Changwon City Reopens Bidding for Private Complex Developer of Masan Marine New City

Plan for Selecting Priority Negotiation Candidates in September

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City, Gyeongnam Province, announced on the 31st that it has reopened the public bid for the private complex development operator of Masan Marine New City.

Of the 642,000㎡ artificial island created by reclaiming Masan Bay, 68%, or 439,048㎡, will be developed as a public, nature-friendly, and sustainable space, while the remaining 32%, or 203,119㎡, is designated as a private capital attraction zone. The city announced a private complex development direction that incorporates both public interest and private profitability and proceeded with the bid. However, it repeatedly failed to attract private operators from 2015 until earlier this year.

The city plans to promote the project by receiving private sector ideas through the 5th private complex development operator bid and by changing the urban development project plan and implementation plan accordingly.

The basic direction of the bid is to create a world-class emotional city based on tourism and smart technology through the development of the Masan Marine New City West Port District.

Eligibility to participate is limited to single corporations or consortiums capable of executing the project, and only those who submit a letter of intent meeting all qualification requirements can apply. The business plan must include tourism accommodation and cultural tourism complex facilities as mandatory facilities.

The city supplemented the previous bid contents for the 5th bid. First, the number of consortium member companies, previously limited to seven or fewer, was increased to ten. The payment of intermediate funds was changed from 20% for the first payment and 40% for the second to 10% for the first and 50% for the second, reducing the burden on private operators.

Additionally, the scoring for land purchase costs was raised from 40 points to 100 points, while the land use zone, which previously had no specific criteria, was designated as commercial land.

The bidding period is from the 31st to August 30th. The city will receive letters of intent to participate by June 14th, accept business plans by August 30th, and select the preferred negotiation candidate in September.

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