NEWS: Universal Studios South Korea delayed again (2020)

[jedimaster1227]

After much quiet, Universal has finally released some news regarding their South Korea project.

 

http://www.orlandosentinel.com/business ... 8270.story

 

The parent company of Universal Orlando announced Monday that it had completed an agreement with partners in South Korea to build a new Universal Studios theme park. Universal Parks & Resorts said it expects to break ground on the 1,100-acre Universal Studios Korea resort early next year. It is expected to open in early 2014.

 

The $3 billion development, in South Korea's Gyeonggi province, will include a Universal Studios theme park, a CityWalk shopping-and-dining district, a water park, golf course, multiple hotels, condominiums and more. "Universal Studios Korea shows our continuous commitment to growing our business in Asia," Tom Williams, chairman and chief executive of Universal Parks & Resorts, said in a prepared statement.

 

First announced in November 2007, Universal Studios Korea has taken longer than expected to get off the ground. Backers initially planned to open the resort in 2012, but progress was slowed by the collapse in late 2008 of credit markets worldwide.

 

To help kickstart the project, Universal recruited Lotte Group, a Japanese conglomerate that began as a chewing-gum company but has branched into fields ranging from tourism to finance to heavy chemicals. Lotte already operates an indoor theme park called LotteWorld in Seoul, South Korea. Lotte will take a 26.7 percent stake in Universal Studios Korea, making it the project's largest shareholder. More than a dozen other businesses and governments are also partners.

 

Universal also said Monday it now has agreements with the South Korean government to extend highway and rail networks to serve its theme park. South Korean government officials say they expect construction to create more than 40,000 jobs.

 

Universal Parks & Resorts, a unit of General Electric Co.'s NBC Universal, has made overseas expansion a priority in recent years. Universal is scheduled to open a new theme park in Singapore in a matter of weeks. It would be the fourth resort in Universal's portfolio, joining properties in Orlando, California and Japan.

 

Universal has also said it still plans to open a park in Dubai by 2012, though many other projects in the region, which has been hit particularly hard by the global credit crunch, face substantial delays.

 

"Korea is a great business opportunity for Universal Parks & Resorts," Williams said. "We are excited to be working with an esteemed group of Korean corporations under the leadership of Lotte, and we are thankful for the strong support of the Korean government."

 

It is definitely good to hear that Korea's Studios is still an active project, considering the silence surrounding the project. After seeing the incredible amount of quality and detail put into the Singapore resort, I'm definitely excited to see Korea's resort built from the ground up. It is very interesting to see the leaders of Lotte get involved; something which I think will only benefit the resort, especially in its first few years of operation.

Edited September 4, 2016 by larrygator

[jarmor]

Maybe universal can convience lotte world to move the aquatrax to the new park! They can even keep the same theme and place it in a waterworld section lol!

[DBJ]

From what I've seen of Lotte from this site, looks like Universal has found a very good partner in developer a great park for Korea.

 

I would hope that they develop the attractions around slightly more modern films and pop culture franchises. "Avatar" is popular in the region, and that movie in particular lends itself to the BTTF/Simpsons ride style. And they do have a relationship with Cameron on T2:3D.

 

At least with attractions based on Jurrasic Park, there are more films planned over the next decade so that is current. If they really wanted a post-apocalyptic era stunt show, there is a new Mad Max movie coming up as well. Just don't get Uni's fascination with Waterworld, other than that they own the ip rights.

 

It definately will be interesting to see which way they go. Would they install similar rides to what they have at their current parks? Or will they go more towards IOA and Singapore?

[Jew]

Just don't get Uni's fascination with Waterworld, other than that they own the ip rights.

 

It might have been an awful movie, but it makes for a unique stunt show. It is also one of the most popular attractions at both USH and USJ.

[themeparkman25]

^^The Waterworld show at USH is fantastic, entertaining and thrilling. Definitely a really great show, and that is why they keep it around.

 

Anyways, there is another post about Universal S Korea posted over on Univeral Singapore.

 

Universal Studios to Open in Korea in 2014

US film giant Universal Studios Tuesday signed a deal with South Korean partners to build its largest theme park in Asia at a cost of around three trillion won (2.67 billion dollars).

 

Universal Parks and Resorts and 14 South Korean partners, including Lotte Group and a subsidiary of steel giant POSCO, signed the framework agreement to develop the park at Hwaseong, by 2014.

 

The initial deal was announced in late 2007 but faced problems raising capital until retail and hotels group Lotte was persuaded to join the project.

 

Universal Studios also operates theme parks in Hollywood, Orlando in Florida and Japan, and a park on Singapore's Sentosa Island is nearing completion.

 

When completed, the South Korean resort, 40 kilometrs (25 miles) southwest of Seoul, will be larger in area than all four combined and will create more than 40,000 jobs, according to Kim Moon-Soo, governor of Gyeonggi province.

