SEOUL – The government announced on Monday the completion of plans for a new theme park and resort in Saemangeum, an expansive area of reclaimed land along the west coast, with an investment forecast of 144.3 billion won (US$110.2 million) expected to flow from the private sector for the project’s realization by 2026.
According to Yonhap News Agency, the initiative aims to convert a segment of the 409-square-kilometer reclaimed Saemangeum land into a "challenge theme park." This development is part of a broader effort to harness private investment for regional growth and comes after the unsuccessful hosting of the 2023 World Scout Jamboree at the same location, which faced setbacks due to extreme heat and inadequate government preparations.
The blueprint details private entities' commitment to injecting capital for the construction of various facilities, including condominiums, private villas, a child-centric performance venue, and a Ferris wheel. The scheme also proposes the creation of marketplaces for local produce to benefit the regional economy and the reconfiguration of leisure trails for public use.
This marks a pivotal moment for the Saemangeum area, representing the first major foray into tourism-centric development by private investors under President Yoon Suk Yeol's administration. The government is optimistic that this project will significantly contribute to the revitalization of the local economy.
The commencement of construction is slated for later this year, with a completion deadline set for the end of 2026.