Yeosu Gyeongdo Marine Tourism Complex, 1.5 Trillion Won Investment 'In Full Swing'

Expecting Over 3.85 Million Tourists Annually... Approximately 20,000 Jobs Created

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The 1.5 trillion won-scale Yeosu Gyeongdo Marine Tourism Complex development project, promoted by the Mirae Asset Consortium, will be in full swing starting with the commencement of accommodation facility construction in the second half of this year.

The consortium announced on the 9th that to develop the Gyeongdo Marine Tourism Complex into a world-class resort, they completed the master plan in December 2019, reflecting the latest tourism trends such as tourism facility clustering and long-term stay accommodation facilities, using global tourist destinations like Singapore Sentosa and Macau as role models. After consultations with related agencies, they completed the approval procedures including development plan changes in July 2020 and implementation plan changes in October 2020.

Initially, the construction of tourism facilities such as a water park, entertainment center, shopping mall, and marina was planned to proceed alongside the accommodation facility construction in the second half of this year. However, due to concerns about noise and other educational environment damages affecting the nearby Gyeongho Elementary School, it was agreed with the education office and others to start construction after relocating Gyeongho Elementary School.

Accordingly, investment will be actively pursued starting with the commencement of accommodation facility construction, which does not interfere with the current educational environment of Gyeongho Elementary School. Construction of tourism facilities will begin in March 2023, when the elementary school relocation is completed, and is planned to be finished by December 2024, coinciding with the opening of the connecting bridge.

The tower-type residence accommodation facility, scheduled to start construction in the second half of this year, is classified as a residential accommodation facility under the Building Act. According to the proposed amendment to the Enforcement Decree of the Building Act currently under legislative notice, it cannot be used as a housing unit. It requires lodging business registration, and when sold, these details will be disclosed. A specialized lodging operation company will be selected to manage the facility on a consignment basis.

The marine waterfront space, scheduled to begin construction next month, plans to offer various attractions such as a seawater pool, marine cable car, water park, entertainment center, and marina facilities, and is expected to become a representative tourist destination on the southern coast.

The seawater pool, themed around an artificial beach, will begin approval consultations this year and be completed in the second half of 2024, after which it will be open free of charge to citizens and tourists. The marine cable car route consultation will be completed this year, with approvals next year, and installation is planned to be finished by the end of 2024.

Meanwhile, the Gyeongdo Marine Tourism Complex development is expected to greatly contribute to revitalizing the regional economy. During construction, it is anticipated to create employment for 16,614 people and induce production worth 2.6 trillion won. After operations begin in 2025, it is projected to attract over 3.85 million domestic and international tourists annually, generating an additional 3,816 jobs and 205 billion won in production effects.

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