 

It aims to attract up to 15 million visitors every year, said Chung Chai-Kwan, president of US Resorts Asset Management Co, an agent for the project.

 

Lotte Asset Development will have a 26.7 percent stake, while POSCO's construction subsidiary POSCO E and C is the second largest shareholder with 24.4 percent.

 

Work is due to start early next year on the venue, which will include a water park, theme hotel, apartments, a golf course and other facilities.

 

Culture minister Yu In-Chon called it "a major opportunity to develop the national tourism industry".

 

Universal Parks and Resorts chairman and CEO Thomas Williams said he was very optimistic the resort would attract "a substantial segment" of the South Korean population as well as a growing number of Asian international tourists.

 

He said director Steven Spielberg, a creative consultant to Universal Parks and Resorts, is expected to take part in the Korea project.

 

"He already has a number of ideas that I think will contribute to making it quite unique and, in the spirit of differentiation, something that caters to an international crowd," Williams said.

 

http://sentosathemepark.blogspot.com/2010/01/universal-studios-to-open-in-korea-in.html

[gisco]

Glad to see this going forward. Lots of cool things going into Asia the next few years. It's going to make a return trip to Asia a must!

[Nosferatu]

With this and the other park planned it seems like Korea is really getting its share of parks. Can't wait to here more about this one.

[robbalvey]

Just don't get Uni's fascination with Waterworld, other than that they own the ip rights.

 

It might have been an awful movie, but it makes for a unique stunt show. It is also one of the most popular attractions at both USH and USJ.

Exactly. Does anyone really even know the movie of Song of the South before they ride Splash Mountain?

 

--Robb

[UberBeavis]

^Sure thing, Robb. I won't rest until there's an Uncle Remus AA in every Splash Mountain

[jedimaster1227]

http://www.koreatimes.co.kr/www/news/nation/2010/01/113_59398.html

 

After a small town in Gyeonggi Province announced Tuesday it would be the site of the world's largest Universal Studios, one question remains ― how viable can the new park be in Asia's increasingly competitive theme park market?

 

U.S. film giant Universal Studios signed an agreement Tuesday with a Korean consortium to develop Asia's largest theme park in the provincial city of Hwaseong, about 60 kilometers southwest of Seoul.

 

Plans for the park were first announced in 2007, but difficulties in raising funds have delayed the proceedings of the project, according to regional authorities.

 

The $2.7 billion deal would give Korea its first global-brand theme park, which is expected to serve as a major addition to the country's underdeveloped leisure infrastructure. The movie-themed resort will feature the Universal CityWalk, an 18-hole golf course, themed hotels, a water park, premium retail outlet stores and condos.

 

Gyeonggi Province is expecting 10 million visitors annually from Korea, China and Southeast Asia.

 

Prospects for the new park, however, remain uncertain. First, there is the stiff domestic competition with existing amusement complexes like Everland, operated by Samsung Group, and Lotte World, which have continued to rank in the top tier of global amusement park attendance surveys.

 

A single admission fee to Universal Studios Japan costs around 5,800 yen (72,000 won). If similar prices are applied to its counterpart in Korea, a family of four would have to pay almost 300,000 won for a daily trip.

 

"Considering that a domestic theme park charges around 30,000 won to 40,000 won per person, that is quite expensive, given the income level of Koreans," said Park Gyeong-ryeol, a researcher at the tourism industry division of the Korea Culture & Tourism Institute.

 

Korea's homegrown theme parks have generated $1.2 billion in annual ticket sales. More than 8.2 million people, or one out of every six Koreans, visited Everland in 2006, making it the third busiest in Asia, after Tokyo Disneyland and Universal Studios Japan.

 

A theme park's viability can be sustained only if it hosts around 7 to 8 million tourists annually, according to industry watchers.

 

"People may find the new park interesting for the first few years and go once or twice. It could be difficult, however, to attract tourists on a more consistent basis," Park added.

 

Also, there is the problem of outside competition from Asian neighbors. Asia has emerged as a focus of theme park development, with countries like Singapore, Malaysia, Japan and China rushing to build large-scale theme parks.

 

Asia's theme park industry, which accounts for nearly half of the global $23.5 billion market, has largely been controlled by local companies, as in the case of Korea.

 

However, global brands like Disneyland and Universal Studios are expanding their presence in Asia.

 

In a landmark move, the Chinese government approved the construction of a $3.5-billion project to build the country's first Disneyland, one of the largest-ever foreign investments there. Universal Studios Singapore at Resorts World Sentosa (RWS) is set to open next week.

 

Theme park developments are also under way in Beijing, Gangzhou and Shenzhen.

