November 28, 2007 06:05
A Universal Studios theme park and resort will be built in the Songsan Green City development in Hwaseong, Gyeonggi Province.
Gyeonggi Province, the city of Hwaseong, the Korea Water Resource Corp. and consortium USK said on Tuesday that they signed a memorandum of understanding for the W2.9 trillion (US$1=W929) theme park.
USK holds exclusive rights to develop and operate the park for Universal Parks & Resorts of the U.S. If construction goes as planned, Universal Studios Korea will open in March 2012 on the 4.7 million sq.m site.
Hwaseong was chosen since it is 30 km south of Seoul and 35 km southeast of Incheon Airport. That accessibility should make it easy to attract Korean visitors as well as tourists from Japan and China.
The theme park will be built as a resort where tourists can stay for several days and enjoy the area. It will be larger than the Universal Studios parks in Orlando (1.8 million sq.m) and Los Angeles (1.69 million sq.m). The plan includes a high-end shopping mall, conference center, a golf course, a spa, accommodation and other resort facilities.
Gyeonggi Province expects the theme park will generate some W2.9 trillion in economic benefits and 57,000 new jobs once it is fully operational.
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