Donghae ICT to Create the No.1 Tourism and Marine Complex City on the East Coast

- Land Compensation Negotiation Process Underway, Targeting Urban Infrastructure Construction Start in August Next Year

Donghae ICT Main Bird's-eye View

A new tourism and marine complex city is planned to be developed on a 3,424,820㎡ (1,036,008 pyeong) site in Mangsang-dong, Donghae-si, Gangwon-do, within the East Coast Economic Free Zone.

The developer selected for this project, Donghae E-City International Complex Tourism City Development (CEO Nam Heon-gi, hereinafter Donghae E-City), aims to create a future city with a population of 173,000 by 2030. It will be a sustainable tourism and marine complex city designed to revitalize the local economy and establish itself as the foremost new hub city in the East Sea coastal area.

Donghae E-City is currently progressing with the project, targeting the start of urban infrastructure construction in August next year. After submitting the implementation plan for the East Coast Economic Free Zone in April, it is awaiting approval following consultations with relevant authorities.

Additionally, efforts are underway to attract specialized universities, educational institutions, and international schools to foster urban revitalization and create a favorable environment for foreign residents. In June, a research contract was signed with Dankook University’s research team to study the establishment of a regionally specialized university.

The land ownership transfer process is also underway. After sending an appraisal notice last month, negotiations for land compensation are in progress, with plans to complete all transfers by July next year.

There is strong interest in this project from the finance and construction sectors. Donghae E-City has secured a financial investment letter of intent from NH Investment & Securities, a first-tier financial institution, and a construction participation letter of intent from E-Tech Construction, a first-tier general contractor. Other first-tier construction companies will participate through bidding, and after completing the infrastructure construction, contractors for unit development will be selected through foreign investment attraction and open competitive bidding to proceed with the project.

A representative from E-City stated, “Mangsang District 1 in the East Coast Economic Free Zone will be realized as a life-care healing zone that preserves Donghae City’s natural environment, free from fine dust.” He added, “To this end, we will promote local economic revitalization and coexistence with residents by linking with surrounding villages, and ensure convenience and living areas for newly incoming populations by establishing educational facilities, public facilities, residential areas, and a medical center.”

Furthermore, the representative said, “To become the East Coast’s premier sustainable tourism hub city, we will develop various themed experiential tourism items and build resorts with sea views and coastal street shopping malls, creating a stay-type tourist destination that combines recreation and accommodation.”