 

Gyeonggi is expecting many Chinese and Japanese tourists, who constitute a large portion of visitors to the country.

 

"We're going to make this resort a signature facility of the West Coast economic tourism belt by successfully attracting tourists from China and other nations," Gyeonggi Governor Kim Moon-soo said.

 

But will Universal Studios Korea serve as a must-visit destination for Japanese and Chinese tourists, when they have similar facilities in their own backyard?

 

"The reasons for going to a theme park in one's own country and visiting one in a foreign country are not necessarily the same. People still find reason to visit Universal Studios in Orlando, even though they are in their own country," Park said.

 

"Chinese tourists still have the tendency to travel in groups when they visit Korea. As long as this pattern of travel continues, I would say that prospects for the Universal Studios in Korea are good in terms of attracting Chinese tourists."

 

Gyeonggi Province and many other local governments, with strong backing from the central government, have been rushing to build theme parks, leading to concerns that the domestic theme park market may become saturated.

 

Korea has also attracted interest from Paramount Pictures and Metro-Goldwyn-Mayer, with both announcing plans this year to build resort parks in Incheon.

 

Around eight large-scale theme parks are expected to be established in the Seoul, Incheon and Gyeonggi Province by 2012. When including the ones in Daegu, Gwangju and other provincial areas, the figure could increase to 14.

[Garet]

^ Since that announced area was where I live I still see news, this one came up today:

 

Universal Studios is expected to be built fifth in the world in Hwaseong, Gyeonggi-do.

 

Korea Water Resources Corporation announced that it has chosen to 22 days 'Universal Studios scoria (USK)' international theme park complex development project consortium preferred bidder to develop the Songsan Green City in the construction.

 

The consortium of domestic investment firm USKPH and Daewoo Engineering & Construction, Drawing Engineering, Chinese state-owned construction company China Construction mounds Co., Ltd. (CSCEC) and travel agents in Hong Kong, China Travel Co., Ltd. (CTS), including five businesses and Water Resources Corporation, Gyeonggi-do, Hwaseong, Korea Development Bank, etc. She attended.

 

USK consortium was involved solely in the Songshan international theme park operators conspiracy undertaken in September.

 

Songshan International Theme Park in Hwaseong sinoedong stands for one 4.2㎢. Once around Pyeongtaek ~ Shiheung roads and highways, including eight sinansan line, including two railway is completed as planned state 30 minutes from Incheon International Airport, Seoul can come in just 50 minutes from Gangnam explained that water is.

 

USK consortium will invest about 5 to one trillion won Universal Studios theme park in Songshan International, Korean theme parks, water parks, condominiums, including plans to build a golf course.

 

Investment funds with a consortium of participating companies is about 1.2 trillion won planned to secure the loan, etc. Loan Interest Development Bank and Hana Bank (LOI) also received state that Korea Water Resources Corporation said.

 

Water Resources Corporation official explained, "Water Resources Corporation is also involved in the consortium and various licensing process also remains Songshan International Theme Park project is de facto public institutions have led to stabilization projects."

 

The Universal Studios theme park in Songshan International is the world's fifth when Universal Studios opened. There are currently four countries, including Universal Studios in the United States, Japan, Singapore and China.

 

Water Resources Corporation officials explained that "USKPH have agreed to Add to Universal Studios Universal Studios introduced in the United States and this side of the business plan," he said "If selected as a concession license to engage in such detailed negotiations."

 

Songshan International Theme Park opens the door to find foreign tourists to Korea is 10% per annum (140 million) Water Resources Corporation to increase more than was expected.

 

Singapore Universal Studios opened in 2010 full of tourists is 20% neuleotgo 1000 to 1.64 million people in 2009 than 2011, 1000 is a 3 million people are estimated based on a 11% increase in 2011 and that more than a tourist.

 

Water is next Songshan International Theme Park is to create 76 000 jobs during construction when the building is being predicted to be 15 trillion won worth of production inducement effect.

 

Also since 2020 when Songshan International Theme Park has started operating a year was expected to produce approximately 40,000 employment inducement effect of 6 trillion won 8,000 occur.

 

Choegyeun Water Resources Corporation said "preferred bidder that was selected Songshan international theme park project was able to full-scale push" and "A successful business with a significant impact requires the cooperation of government and business, and Water Resources Corporation is also supportive I will not, "he said.

 

Choi added, "for Universal Studios and the Korean spotlighted in the world with the Wave theme center clerk with the theme because there will be more competitive in Japan and Universal Studios Singapore."

 

Sponsor representatives of this consortium is to USKPH In 2007, Universal Studios and Gyeonggi Province Hwaseong, Korea Water Resources Corporation, configure the Lotte Asset Development as Songshan International Consortium had promoted the theme park business.

