NEWS: Universal Studios South Korea delayed again (2020)

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Re: NEWS: Universal Studios South Korea on track to open in

Postby Garet » Tue Dec 22, 2015 7:29 am

^ 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.

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Re: NEWS: Universal Studios South Korea on track to open in

Postby gerstlaueringvar » Tue Dec 22, 2015 11:19 am

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

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Re: NEWS: Universal Studios South Korea on track to open in

Postby Jew » Tue Dec 22, 2015 12:12 pm

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....
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Re: NEWS: Universal Studios South Korea on track to open in

Postby jedimaster1227 » Tue Dec 22, 2015 2:41 pm

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.
Last edited by jedimaster1227 on Tue Dec 22, 2015 2:42 pm.
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Re: NEWS: Universal Studios South Korea on track to open in

Postby Garet » Tue Dec 22, 2015 6:23 pm

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 :b 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.

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Re: NEWS: Universal Studios South Korea on track to open in

Postby Garet » Tue Aug 23, 2016 2:10 am

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.
Last edited by Garet on Tue Aug 23, 2016 2:57 am.

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Re: NEWS: Universal Studios South Korea on track to open in

Postby Rollercoaster Rider » Tue Aug 23, 2016 2:48 am

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.
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Re: NEWS: Universal Studios South Korea delayed again (2020)

Postby Garet » Sun Mar 03, 2019 8:27 am

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

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