"As part of three major projects, Hyundai Motor Group plans to invest 9 trillion won ($6.36 billion) in Saemangeum. With interest in Saemangeum growing, we will offer an additional 45 single-family lots in the second half of the year, following last year's sales. I also believe an open casino is absolutely necessary as an anchor facility for Saemangeum."
Na Gyeong-gyun, president of the Saemangeum Development Corp., said Tuesday at a press briefing that the corporation plans to launch pre-sales of 45 additional single-family lots in the waterfront city zone in the near future, citing strong market demand after last year's single-family lots sold out in 31 days. Na said the corporation is working to ensure an international school opens by 2030, expressing confidence that demand will be more than sufficient once the residential environment is in place.
Regarding the international school, sales planning team leader Jang Jae-hyeong said the team plans to visit an Australian international school next month and will move quickly by first signing a memorandum of understanding.
On the recent controversy over attracting an open casino to Saemangeum, Na was careful to frame his remarks as a personal view, but said a complex resort is "absolutely necessary" as an anchor facility for the zone. Drawing a parallel with Kangwon Land — established partly as compensation for communities affected by mine closures — he said fishermen in the Saemangeum area are said to have suffered losses of around 10 trillion won. "If a casino is part of a complex resort, it could serve as an anchor facility encompassing tourism, shopping, accommodation and the MICE industry," he said, adding that national consensus would be needed to move forward.
Na described Saemangeum as "a land of promise and a land of hope," and said the corporation is working to transform the 405.9 million-square-meter site into a future city for young people — alive with advanced industries, culture and the arts, tourism and leisure, and renewable energy — that will become Korea's vision for the future.
On the second-half pre-sale plan, sales planning team leader Jang said that following Hyundai Motor Group's investment announcement, second-phase development plans covering education and tourism facilities are expected to take shape. "We filed for supply plan approval at the end of July, confident that market interest will clearly continue," he said.
Prices for this round of pre-sales are expected to rise slightly from last year. Jang said last year's lots were priced at around 2 million won per 3.3 square meters, adding that prices this time could come in about 10 percent higher given that the sale will be conducted through competitive bidding rather than last year's negotiated-contract method.
The corporation said it plans to begin full-scale supply of multi-family housing lots from next year. Jang said there have been calls from the Saemangeum Development Agency and Hyundai Motor Group to accelerate the timeline, and that the corporation is preparing to begin supply from 2027.
smh@heraldcorp.com