 

Was selected as a time up to the task concession agreement signed in 2012, but the land has not been signed supply contracts for 2013 were discontinued projects.

 

Songshan international theme park business as dwaetgo this election pledges of President Park Geun-hye since the Law on Industrial Sites and to enable the development of non-public offering this year, the international tender to select a theme park operators in the re-revision was promoted elasticity.

 

The government has decided to grant incentives to open on July 8th Trade Investment Promotion at Songshan International Theme Park project is to have a globally competitive financial and infrastructure support, and designated as a foreign investment zone.

 

Water Resources Corporation is scheduled to be considering a site in-kind contributions. Choi said, "When in-kind contribution of land land issue is lost.

Taken from google translate. Source

 

Take it with a huge pinch of salt since it was only a few months ago, I posted newspaper articles claiming a Disneyland was coming. There's been so many proposed parks for Korea I've lost count, off my own memory and a quick TPR search we have: Universal 4 times (2012, 2014, 2017 - the adverts in my town when I first arrived and now 2020) a MGM Park, Paramount, Disney, Robot Park in Incheon, Legoland & concept art for another Lotte World from Goddard Group.... and 1 or 2 I can't remember who the brand was. I think the only one out of all of those that actually ever broke ground and started construction is Legoland coming 2017.

 

From the previous article:

Around eight large-scale theme parks are expected to be established in the Seoul, Incheon and Gyeonggi Province by 2012.

 

I don't think any of them were built in the end, unless Legoland was secretly heavily delayed. I've mentioned in a few of my posts before but quite a few of the existing parks haven't really got too many new rides in the last 10 years, outside Lotte World's new gyro-spin, the last thrill ride I think was almost 6-7 years ago for the whole country with a mix of upgrades of existing rides or new family rides for the bigger parks.

[gerstlaueringvar]

Why 4 Universals in Asia and three of them so close to each other? I don't really get the point of this.

[Jew]

One way to take ownership of the market is to have a park in every major city in the region.

 

Also, Beijing & this one are just partnerships/licensing deals....

[jedimaster1227]

The region is also EXTREMELY populated when compared to other parts of the world. The reason that China is able to sustain so many theme parks is because the country is so huge and the audience is so large for each park because of the size of the neighboring population. The same principal holds true for many of the neighboring countries in the region. South Korea is also among several emerging tourism markets springing up within the last decade (alongside Abu Dhabi, Dubai, Malaysia and even India).

 

Keep in mind, the United States is actually another great example of how you have run a similar setup for a park under the same umbrella and set them up only three to five hours' driving distance between each other and be able to find success. Six Flags and Cedar Fair are known for being "regional amusement parks" because they offer affordable amusement park experiences within a relatively accessible driving distance from key markets throughout the country (and in the case of Six Flags, throughout North America and Mexico). The experience may be redundant if you look at it by comparing one park to the other, but from the viewpoint of the general guest that will drive three hours to get to one park and would never consider driving another four to six hours after that to visit the next-nearest park, the challenge of redundancy or market saturation is moot. The spheres of influence of these regional parks rarely overlap to the point that a potential guest would be visiting both parks within the same driving distance.

 

This is also very much a reason why Disney has yet to build another theme park resort destination in the United States, because the spheres of influence for the Disneyland Resort and the Walt Disney World Resort end right at each other with little to no overlap. The addition of a third resort in the US would cannibalize both resorts' business with audiences between the two now split between three potential resorts.

 

Bringing this back to the original topic, the addition of this park will not detract from any of the other Universal Parks in the region, or from those beyond. There is ample market for each of these destinations to support each park without fear of one pulling business from the other.

Edited December 22, 2015 by jedimaster1227

[Garet]

Well, after posting an article about a Korean Disneyland from people similar to the one I quoted above, I told you to take it with a huge pinch of salt but it seems the park is happening again, I saw newspaper articles in some of the Korean dailies today and an English one has it as the main story , here's the article:

 

The world’s fifth Universal Studios will open in Hwaseong, Gyeonggi, as early as 2020. The decision came a decade after a plan to bring the famous theme park to Korea was first floated.

 

The theme park is expected to be popular with domestic Korean customers but also with tourists from neighboring China. A Chinese consortium is participating in the construction.

 

K-Water, the state-run water resource management company, announced on Tuesday that Universal Studios will be built in Songsan Green City, an industrial complex being developed on land it owns. Songsan Green City is just south of the Songdo International Business District and Incheon International Airport on the west coast of the Korean Peninsula.

 

It is a half-hour drive from the airport and 50 minutes from the posh Gangnam District of southern Seoul.

 

 

 

The complex will host the Universal Studios theme park and hotels, condominiums, a golf course and residential apartments.

 

Hwaseong Universal Studios will be the world’s second-largest theme park, covering an area of roughly 4.2 square kilometers (1.6 miles).

