Jangmok Tourism Complex Development Project, After Drifting, the 'Real' Start

Establishment of Business Corporation, Submission of Business Agreement Performance Guarantee

The development project of Jangmok Tourist Complex in Geoje, Gyeongnam, which had been drifting for 27 years since its initiation in 1996, is set to begin in earnest.

On the 12th, Gyeongnam Province announced that the developer JMTC Consortium, which signed the business agreement last December, established the project corporation "Grancruce" and submitted a 6 billion KRW performance bond in accordance with the "Gyeongsangnam-do Jangmok Project Business Agreement."

Grancruce is the Spanish expression of Geoje (巨濟), where Geo (巨) corresponds to Gran and Je (濟) to Cruce.

With the establishment of the project corporation and the submission of the performance bond, it was explained that the long-underdeveloped Jangmok Tourist Complex has now entered the main track to be developed into an advanced integrated healing complex.

Aerial perspective of Jangmok Tourist Complex development in Geoje, Gyeongnam. [Image provided by Gyeongnam Provincial Government]

According to the province, the project corporation, composed of six companies including Korea Investment & Securities, plans to promote ▲designation of the Jangmok Tourist Complex ▲establishment of development plans ▲fundraising for the tourist complex development ▲site development ▲installation of upper facilities for direct development.

The Jangmok Tourist Complex is a project to create a healing stay-type resort facility that integrates nature, science and technology, and culture and arts on a 1.25 million square meter area in Jangmok-myeon, Geoje City, with a total project cost of 1.2 trillion KRW.

▲Customized healing experience lodging facilities ▲complex commercial facilities equipped with media art, performance and exhibition facilities, and commercial facilities ▲resort and cultural facilities including national gardens, five-senses healing courses, virtual reality, and five-senses experience facilities will be constructed.

To specialize the tourist complex, about 300 art and cultural content programs fused with science and technology will also be operated.

The province plans to complete the approval of the development plan and land acquisition by 2024 through the development plan establishment process, start construction in 2025, complete site development by 2027, and complete the planned upper facilities on the directly developed site by 2030.

The development of the Jangmok Tourist Complex is expected to generate a production inducement effect of 9.3 trillion KRW, a value-added inducement effect of 3.6 trillion KRW, and create 45,000 jobs.

Jang Young-wook, Director of Tourism Development, said, “Since the business agreement, preliminary preparations such as resident briefings in Hwangpo Village and expert opinion collection have been promoted collaboratively by our province, Geoje City, and the developer. Along with the establishment of the project corporation, we have also received the performance bond,” and added, “To successfully promote the project, we will continue to consult with the developer based on mutual trust.”

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