Shinsegae Property Pays Third Land Installment
Fulfilling Follow-up Actions After Establishing Corporation and Detailed Design
Construction to Begin Next Year, Shopping Mall and Condominium to Be Completed by 2030
The development of the Eodeungsan Tourism Complex, which is set to become a landmark in Gwangju, is progressing smoothly. On July 16, Gwangju City announced that the private developer, Shinsegae Property, paid the third installment of the land price, amounting to 7.74 billion won, to Gwangju Urban Corporation.
According to the progress of the project, Shinsegae Property paid the performance guarantee and land contract deposit early last year, established the local corporation 'Starfield Gwangju,' and signed a contract for the basic planning service. This year, the company has demonstrated momentum by successfully paying both the second and third installments of the land price.
After signing an agreement with Gwangju Urban Corporation in December 2023, Shinsegae Property began detailed design work for the amusement park site in the first half of this year. The company plans to proceed with the procedures for amending the development plan in the second half of the year and aims to begin construction in 2026.
The Grand Starfield Gwangju, the condominium, and auxiliary facilities are scheduled for completion in 2030, while the residence is planned to be completed in 2033.
Gwangju Mayor Kang Gijung stated, "The Eodeungsan Tourism Complex will become not only a tourism hub for the southwestern region, including the Honam area, but also a staycation destination visited by people from across South Korea." He added, "We will spare no administrative support to ensure that it is developed as a premium, multi-purpose tourism complex encompassing tourism, recreation, culture, leisure, and shopping." He continued, "Once the detailed plans are established, we will also pursue cooperation with local small business owners."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