 

K-Water said it picked a Universal Studios Korea consortium led by China’s largest state-run builder, China State Construction Engineering Corporation, and its largest state-run tourist agency, China Travel Services, as a preferred bidder for the project. The consortium also includes the Korean construction firm Daewoo E&C and Korean engineering consulting firm Dohwa Engineering as well as Universal Studios Korea Property Holdings.

 

“The realization of an international theme park is now a step closer,” K-Water CEO Choi Gye-woon said at a press conference on Tuesday. “I hope the central government and private sector’s cooperation will successfully carry out the project, which will likely create jobs while lifting up the regional economy.”

 

During the press conference, Choi also asked for approval for a foreigners-only casino, which is not part of the theme park.

 

“A casino will help the project take root with more stability,” Choi said.

 

The entire project is estimated to cost 5 trillion won ($4.25 billion): 3 trillion won to construct the park, hotels and residential apartments, and 2 trillion won to manage the park.

 

The consortium will be investing 850 billion won, or 30 percent of the 3 trillion won required for the first phase.

 

The remaining 70 percent will be borrowed as a project finance loan from KEB Hana Bank, as well as funding from the central government. The 2 trillion won needed for management will be made from profits generated by preliminary sales of residential apartments.

 

Korea’s Universal Studios aims to bring 1.4 million foreign tourists into the country every year, mostly Chinese. One way to attract Chinese tourists is to develop entertainment related to Hallyu, or the Korean Wave of cultural products like K-pop.

 

In 2009, Lotte Asset Development first attempted to form an international consortium to build a Korean Universal Studios. But it failed to attract foreign investment due to the 2008 global financial meltdown.

 

The opening date of the theme park has been set for 2020.

Source and Overhead Art

 

and another article from Yonhap:

 

S. Korea revives Universal Studio theme park project

 

SEJONG, Dec. 22 (Yonhap) -- South Korea on Tuesday announced a consortium involving Chinese investors as a preferred bidder to build a theme park in partnership with U.S.-based Universal Parks and Resorts, reviving the project after a three-year hiatus.

 

The state-run Korea Water Resources Corporation (K-Water) said it chose the multinational consortium consisting of Daewoo Engineering & Construction and Dohwa Engineering of Korea as well as China State Construction Engineering Corporation, China's largest construction company, and Hong Kong-based China Travel Service.

 

K-Water said it will draw up detailed plans by the first half of next year to open a global theme park in Hwaseong, about 60 kilometers south of Seoul, by 2020, estimating that around 5 trillion won (US$4.24 billion) will be invested into the project.

 

The park envisioned on a plot spanning 4.2 square kilometers will include a Universal Studio theme park and Korean pop concert arena, as well as accommodations, a golf resort, a water park and a shopping center.

 

The site is located about an hour drive from Seoul and close to Incheon International Airport.

 

"The global theme park is expected to help draw Chinese travelers as Chinese investors joined the project," K-Water said in a release, noting the project will be on track this time with government support.

 

Plans for the theme park were originally announced in 2007 amid hopes it would be up and running in 2012, but the project was delayed by the global financial crisis and put on hold in 2012 over land and infrastructure issues.

Source

 

I just bought a house back where I first stayed in Korea that's not too far from here Not sure how far it'll be with traffic since roads can be clogged in that area but they are extending a subway line towards my town for 2020 which will hopefully make some transfers for getting to the park easier, and I'm sure there will be a lot more freeways once construction is happening and it gets closer to opening.

[Garet]

DAEJEON, Aug. 23 (Yonhap) -- South Korea is facing rough sailing in its ambitious plan to build a Universal Studios theme park south of Seoul due to a row over how to bankroll the big-budget project, sources said Tuesday.

 

Korea Water Resources Corp. (K-Water), the state-run water resource management company, is pushing to build the amusement park in Songsan Green City, an industrial complex being developed on its own land in Hwaseong, about 60 kilometers south of Seoul, by 2020.

 

K-Water estimates around 5 trillion won (US$4.45 billion) will be invested in the complex envisioned on a 4.2 square-kilometer plot, which will include the Universal Studio theme park and a Korean pop concert arena, as well as accommodations, a golf resort, a water park and a shopping center.

 

In December, K-Water picked a Universal Studios Korea consortium led by China's top state-run builder China State Construction Engineering Corporation and its leading state tourist agency China Travel Services as a preferred bidder for the project. The consortium also includes South Korean builders Daewoo Engineering & Construction and Dohwa Engineering.

 

According to K-Water, both sides had planned to sign a formal contract by the end of August, but they remain divided over the project's financing. K-water said it has agreed with the consortium to extend the negotiation deadline.

