Gwangyang Economic Zone Authority Selects Preferred Negotiation Partner for Hadong Duwoo Leisure Complex Development Project, Construction Expected Next Year

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] The Hadong Office of the Gwangyang Bay Area Free Economic Zone Authority announced on the 9th that the Korea Investment & Securities Co., Ltd. consortium was finally selected as the preferred negotiator for the ‘Hadong District Duwoo Leisure Complex Development Project Implementer,’ signaling a green light for the development of the Duwoo Leisure Complex.

The Duwoo Leisure Complex is scheduled to begin construction immediately after the Korea Investment & Securities Co., Ltd. consortium, selected as the preferred negotiator for the development project, is designated as the project implementer in January next year, through changes to the development plan and establishment of the implementation plan.

The Korea Investment & Securities Co., Ltd. consortium plans to invest a total project cost of 313.9 billion KRW in the Duwoo Leisure Complex to create a ‘Wellness Lifestyle Village’ consisting of a 27-hole golf course, hotel, theme village, residential facilities, and more, aiming to attract 2 million tourists annually.

Meanwhile, the Duwoo Leisure Complex had its project implementer designated in August 2015 and received approval for changes to the development plan in April 2018. However, due to reasons such as failure to establish an implementation plan and non-payment of the project performance deposit, the project implementer designation was canceled in December last year, causing difficulties in project progress. This year, through a public offering, the Korea Investment & Securities Co., Ltd. consortium was finally selected as the preferred negotiator.

Lee Jung-hoon, a member of the Gyeongsangnam-do Provincial Council, said, “While serving as the vice chairman of the Gwangyang Bay Area Free Economic Zone Association, I have closely observed the Duwoo Leisure Complex development project for a long time and have always felt regret over the slow progress,” adding, “With the selection of the Korea Investment & Securities Co., Ltd. consortium as the preferred negotiator this time, I expect the development of the Duwoo Leisure Complex to proceed at a faster pace.”

He also stated, “This will greatly contribute to revitalizing the local economy through Hadong tourism development and job creation,” and added, “As the vice chairman of the association, I will do everything possible to support the prompt commencement of construction at the Duwoo Leisure Complex.”

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