‘30-Year Wish’ Development of Tourist Site in Chungnam Anmyeondo to Break Ground Next Year

Perspective view of the On the West Consortium's development project for Tourist Zones 3 and 4 in Anmyeondo. Provided by Chungnam Province.

[Asia Economy (Hongseong) Reporter Jeong Il-woong] The development project of Anmyeondo tourist site, regarded as a 30-year long-cherished project in the Chungnam region, is expected to break ground next year.

On the 21st, Chungnam Province announced that the OnTheWest consortium was selected as the preferred negotiation partner for the development project of Anmyeondo tourist site districts 3 and 4.

OnTheWest is composed of nine domestic and international companies including Meritz Securities, Shinsegae Construction, Korea Investment & Securities, U.S. investment specialist BridgeRock Capital Holdings, Shinhan Financial Investment, DL E&C, Marston Investment Management, Chosun Hotel & Resort, and Osmosis Holdings. Meritz Securities serves as the lead company.

The business proposal submitted by OnTheWest to the province included plans to develop the Anmyeondo tourist site under the theme of “a new signature West Sea lifestyle that fully embraces and enjoys Anmyeondo’s unique identity.”

The project will be promoted by investing 1.3384 trillion KRW from next year until 2025, developing 2,140,484 square meters in Anmyeondo districts 3 and 4, including accommodation facilities with 1,300 rooms such as hotels, condos, and golf villages, commercial areas, an 18-hole golf course, observatories, exhibition halls, recreational and cultural facilities, and coastal walking trails.

In particular, to enhance the utilization of accommodation facilities, OnTheWest plans to install water play facilities and exhibition halls featuring famous overseas content, and to organize and operate programs that families can enjoy together.

Additionally, a swimming pool will be opened on the hotel rooftop where visitors can view the natural scenery and the West Sea sunset, and walking trails and observatories will be installed up to Dunduri Hill at the end of district 3.

The province analyzes that if OnTheWest’s investment proceeds as planned, it will generate production inducement effects of 2.6167 trillion KRW and employment inducement effects of 14,455 jobs in the region.

Yang Seung-jo, Governor of Chungnam Province, expressed his commitment to the project, stating, “We will speed up the remaining procedures such as the establishment of a special purpose corporation by the preferred negotiation partner (OnTheWest), payment of investment performance guarantees, land sale and lease contracts, changes to development plans, and project implementation, to support the actual construction starting from the second half of next year.”

He added, “The opening of Wonsan Anmyeon Bridge and Boryeong Undersea Tunnel is changing the West Coast tourism map, and the creation of Garorim Bay Marine Garden and the construction of Chungnam Seosan Airport will strengthen the new West Coast tourism belt. We will devote all our efforts to ensure the successful completion of the Anmyeondo tourist site development project, which is at the center of the new West Coast tourism belt.”

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