Hansang Business Center to be built on Yeongjong Island

Hansang Business Center, a business hub for Korean leaders operating businesses across the globe, is said to be established in Incheon’s Yeongjong Island. The Maritime Affairs and Fisheries Ministry announced Thursday that the World Hansang Dream Island will be designated as the sole preferred negotiator for the development of landfill of Incheon’s Yeongjong Island. This is Korea’s first private project for redevelopment of a port. The project is led by Han Chang-woo (photo), the 82-year-old chairman of Maruhan.

The ministry said the World Hansang Dream Island submitted a plan to build business centers, sports facilities, hotels and distribution complex in the landfill site in September last year and no other applicants appeared for an opening looking for a third party. As a result, the dream island, which is the first applicant, was named as the preferred negotiator to parley with the government.

The dream island was established with a joint investment of 10.4 billion won (9.3 million U.S. dollars) from multiple investors, including Han, who is famous as the emperor of slot machine in Japan, and other Korean businesspeople across the globe. Chairman Han has 62 percent share. The project drew people’s attention for being the first investment by Han.

According to the plan submitted by the dream island, Korean businessmen will invest 1.12 trillion won (1 billion dollars) by 2018 on the 3.16 million square-meter landfill in Yeongjong Island, which is almost equivalent to the size of Seoul’s Yeouido of 2.9 million square meters. There will be entertainment facilities such as a water park and a golf course. However, most important facility will be the business space for Korean businessmen operating globally.

Other than the business center with a hall for international conference, facilities for Korean businessmen operating globally, including a hotel, an exhibition hall and a mall for Korean companies, will be established. A source at the dream island said, “In many cases Koreans don’t know good companies founded abroad by Koreans though the companies have received good reputation abroad. We’re going to help such companies increase the level of awareness in Korea by running the exhibition hall and mall dedicated to such companies.”

A source from the ministry said, “A feasibility study found no big problem except a few things including the procurement method of investment,” adding, “The government will begin negotiation with the dream island soon.” The government and the dream island will discuss land use, facilities and funding method.