ULSAN < invest Korea

(ULSAN=NEWSIS) Ulsan City and LOTTE Engineering & Construction signed a memorandum of understanding (MOU) on May 13 to develop the Gangdong Resort, the water park zone.

They will invest KRW 280 billion in the development of the Gangdong Resort on 100,000㎡ of land in Buk-gu. They will resume the construction in 2015 and open the resort by the end of 2017.

The Gangdong Resort, which began its construction in February, 2007, was 37 percent complete when it stopped the construction due to the economic recession.

The resort will comprise accommodations (67,340㎡, a 15-story building, 200 rooms, an indoor swimming pool and a training center), an outdoor water park (14,990㎡), auto-camping park (9,875㎡) and cultural facilities (31,100㎡).

Ulsan expects the MOU to attract more private investment in the Gangdong Tourism Complex.

The Gangdong Tourism Complex, with KRW 2.6 trillion of private investment, will be divided into eight zones including youth training zone, complex sports zone, tower condominium zone, theme park zone, training and leisure zone, health and resort zone and herb-themed zone.

The Gangdong Resort is the core project of the Gangdong Tourism Complex.

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