NEWS
J-Project to Begin Construction after 10 Years
Writer
administ
Posted at
2013-12-17
The development project of Southwest Coast Tourism and Leisure City (known as J-Project) of the South Jeolla Province (Jeollanam) will have its ground-breaking ceremony on 13th.
The project aims to develop a part of the region (2.96 million㎡) as a complex which provides eco-tourism, bio energy and multiple leisure activities.
It is the first prospective project planned since the Yeongsan River 3-1 area reclamation project in 2003. The Yeongsan River 3-1area reclamation project provided the foundation for planning the J-Project.
The province had planned to hold the ceremony since March, but it was delayed due to the indifference of the government and raise of tension on Korean Peninsula.
The developers already started its construction of trench wall and pavement of the roads, completed about five percent of the entire construction process.
The province will invest KRW 1.137 trillion until 2025 to develop infrastructure for the city and other additional facilities such as golf clubs, various accommodation facilities and senior villages. Hotels, resorts, general hospital will be constructed in the area.
The province also plans to build Namdo food & culture town, convention center, waterpark, marina facilities and horse riding tracks.
The complex is expected to have about 18,000 residents in the area.
Bosung Construction Corp. (59.9 percent), Hanyang Corp. (16.8 percent), Junnam Province (10 percent) and Jeollanam Development Corporation (10 percent) are participating in the development project.
The province still needs to work on several problems. Nearly half of its initial capital (KRW 43.3 billion) was already spent on land purchase, and it needs to induce private investment of more than KRW 1 trillion. Uncertainties about the domestic and international economies and the competition with Saemangeum reclamation project are also challenges the project must overcome.
J-Project is a large-scale project which develops four sites including Guseong, Samho (8.66㎢), Sampo (4.3㎢) and Budong (1.4㎢) areas.
However, the development of Budong area was foundered and is going through liquidation, and no significant progress has made in both Sampo and Samho areas.
The project aims to develop a part of the region (2.96 million㎡) as a complex which provides eco-tourism, bio energy and multiple leisure activities.
It is the first prospective project planned since the Yeongsan River 3-1 area reclamation project in 2003. The Yeongsan River 3-1area reclamation project provided the foundation for planning the J-Project.
The province had planned to hold the ceremony since March, but it was delayed due to the indifference of the government and raise of tension on Korean Peninsula.
The developers already started its construction of trench wall and pavement of the roads, completed about five percent of the entire construction process.
The province will invest KRW 1.137 trillion until 2025 to develop infrastructure for the city and other additional facilities such as golf clubs, various accommodation facilities and senior villages. Hotels, resorts, general hospital will be constructed in the area.
The province also plans to build Namdo food & culture town, convention center, waterpark, marina facilities and horse riding tracks.
The complex is expected to have about 18,000 residents in the area.
Bosung Construction Corp. (59.9 percent), Hanyang Corp. (16.8 percent), Junnam Province (10 percent) and Jeollanam Development Corporation (10 percent) are participating in the development project.
The province still needs to work on several problems. Nearly half of its initial capital (KRW 43.3 billion) was already spent on land purchase, and it needs to induce private investment of more than KRW 1 trillion. Uncertainties about the domestic and international economies and the competition with Saemangeum reclamation project are also challenges the project must overcome.
J-Project is a large-scale project which develops four sites including Guseong, Samho (8.66㎢), Sampo (4.3㎢) and Budong (1.4㎢) areas.
However, the development of Budong area was foundered and is going through liquidation, and no significant progress has made in both Sampo and Samho areas.