 

Watchers said the biggest hurdle to a formal deal is whether the state-run Korea Development Bank (KDB) will be able to fund part of the cost as it is playing a leading role in South Korea's restructuring of troubled shipbuilders, shipping lines and other companies.

 

"At the moment, the touchiest issue is whether the consortium will be able to receive state funding," a consortium official said. "We are hoping for good news before long as related government agencies are discussing the issue in earnest."

 

A lack of state funding may make it difficult for the consortium to raise the necessary money, potentially derailing the project entirely, they pointed out.

 

In an effort to make the project more viable, the government has decided to provide funding and infrastructure support, as well as offer incentives by designating the site as a foreign investment zone. K-Water has also offered the land to cut the construction cost.

 

The plan for the theme park was floated in 2007 amid hopes it would be up and running in 2012, but the project was delayed by the global financial crisis and put on ice in 2012 over funding. But South Korea has again been pushing for the project after President Park Geun-hye, the then-ruling-party candidate, offered it as one of her promises for the presidential election in December that year.

 

Source

 

I've been living in the area not too far away for almost 7 years now and I think this may be the 4th attempt now to start the project that's then encountered problems since I moved here.

Edited August 23, 2016 by Garet

[Rollercoaster Rider]

I hope so. There have been so many Korea park rumors (Paramount Park, MGM Park, Robot Park, Disney) and if Korea is going more family than thrill than Legoland will be a blockbuster but I still want Korea to open a major coaster.

[Garet]

Seems the Korean Water Resources Group have now given up on it being a Universal Park and are handing it off to Shinsegae Group to get their theme park off the ground.

 

Shinsegae Group participates in international theme park development project.

 

The Shinsegae Properties Consortium was selected as the preferred bidder for the Songsan Greenway International theme park complex development project sponsored by the Korea Water Resources Corporation. The project will create a global tourism city on the site of about 4.18 million square meters (about 1.27 million pyeong) in Songsan Green City, Hwaseong City, Gyeonggi Province, and the Shinsegae Properties Consortium will invest a total of 4.5 trillion won in this project.

 

The Shinsegae Group plans to showcase a 'world-not-yet-exciting theme park' that customers in and outside of Korea want to visit by applying diverse and original concepts to the site.

 

First, it will create a theme park that attracts global intellectual property (IP) and includes a Korean-language cultural space such as K-POP, and a story connected with excellent tourism resources in the region, such as Shihwa Lake and Dinosaur Alps. In addition, the city will actively promote smart city functions, establish a safe city with a smart traffic system, and create a friendly water space utilizing the existing tidal flats of Shihwa Lake to make eco-friendly green theme parks capable of ecological and water purification.

 

We plan to create a theme park city that combines a variety of contents such as high-end hotels and resorts, 18-hole golf courses, multiple shopping malls, premium outlets and residential facilities to provide accommodation, shopping, leisure and activities.

 

The Shinsegae Group expects that the development of the theme park will bring about KRW 70 trillion in production and value added. It is also expected that the direct and indirect employment effects of 110,000 people will occur, of which only 15,000 direct employees are expected to help create local jobs and revitalize the national economy.

 

Representative Lim Young-rok, representative of Shinsegae Property, said, "We will build a comprehensive theme park city that is well known not only in Korea but also in the world, by concentrating all the capabilities of the Shinsegae Group." In order to contribute to the revitalization of the national and local economy through the Songsan Green City business, I will build the city. "

 

The Shinsegae Property Consortium has solely solved the controversy of the Songsan Green City Hwasung International theme park project from November last year to the 18th, and plans to launch a full-scale project such as site construction once the various licenses are finalized after selecting the target of the priority negotiation.

Source

[Garet]

Quote

A state-of-the-art amusement facility that combines digital technologies such as virtual reality (VR) will be built on a large scale in the international theme park that Shinsegae Group is building in Hwaseong, Gyeonggi-do.

Shinsegae Group bought a site from Korea Water Resources Corporation to build an international theme park in Songsan-myeon, Hwaseong, Gyeonggi-do, for 867 billion won. The 19th is the date of land acquisition.

The site size is 32,21434m2, which is about 1 million pyeong, three times that of Everland in Yongin (108,9434m2).

A theme park that will appear on Mars is different from a general amusement park. It is a futuristic theme park in which cutting-edge IT technologies such as digital playground equipment are applied.

First of all, advanced digital and IT technologies that can be mobilized, such as augmented reality (AR) technology, virtual reality (VR) experience, and artificial intelligence (AI) technology, are all mobilized.

Shinsegae's core strategy is to provide customers with an unforgettable experience, not just a ride experience.

Shinsegae's blueprint is to build a world-class futuristic theme park that is equivalent to that of famous overseas theme parks such as Disney World and Universal Studios.

