Authority Signs MOU with Emerson Pacific and Morgan Stanley for the Investment of $160 million into Namsan Amusement Park, Jinhae
According to the MOU contents, the consortium of Emerson Pacific and Morgan Stanley wishes to develop about 180 acres of the Namsan Amusement Park in the Ungdong Area and make it into a natural water garden, with the conceptual image of "Venice in Korea." The estimated investment is about US $160 million, half of which is FDI. The share ratio between Emerson Pacific and Morgan Stanley is 50:50, and the BJFEZ Authority and Gyeongnam Provincial Government will provide all the administrative support necessary for the successful development of the project.
Just before signing the MOU, Mr. Man Keu Lee, CEO of Emerson Pacific Inc. marketed the project as a new model for a modern well-being style resort. Such a design is quite different from traditional resort and tourism complexes which are mainly composed of typical facilities such as hotels, golf courses, amusement parks and related facilities.
The resort's concept started from the image of a green leaf, where artificially created lakes and islands are interconnected. Lee also added that the major facilities include a vineyard, winery and tasting bar, green tea farm and tea factory, botanic garden, zoo, lake gondolas, condominiums and other facilities. He also plans to create 『a Venice in Korea』where nature, beauty and leisure are interweaved.
Mr. Lee also mentioned that the resort is going to be managed by Hilton International, a global resort operator. Also, global-standard services will be provided to visitors. Emerson Pacific plans to interconnect the Namsan Hilton Resort and the Hilton Namhae Golf & Spa Resort, which is currently under construction and expected to open in September 2006. It will provide co-membership contracts and ferry services between Namhae and Jinhae, thus meeting the huge tourism demand for the south coast tourism belt.
In December 2004, Gyeongsangnam-do and BJFEZA signed an MOU under which SnowBox Limited would invest $200 million into the BJFEZ to construct an indoor ski-dome. Governor Tae-ho Kim of Gyeongsangnam-do province and Commissioner Soo-man Chang accompanied Korean President Moo-hyun Roh during the President's state visit to England for this event.
SnowBox established a special purpose company named "SnowBox Jinhae Limited" in May 2005, and its request for a change in the development plan was approved by the advisory committee of the FEZ Planning Office of the Ministry of Finance & Economy on April 27, 2006.
As the MOU for the Namsan Amusement Park area was signed with a consortium comprised of a leading resort development company and investment bank, this area will have the pride of being a premium leisure town in the BJFEZ, especially if this Namsan Hilton Resort is harmonized with Ungdong Tourism & Leisure Complex.
For this MOU, Governor Tae-ho Kim of Gyeongsangnam-do, Commissioner Soo-man Chang of the BJFEZA, Mr. Joong-myung Lee, Chairman of Emerson Pacific Group, Mr. Man-keu Lee, President of Emerson Pacific Inc., and Mr. Jin Eu, Executive Director of Morgan Stanley gathered at the conference room of Gyeongsangnam-do Hall, and signed a multilateral agreement.
Governor Tae-ho Kim, on this MOU, pledged to provide all the available administrative support needed in the development of the Namsan Amusement Park area, and he hoped this area could be developed into an exotic resort interweaved with crystal-clear lakes, islands and natural gardens, thus becoming a tourism hub.
In the mean time, Mayor Byung-ro Kim of Jinhae city also expressed his warm thanks to Emerson Pacific and Morgan Stanley for their investment in the Namsan area by official letter. Jinhae City also pledged to provide all the assistance and support needed for this project.
In their explanatory presentation, Emerson Pacific reassured that they will proceed the full-scale investment and development as soon as they are designated by the Ministry of Finance and Economy as the developer of the project area.
In conclusion, the Namsan Hilton Resort in the BJFEZ, with the full determination of the consortium equipped with financial capability and technology, will start immediately after obtaining approval from the Ministry of Finance and Economy, and will play a leading role in attracting foreign and domestic tourists as the famous tourism destination in the southeastern coast of the Korean Peninsula.
웹사이트: http://www.bjfez.net
연락처
Young Jae Lim, Director, Tourism & Leisure, BJFEZA 051-979-5370, 016-203-4169
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2005년 9월 23일 09:44
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