport is expected to make the complex the worlds marine tourism hub, the government said. Dream Island has a 27 percent equity capital in the project, making the project financially sound. This compares with other city development projects whose operator generally holds around 10 percent equity capital in proportion to debt ratio. 

The ministry will endorse proposals from experts upon the consultation with relevant bodies before it embarks on the construction of the complex in the first half of this year.

By Maeil Business News Korea