Gyeonggi Province Hallyu Wood Project Gains Momentum

The Hallyu Wood Phase 2 project in Goyang City, Gyeonggi Province, which had faced delays due to repeated postponements in land supply plans, is expected to gain traction.

According to Gyeonggi Province on the 6th, the province announced a land supply plan on the 5th for 96,948㎡ (29,327 pyeong) in the Janghang and Daehwa-dong areas of Ilsan-gu, Goyang City, which is Phase 2 of Hallyu Wood, and has begun the private operator selection process.

The province originally planned to supply the Phase 2 site in October of last year, but the plan was postponed once after undergoing a management evaluation by an external consulting firm for the overall Hallyu Wood project following Governor Kim Moon-soo's inauguration. The supply schedule was then delayed once more in March this year due to the need to refine the operator selection method.

Phase 2 consists of a complex facility of 23,606 pyeong, a hotel of 4,153 pyeong, and a parking lot of 1,568 pyeong. All six blocks will be supplied to a single operator to enable integrated development of the complex.

Operator selection will proceed through a limited competitive bidding process. Bidders must be consortiums that include both construction companies and hotel operators and must pass a preliminary business plan evaluation to participate in bidding.

Considering the expertise and special nature of hotel operations, hotel operators with a Grade 2 rating or higher (five mugunghwa stars) must participate in the consortium. At least 30% of the total floor area must be used for Hallyu cultural facilities.

Additionally, construction must begin within two years of the supply contract, and the project must be completed within three years of groundbreaking. Failure to meet these deadlines will result in penalty charges or contract termination.

The province plans to announce the selected operator in August after a 60-day public notice period, execute a contract, and then formally begin the project.

A provincial official stated, "We carefully reviewed the operator selection method that complements Hallyu Wood's content and aligns with the project's purpose, which is why the schedule was delayed compared to the original plan." The official added, "If the project proceeds normally, we should be able to complete Hallyu Wood around 2012."