An official from Shinsegae Hwaseong said, "We will be reborn as a new concept space aimed at the younger generation, MZ, by eliminating the shortcomings of rides or traditional theme parks as much as possible.

Shinsegae plans to make Hwaseong Theme Park a space that encompasses sports, culture, art, nature, and wellness. In addition to the amusement park, it will have various infrastructures such as golf courses, resorts, shopping malls, and residential facilities.

Shinsegae Group Vice Chairman Jeong Yong-jin said at the vision proclamation ceremony in 2019, "We will make it a landmark in Asia, and through the introduction of the world's best IP consulting, we will create a theme park that has never existed in the world."

Only the project cost is 4.5 trillion won. It is a very large project. Shinsegae Group is in contact with global consulting companies and overseas investors to make it comparable to Disney World or Universal Studios.

This is in line with the recent acquisition of a professional baseball team that he announced that he would not only be a simple sports club, but value the customer's experience.

Accessibility is also excellent. It will be connected directly to the theme park through the'International Theme Park Station' on the Shinansan Line, which is scheduled to open in 2024. It is estimated that it will take 40 minutes from Yeouido, Seoul to the final stop, Songsan Station. International Theme Park Station means that you can go to and from Seoul within 40 minutes.

The theme park is scheduled to start in 2023 and open in 2026. Starting with partial opening in 2026, it is aiming for full opening in 2031.

Hwaseong's international theme park promotion project was held in 2012 and 2017.There has been a turn or failure. At that time, the plan to bring in Universal Studios changed, and the business drifted for 10 years.

The construction of the theme park is a project that Vice Chairman Jeong is devoting enough to say, "I will pour out all the business capabilities of Shinsegae." Interest is focused on whether the Hwaseong theme park project, which has been repeated for a long time, can be completed under the initiative of Shinsegae. / Reporter Lee Jung-min

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[Garet]

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The official name of the Hwaseong International Theme Park business complex being prepared by Shinsegae Property has been decided as 'Star Bay City'.

According to industry sources on the 16th, Shinsegae Property recently finalized the name of the theme park and applied for a trademark related to 'STARBAY CITY' with the Patent Office. It is a combination of 'star' meaning star and 'bay' meaning bay of the sea, and contains the meaning of a place where everyday and extraordinary experiences come together and shine.

Shinsegae Property is currently promoting a large-scale urban development project called 'Hwaseong International Theme Park' in Songsan Green City, Hwaseong-si, Gyeonggi-do. It will build a theme park, water park, golf course, 1,000-room hotel, and residential complex (6,283 apartments, 530 single-family homes) on a site of 4,189,000 m2 (1,270,000 pyeong).

If the designation of the tourism complex is approved within the year, Shinsegae Property plans to propose a tourism complex development plan to Hwaseong City early next year and aims to open it in 2029.

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[Garet]

10  years later from when Universal Studios Korea was supposed to open and that piece of land is still struggling to make any progress on any kind of theme park

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[Business Post] There is some noise surrounding the Hwaseong International Theme Park (Star Bay City) project, one of Shinsegae Group’s important projects. There is talk that the construction of the Hwaseong International Theme Park (Star Bay City) has been delayed, and that there is a possibility that a construction delay compensation fee will have to be paid. It does not seem easy for the Korea Water Resources Corporation, the construction company, and Shinsegae Property to narrow their positions. On the 9th, the distribution industry observed that since Shinsegae Property is likely to claim room for interpretation of the construction delay compensation fee in the agreement, the negotiation skills of Lim Young-rok, CEO of Shinsegae Property and head of Shinsegae Group’s Management Strategy Office, will be important. 4.57 trillion won will be invested in the Hwaseong International Theme Park development project. It is the project with the largest development cost in the history of Shinsegae Group, and is also considered the ambitious project of Shinsegae Group Chairman Chung Yong-jin . At the vision declaration ceremony held at the Gyeonggi Hwaseong International Theme Park project site on November 21, 2019, Chairman Chung said, “We will pour all of Shinsegae Group’s business capabilities into creating a theme park that has never existed before,” and “We will create a theme park that has never existed before as an Asian landmark that is not limited to the domestic market, and contribute to the national tourism industry and the revitalization of the regional economy.” As the head of Shinsegae Property, the main body of this project, and a figure trusted by Chairman Chung Yong-jin , it seems likely that President Lim will feel considerable pressure. Shinsegae Group selected President Lim as its first head when it reorganized the Management Strategy Office in November of last year.

