Eodeungsan Tourism Complex Development on Track as Shinsegae Property Pays Land Installment

Fourth Land Payment of 7.74 Billion Won Made
Design Completion Expected This Year, Construction to Begin in Second Half
Grand Starfield and Condominiums Targeted for Completion by 2030

The Eodeungsan Tourism Complex development project, which will include the integrated shopping mall 'Grand Starfield Gwangju,' is proceeding as planned with the payment of the land cost installment. As the private developer carries out follow-up procedures according to the agreement, the detailed design is scheduled to be completed this year, and construction of the infrastructure is set to begin.

Grand Starfield Gwangju Bird's-eye View. Provided by Gwangju City

On January 16, Gwangju City announced that Shinsegae Property, the private developer of the Eodeungsan Tourism Complex amusement park site development project, had paid the fourth land cost installment of 7.74 billion won to Gwangju Urban Corporation.

With this payment, Shinsegae Property has paid a total of 39.56 billion won out of the overall land cost of 86 billion won, which amounts to approximately 46% of the total. Gwangju City and Gwangju Urban Corporation explained that the follow-up measures under the agreement are being implemented without any setbacks.

Gwangju Urban Corporation and Shinsegae Property signed an agreement detailing the development of the Eodeungsan Tourism Complex amusement park site on December 22, 2023. According to the agreement, Shinsegae Property will complete the detailed design for the amusement park site by the first half of this year and, after going through the procedure to change the development plan in the second half, will begin infrastructure construction.

The core facilities of the tourism complex, including the integrated shopping mall Grand Starfield Gwangju, condominiums, and auxiliary facilities, are being developed with the goal of completion by 2030. The high-end residential facility, the residence, is planned to be completed in phases by 2033 in line with tourism demand.

Gwangju City expects that, once the Eodeungsan Tourism Complex development project is completed, it will become a leading stay-type tourism hub representing the southwestern region.