Shinsegae Property Consortium have announced the signing of a contract to start the construction of an international theme park in Hwaseong. The real estate unit of Shinsegae will own a 90 per cent stake in the project, with the remaining 10 being held be Shinsegae Engineering and Construction.
The contract is a result of a series of efforts from the Ministry of Land, Infrastructure and Transport to change the development plans. The area has been a candidate for various global theme parks over the past decade. Proposed projects include a Korean Disneyland or Universal Studios style park, both unsuccessful bids.
Last year, the project was revitalised after Shinsegae Property Consortium emerged as the lead candidate for the development of a theme park.
“We will build a theme park not just for the domestic market, but something that can be called the landmark of Asia, something that we’ve never seen before, in order to contribute to the nation’s tourism industry and the local economy,” said Shinsegae Group Vice Chairman Chung Yong-jin last year.
Shinsegae Property plans to invest around 4.5 trillion won ($3.7 billion USD) to build a theme park complex that includes hotels, shopping malls and golf driving ranges, all connected through cutting edge IT technology. The land the park will be built on is to be provided by K-water.
“Shinsegae Group will focus all of its resources to establish one of the world’s most renowned landmarks, based on cutting-edge IT technology and leading content,” said Shinsegae Property CEO Lim Yeong-rok.
The theme park is set to open partially in 2026, and the grand opening is expected to be held in 2031. Construction will begin next year, thanks to the securing of relevant permits and the signing of the contract.
Around 15,000 jobs will be created through the project, drawing 19 million visitors each year according to Shinsegae. It is also expected to create 70 trillion won ($62.5 billion USD) in economic value.
