Development Accelerates as Urban Management Planning Committee Approves Projects
Large-Scale Private Investments Progress Smoothly
'Homigot Golf & Resort' and 'Costa Valley' Projects Gain Momentum,
Follow-up Administrative Procedures to Be Expedited
Two major private tourism development projects being promoted by Pohang City have recently passed the Urban Management Planning Committee review, accelerating the pace of their development.
The city announced that the 'Homigot Golf & Resort Development Project' and the 'Costa Valley Tourism and Leisure District Development Project' each passed the final land suitability assessment during committee reviews held on the 10th and 24th of last month, respectively.
Since both projects have completed the preliminary procedures required to initiate the decision (or modification) of the urban management plan, it is expected that subsequent administrative processes such as permits and approvals will also gain momentum.
With a combined total project cost of 1 trillion KRW, the city anticipates that these two projects will expand stay-type tourism infrastructure, create local jobs, and serve as a catalyst for the full-scale development of the Homibando region as a major marine tourism zone.
First, the 'Costa Valley Tourism and Leisure District,' which will be established on a site of approximately 1.65 million square meters in the Duwon-ri area of Janggi-myeon, Nam-gu, is a massive integrated tourism complex with a total investment of 867.7 billion KRW planned by 2028.
This project is a strategic initiative included in Gyeongbuk Province's 7th Regional Tourism Development Plan and Pohang City's 2030 Urban Master Plan. It will feature large-scale integrated leisure facilities such as a hotel and condo complex with about 500 rooms, a golf course, a pet park, smart racing, deep dive facilities, and a food tech tourism center.
In particular, in line with the trend of a super-aged society, a wellness center and hot spring facility will be developed based on the global longevity village 'Blue Zone' concept, aiming to create Asia's top long-stay resort and actively attract international tourists.
The project is led by 'Costa Valley MonaYongpyeong,' a special purpose company (SPC) jointly established by MonaYongpyeong, the nation's largest private tourism complex operator, and Jungwon, the landowner. Having already secured most of the land for the project, it is receiving positive evaluations for its stability and feasibility.
Additionally, the 'Homigot Golf & Resort Development Project,' which will be developed on a 1.27 million square meter site in the Guman-ri area of Homigot-myeon, Nam-gu, with a total project cost of 174.5 billion KRW, has been a long-awaited regional project since the original plan for a 9-hole golf course was announced in 2007 but delayed. After the succession of a private operator in 2021, the project was expanded and reorganized into a tourism and leisure complex including an 18-hole golf course and a luxury resort, and is now being relaunched.
Having secured 99% of the project site, this development aims for completion by the end of 2027, and plans to establish Pohang's first golf village at its core, along with various tourism, leisure, and resort facilities.
In particular, if developed as a high-end stay-type tourism complex linked with Homigot's natural marine resources and stunning coastal scenery, it is expected to have a positive impact on the local economy and job creation.
To continuously expand stay-type tourism content in the Homibando area and establish a Pohang-style marine leisure tourism ecosystem, Pohang City plans to quickly complete the necessary administrative procedures for these two large-scale, private-led projects, which now have an institutional foundation, and officially begin construction with a target groundbreaking in early 2026.
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