The fact that Shinsegae Construction, which is considered a cause of the deterioration of Shinsegae Group's performance, is also intertwined is also a burden for President Lim. Shinsegae Construction owns 10% of the consortium's shares. The reason why President Lim's negotiation skills are likely to be important is because there is still room for interpretation in the imposition of construction delay compensation. According to the Hwaseong International Theme Park public offering guidelines, construction must begin within three years from the date of signing the land contract. Since the Korea Water Resources Corporation and the consortium signed the land contract on March 18, 2021, construction should have begun on March 17 of this year. According to Business Post's investigation, the construction deadline in the agreement between the Korea Water Resources Corporation and the consortium is not much different from the public offering guidelines. It is highly likely that Shinsegae Property has already missed the construction deadline or will miss it soon.

If the construction delay is due to a delay in commencement and a construction delay compensation fee is to be paid as per the agreement, Shinsegae Property has no choice but to explain why the construction was delayed. It is not difficult to see construction delays in large-scale development projects. There are also issues that cannot be viewed solely as the fault of the developer, such as delays in construction permits. If the deadline for imposing the construction delay compensation fee has passed or will pass, Shinsegae Property is likely to assert this point. Hwaseong International Theme Park is currently in the process of obtaining relevant permits. It is not yet known when this will be completed. An official from Shinsegae Property explained in a phone call with Business Post, “We have applied for designation as a tourist complex and are currently waiting for the official permit. We do not know when the permit will be completed, but we are aiming to begin construction in 2025.”

Some speculate that the Korea Water Resources Corporation will apply strict standards to the issue of delayed construction compensation. As the Korea Water Resources Corporation was pointed out through an audit by the Board of Audit and Inspection that it determined the sale price based on an underestimated appraisal value during the land supply contract process for the Hwaseong International Theme Park, many are of the opinion that it will refrain from any actions that could be seen as preferential treatment as much as possible. According to the Korea Water Resources Corporation, it has already sent an official letter to Shinsegae Property regarding whether to impose compensation for delayed construction. However, it has been understood that it has not notified Shinsegae Property of the amount of the delayed construction compensation because it can only calculate it once construction begins. Shinsegae Property, which is participating in the Hwaseong International Theme Park development project consortium with a 90% stake, has a slightly different position. A Shinsegae Property official explained, “The two companies are currently actively discussing the matter, and we have not yet received any official documents regarding the delayed construction compensation.” Reporter Yoon In-seon

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[Garet]

The site once marked for Universal Studios will now become a Paramount Park instead.

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Shinsegae, Paramount and Mars International Theme Park to be Established… Opening in 2029

Shinsegae is joining hands with global media group 'Paramount Global' to build the 'Hwaseong International Theme Park' in Hwaseong, Gyeonggi Province.

This is the first theme park to utilize Paramount's intellectual property (IP).

Shinsegae Hwaseong, a real estate development, theme park and rental subsidiary of Shinsegae Group, announced on the 10th that it held the 'Hwaseong International Theme Park Global IP Company Attraction Declaration Ceremony' together with Gyeonggi Province, Hwaseong City, and Paramount.

Shinsegae Hwaseong is currently promoting the construction of a complex that will include entertainment facilities spanning 360,000 pyeong (1.19 million m2) including a theme park and water park, as well as a Starfield, golf course, hotel, resort, and apartment complex on a 1.27 million pyeong (approximately 4.2 million m2) site in Songsan Green City, Hwaseong City.

Last July, the official name for the business complex was selected as 'Star Bay City'.

Star Bay City is currently in the process of obtaining a designation permit for a tourist complex in Gyeonggi Province. The goal is to complete the designation of the tourist complex within the year, receive approval for the development of the tourist complex in Gyeonggi Province by the end of next year, and open in 2029.

Paramount is directly involved in the design of the theme park.

Paramount, which provides content such as TV and movies around the world, has major channels including broadcaster CBS, Paramount Pictures, Nickelodeon, MTV, and Paramount Plus.

We plan to build a theme park featuring Paramount IP and develop content specific to Star Bay City, including various show programs, our own MD (planned merchandise), F&B (food and beverage), etc.

Shinsegae Hwaseong predicts that once the theme park is built, 30 million people will visit Starbay City annually.

Marie Marx, head of Paramount Theme Park Entertainment, said, “Hwaseong International Theme Park is in an excellent location with easy access for both domestic and international visitors, and with its large grounds and nearby tourist attractions, it is the optimal location for a theme park. We will work with Shinsegae to create a world-renowned theme park.”

Lim Young-rok, president of Shinsegae Group, said, "This theme park utilizing the Paramount brand is not a simple amusement park, but a space where customers can experience the characters and stories of their imagination in reality, and enjoy different kinds of fun, inspiration, and healing." He added, "We will present a new theme park that has never been seen before with Paramount, which has a wide range of entertainment content that can be enjoyed by people of all ages, from children to adults."

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[mikeykaise]

I thought Paramount was done with the amusement park system when they sold the parks to Cedar Fair.

[prozach626]

I wouldn't invest in shit in South Korea at this point.