Shinsegae Property Collaborates with Korea Water Resources Corporation on Hwaseong International Theme Park Development

Business Fully Launched... Targeting Opening in 2030

[Asia Economy Reporter Cha Min-young] The Shinsegae Property consortium announced on the 16th that it has signed a business agreement with the Korea Water Resources Corporation to develop the Hwaseong International Theme Park.

Selected as the preferred negotiation partner in February, the Shinsegae Property consortium will transition to the status of developer through this agreement and establish a separate corporation to commence full-scale project implementation. The consortium's equity composition is 90% Shinsegae Property and 10% Shinsegae Construction.

The Hwaseong International Theme Park is a large-scale project encompassing approximately 3.16 million square meters in Sinwoe-ri and Munho-ri, Namyang-eup, Hwaseong-si, Gyeonggi-do, integrating lodging, shopping, and leisure facilities, with an opening target set for the end of 2030.

The Shinsegae Property consortium, as the theme park operator, will participate in developing the theme park, hotels, shopping complexes, other residential housing, and public facilities. They will proceed with local government approval procedures such as designation of the area as a tourist complex and amusement park, aiming to start construction by the end of next year.

The company expects the Hwaseong International Theme Park project to create approximately 15,000 jobs, attract 19 million visitors, and generate an economic effect of about 70 trillion won.

Lim Young-rok, CEO of Shinsegae Property, stated, “This agreement has enabled us to accelerate activities for the successful creation of Hwaseong International Theme Park,” adding, “We will concentrate all the capabilities of the Shinsegae Group to realize a world-class tourist destination that combines the best content with cutting-edge IT technology.”

This content was produced with the assistance of AI translation services.