Chungnam Anmyeondo Tourist Site Development Project on Track

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

[Asia Economy (Hongseong) Reporter Jeong Il-woong] The development project of the tourist site on Anmyeondo Island in Chungnam has entered its main phase.

According to Chungnam Province on the 9th, the province signed the main contract (business agreement) with the OnTheWest consortium to promote the development project of Anmyeondo tourist site districts 3 and 4 on the same day.

Following the signing of the main contract, OnTheWest plans to break ground in March next year and complete the project by 2027.

The project involves OnTheWest developing accommodation facilities with 1,300 rooms including hotels, condos, and golf villages, as well as leisure and cultural facilities such as an 18-hole golf course, observatory, exhibition hall, shopping area, and a marine promenade on 2,140,484㎡ of Anmyeondo tourist site districts 3 and 4 over the next five years.

In particular, to enhance the utilization of accommodation facilities, OnTheWest’s blueprint includes installing water play facilities and exhibition halls featuring famous overseas content, and organizing and operating programs that the whole family can enjoy together.

Additionally, a swimming pool will be opened on the hotel rooftop where visitors can enjoy views of the natural scenery and the sunset over the West Sea, and a walking trail and observatory will be installed up to the Dundu-ri hill at the far end of district 3.

Under the main contract, OnTheWest agreed to pay a project performance guarantee of 7 billion KRW within three months and 10 billion KRW within one year, enhancing the project’s execution capability. Including the 3 billion KRW paid before the main contract, the total investment performance guarantee amounts to 20 billion KRW, according to the province.

The province expects that if the developer proceeds with the investment as planned, it will generate an induced production effect of 2.6167 trillion KRW and create 14,455 jobs in the region.

Yang Seung-jo, Governor of Chungcheongnam-do (sixth from the left), is taking a commemorative photo with representatives of companies participating in the On the West consortium after signing the main contract at Chungcheongnam-do Provincial Office on the 9th. Photo by Chungcheongnam-do.

Originally, when OnTheWest was selected as the preferred negotiator for the Anmyeondo tourist site districts 3 and 4 development project last year, a consortium of nine domestic and international companies was formed, including Meritz Securities, Shinsegae Construction, Korea Investment & Securities, U.S. investment specialist BridgeRock Capital Holdings, Shinhan Investment Corp., DL E&C, Marston Investment Management, Chosun Hotel & Resort, and Osmosis Holdings.

However, currently, Shinsegae Construction, Shinhan Investment Corp., and DL E&C have withdrawn from the consortium, and Daewoo Construction and Gyeryong Construction Industry have joined as new participating companies.

Yang Seung-jo, Governor of Chungnam Province, said, “The ‘Anmyeondo tourist site development project,’ a 30-year-old challenge for Chungnam, has taken its first practical step with the signing of the main contract. The province will devote all its efforts to ensure the successful completion of the Anmyeondo tourist site development project, which will become the center of the new tourism belt on the West Coast.”

Meanwhile, the Anmyeondo tourist site development project began after being designated as a tourist site in 1991. The project is broadly planned to create a year-round resort tourist site by 2025 on 2,941,735㎡ in Seung-eon, Jungjang, and Sinya-ri areas of Anmyeon-eup, Taean-gun, with a total project cost of 1.8852 trillion KRW (private capital of 1.8567 trillion KRW).

By district, a theme park is planned for district 1, a training center for district 2, condos for district 3, and a golf course for district 4. District 1 currently has no designated developer, and district 2 is under construction by the Ministry of Economy and Finance as the ‘Nara-Kium Policy Training Center.’

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