Chungnam Begins Sale Process of Public Land in Anmyeondo Tourist Area

[Asia Economy (Hongseong) Reporter Jeong Il-woong] The first land transaction procedure for the development project of Anmyeondo tourist site has begun.

On the 20th, Chungnam Province announced that Governor Kim Tae-heum of Chungnam Province and CEO Seo Jeong-hoon of On The West signed a land sale contract for Districts 3 and 4 of the Anmyeondo tourist site development project.

The land sale contract signed on this day covers 259 parcels of provincial land located in Jungjang and Sinya-ri, Anmyeon-eup, Taean-gun, with a total area of 1,933,937㎡.

This excludes 104,302㎡ of provincial land including coastal maintenance zones, embankment roads, southern access roads, and connecting roads, 66,732㎡ of national land, 2,410㎡ of military land, and 33,103㎡ of private land from the total area of 2,140,484㎡ of Districts 3 and 4.

The land sale price was set at 119,218,741,500 KRW, which is the average amount proposed by two appraisers recommended respectively by the province and On The West. Earlier, On The West fully paid 10% of the sale price, amounting to 11,921,874,150 KRW, as a contract deposit on the 15th.

Ownership of the land will be transferred to On The West once the full payment of the sale price is completed and all conditions are met. Land use is permitted once the full payment, contract deposit payment, or balance payment begins.

The contracted land cannot be subleased, transferred, mortgaged, have restricted rights established, have its usage purpose changed, or have rights such as leasing transferred or assigned to third parties.

The contract also includes provisions on restoration and compensation, exercise of repurchase rights, registration of repurchase special agreements, and waiver of lien rights.

The Anmyeondo tourist site development project has been underway since its designation as a tourist site in 1991. The project aims to create a world-class, four-season luxury resort by investing private capital in an area of 2,941,935㎡ covering Seung-eon, Jungjang, and Sinya-ri in Anmyeon-eup, Taean-gun.

On The West is a consortium composed of eight domestic and international companies including Meritz Securities, Korea Investment & Securities, GBA Exodus, Marston Investment Management, Chosun Hotel & Resort, Osmosis Holdings, Daewoo Construction, and Gyeryong Construction Industry, and is promoting the development project of Anmyeondo tourist site Districts 3 and 4.

On The West plans to invest 1.3384 trillion KRW over five years until June 2027 to build accommodation facilities with 1,300 rooms including hotels, condos, and golf villages on 2,140,484㎡ of Districts 3 and 4 of Anmyeondo tourist site.

Additionally, they will develop an 18-hole golf course, commercial facilities, observatories, exhibition halls, recreational and cultural facilities, and a marine promenade. Construction is scheduled to begin in March next year.

The province expects that if On The West’s investment proceeds as planned, it will generate production inducement effects of 2.6167 trillion KRW and employment inducement effects of 14,455 jobs.

Governor Kim Tae-heum of Chungnam Province said, “The land sale contract with On The West marks a turning point in the development of Anmyeondo tourist site and signifies that the project has entered a new phase. Until now, it was a preparatory period for drawing the blueprint and fulfilling preliminary procedures, but now it is time to practically proceed with development.”

He added, “The province will support the completion of the Anmyeondo tourist site development project by assisting with current projects such as improving transportation infrastructure, maintaining the circular road, creating the Garorim Bay Marine Garden, constructing a marine healing center, and building a policy training institute.”

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