A part of reclaimed land along the world’s longest Saemangeum seawall in North Jeolla Province, South Korea, will be reserved for a multi-purpose resort district.
A consortium led by builders Bosung and Hanyang and state entities teamed up to add leisure and resort presence in the man-made coastal area. The project gained impetus with joining of Chilean Crystal Lagoons Group and its real estate unit First Rock Associates (FRA).
FRA is a company engaged in beach and lake investment under the global company Crystal Lagoons that creates man-made beaches and lakes with related patents in 190 countries in the world.
The Saemangeum Project picked up speed under the new administration as its development had been part of President Moon Jae-in’s campaign promise.
The Bosung-Hanyang consortium has formed a JV for the Sinsi-Yami Area development project in November 2017 with several state entities including the SDIA, Ministry of Agriculture, Food and Rural Affairs, Korea Rural Community, Jeonbuk Provincial Government and Gunsan City Office.
By Chung Soon-woo and Lee Ha-yeon
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