[Asia Economy Reporter Lim Jeong-su] A 60 billion KRW project financing (PF) has been secured for the development of Illite Country Club (CC), a golf course in Yeongdong, Chungbuk. Construction of the golf course and hotel, private projects within the Rainbow Healing Tourism Complex, is expected to begin in earnest.
According to the investment banking (IB) industry on the 24th, the developer Rainbow Co., Ltd. received a 60 billion KRW PF loan underwritten by KB Securities. The loan maturity is 2 years and 6 months. Although the principal is to be repaid in a lump sum at maturity, early repayment of part or all of the principal is allowed on each interest payment date.
The funds raised will be used for the project to build the Illite CC golf course on an 890,278㎡ site in Maechon-ri and Sinik-ri, Yeongdong-eup, Yeongdong-gun, Chungbuk. Dowoo Construction, selected as the contractor, will invest a total construction cost of 75 billion KRW to develop the golf course, clubhouse, and other convenience facilities. Additionally, a hotel with 101 rooms will be built on a nearby 17,508㎡ site.
Illite CC is part of the Rainbow Healing Tourism Complex project, a key initiative in Yeongdong, Chungbuk. The public development sector of the Rainbow Healing Complex has mostly been completed, including Fruit Country Theme Park (2017), Wine Tunnel (2018), Complex Cultural Arts Center (2019), and Wellness Complex (2020).
Rainbow was selected as the preferred negotiator in the private sector bidding for sports, entertainment, and accommodation facilities, and signed an implementation agreement with Yeongdong-gun in July last year. The plan is to successfully complete both public and private development sectors to create the best stay-type tourism and leisure destination in the central region.
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