Signing of Implementation Agreement for Duwoo Leisure Complex Development Project in Hadong District, Gyeongnam

Creation of Wellness Lifestyle Village

Kim Gap-seop, Administrator of Gwangyang Bay Area Free Economic Zone Authority (left); Yoon Sang-gi, Mayor of Hadong County (center); Shim Jae-beom, CEO of Doo Leisure Development Co., Ltd. and Chairman of DK Co., Ltd. (right). Photo by Gyeongnam Provincial Government

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] The Hadong Office of the Gwangyang Bay Area Free Economic Zone Authority announced on the 7th that it has signed a business implementation agreement with Duwoo Leisure Development, the preferred negotiation partner for the development project of the Hadong District Duwoo Leisure Complex.

According to the agreement, Duwoo Leisure Development plans to invest 313.9 billion KRW in a 2.721 km² site to build a 27-hole golf course, hotel, theme village, residential facilities, and more.

Duwoo Leisure Development is a special purpose corporation established by the Korea Investment & Securities Consortium, which was selected and announced as the preferred negotiation partner on November 4th. The corporation is funded by Korea Investment & Securities and six other companies.

Once the project meets the conditions for implementation, Duwoo Leisure Development is expected to be designated as the project developer in January next year, with development plan changes and detailed plan establishment leading to construction starting in the second half of the year.

Kim Daeseok, head of the Hadong Office, said, “Once the Duwoo Leisure Complex is completed, it will create new regional industries in the development of the Gwangyang Bay area,” adding, “It is expected to have a positive effect on attracting tourists and bringing in resident companies to the Hadong District Galsaman Shipbuilding Industrial Complex and Daesong Industrial Complex.”

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