Shinsegae Property Joins Consortium for Gwangju Eodeungsan Tourist Complex Development Project

Shinsegae Property announced on the 26th that it has been selected as the preferred negotiator for the "Eodeungsan Tourist Complex Amusement Park Site Development Project Third-Party Public Offering" conducted by Gwangju Metropolitan City.

Following its selection as the preferred negotiator, Shinsegae Property plans to complete the designation of the tourist complex and the building permit procedures by the end of 2026, starting with signing the business agreement as early as this year. Construction is scheduled to begin in 2027, with phased development including the unveiling of major facilities such as Starfield, high-end condos, and tourism, leisure, and entertainment facilities by 2030.

Aerial view of Grand Starfield Gwangju.

In December last year, Shinsegae Property proposed "Grand Starfield Gwangju," aiming for a "2-night 3-day staycation," to develop the 417,531㎡ (approximately 126,000 pyeong) site of Eodeungsan in Gwangju Metropolitan City. On the 13th, in accordance with Gwangju Metropolitan City's public offering guidelines, the company submitted a revised business plan that reduced the commercial district site area by 28,148㎡ (approximately 8,515 pyeong) and expanded the tourism, leisure, and entertainment facility district site area by 28,495㎡ (approximately 8,620 pyeong) to strengthen public interest.

Not only was the site area expanded, but Shinsegae Property also consolidated its know-how and capabilities in developing and operating Starfield as a hub for tourism, leisure, and culture, significantly expanding facilities and content that can provide diverse experiences and enjoyment for all generations.

Notable newly planned content includes the "Landmark Tower," where celestial observation is possible; the "Glass Audio Room," a music listening space enjoyed alongside lush greenery; and the "Path of Contemplation," a mountain garden utilizing the terrain of Eodeungsan.

Shinsegae Property also plans to take a leading role as a partner in regional co-growth. The company aims to contribute to regional economic development with an economic ripple effect of 20 trillion won, including attracting 30 million annual visitors to Gwangju Metropolitan City, expanding local tax revenue through the establishment of a local corporation, and generating employment for 11.5 million people, including prioritizing local residents in hiring.

Lim Young-rok, CEO of Shinsegae Property, stated, "By developing an overwhelmingly large-scale stay-type complex space, we will lead the creation of 'Grand Starfield Gwangju,' a national landmark that encompasses not only the Honam region but the entire Republic of Korea, making Gwangju Metropolitan City a place where anyone from anywhere in the country wants to visit."

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