Yeongjong Island’s reclaimed dream
Developed by World Hansang Dream Island, a private corporation established by Korean expatriates, the new town will be named Dream Island.
Its development is supposed to create as many as 18,000 jobs and 27 trillion won ($25.5 billion) worth of economic impact.
Construction will begin next year and, when complete, will include a world-class hotel, shopping mall, marina, water park and golf course on a 3.16 square-kilometer, or 780-acre, area.
It will be the first private sector-led project in the port area. World Hansang Dream Island was chosen last year to spearhead the project.
The ministry wants the town to become a hub for tourism considering its easy access to transportation infrastructure, including Incheon International Airport. By the end of the year, the first phase of landfill, currently under progress, will be completed.
The value of the reclaimed land is estimated to be 420 billion won.
Another 4.16 square kilometers of land will be developed in a second phase, bringing the total area of the new island to 7.32 square kilometers.
The total cost of the project is estimated at 2.04 trillion won. About 1.9 trillion won will be financed by the private investor.
“Overseas Korean businesspeople have been making limited investments in the country due to a lack of trust in domestic companies and information,” said a ministry official. “The Dream Island project is expected to be a good chance for the country to attract foreign capital led by Korean expatriates.”
The company’s capital adequacy ratio is 27 percent, the ministry said, which is considered very sound in a city development project.
BY SONG SU-HYUN [email@example.com]