Ministry of Trade, Industry and Energy Approves Original Plan for Changes to Mangsang Districts 2 and 3 Development Project
[Asia Economy Reporter Ra Young-cheol] With the government’s approval of the revised development plan for Mangsang Districts 2 and 3 in Donghae, Gangwon Province, the tourism development of the Mangsang area has been set in motion.
The Donghae Economic Free Zone Authority announced on the 10th, "The revised development plan for Mangsang Districts 2 and 3 was 'approved as originally proposed' at the 124th Economic Free Zone Committee meeting of the Ministry of Trade, Industry and Energy on the 23rd of last month."
The Economic Authority plans to abolish the residential construction land in Mangsang District 2, which overlaps in function with District 1, and significantly strengthen tourism functions by creating a premium-grade integrated resort that can meet the demands of domestic and international tourists.
Covering an area of 0.22㎢, with an investment of 71.5 billion KRW (initially 48.8 billion KRW), the project will link cultural, artistic, and leisure functions such as a premium hotel, art museum, and book caf?.
Mangsang District 3 will be developed as a complex facility land for a year-round well-being leisure space combining relaxation, shopping, tourism, leisure, and culture, excluding some areas already developed as part of the Mangsang tourist site (such as the auto camping site).
With an area of 0.14㎢ (initially 0.29㎢) and an investment of 88 billion KRW (initially 29.7 billion KRW), the plan includes integrated development of a 3 km beach, a 300 m infinity pool, a premium hotel, and a hotel academy.
The Economic Authority stated that the developer, Dongbu Construction Co., Ltd., plans to establish an SPC (Special Purpose Company) by September and apply for approval of the implementation plan within the year. After completing all administrative procedures, including consultations with related agencies (disaster, traffic, environment, etc.) by the second half of next year, construction is scheduled to begin in January 2023.
Furthermore, upon completion of the development of Mangsang Districts 2 and 3, economic benefits related to production, employment, and income in Donghae City are expected, along with positive effects on regional development due to the establishment of the East Coast tourism belt.
Shin Dong-hak, head of the Donghae Economic Free Zone Authority, said, "The approval of the revised development plan signals the start of development for Mangsang Districts 2 and 3. We expect that attracting various contents within the district will also give momentum to the development project of Mangsang District 1 as a supporting city."
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