Gyeonggi Province Korean Wave Wood Project Gains Momentum

The Korean Wave Wood Phase 2 development project in Goyang City, Gyeonggi Province, which had faced setbacks due to repeated postponements of site supply plans, is expected to gain traction.

According to Gyeonggi Province on the 6th, the province announced site supply on the 5th for a 96,948㎡ (29,327 pyeong) area in Janggang and Daehwa-dong, Ilsan-gu, Goyang City, marking the beginning of the private operator selection process for Phase 2 of Korean Wave Wood.

The province had originally planned to supply the Phase 2 site in October of last year, but the plan was postponed once after Governor Kim Moon-soo took office and underwent a management evaluation by an external consulting firm on the overall Korean Wave Wood project. The supply schedule was delayed once more in March this year due to the need to improve 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 are scheduled to be supplied to a single operator for integrated development of the complex.

Operator selection will be conducted through limited competitive bidding. Bidders must be a consortium that includes both construction companies and hotel operators and must pass a pre-qualification screening of business plans before participating in the bidding.

In particular, considering the expertise and special nature of hotel management, a hotel operator with a Grade 1-Special rating (five Hibiscus flowers) or higher must participate in the consortium. At least 30% of the total floor area must be used for Korean Wave cultural facilities.

Additionally, construction must begin within two years after signing the supply contract and be completed within three years of the start of construction. Penalties may be imposed or the contract may be terminated if deadlines are not met.

The province plans to finalize the operator in August following a 60-day announcement period, sign a contract, and then commence the project in earnest.

A provincial official stated, "The timeline has been delayed from the original plan as we thoroughly reviewed the operator selection method that complements Korean Wave Wood's content and aligns with the project's purpose," and added, "If the project proceeds normally, we should be able to complete Korean Wave Wood around 2012."