SOUTH KOREA. A new tourism and leisure hub will soon be built on Yeongjong Island off the west coast of the city of Incheon, estimated to be just ten minutes away from Incheon International Airport.
According to a report in The Korea Herald, the tentatively named “˜Dream Island’ will be built on reclaimed land (measuring over three million sq m) around a bridge between Seoul and Incheon International Airport. It will house various entertainment and tourist facilities including theme parks, aquariums, shopping malls and golf courses.
Citing the Ministry of Oceans and Fisheries, the report said that the first phase of the development plan is set to begin in the second half of next year for completion by 2018. The second-phase construction will be completed in 2020, creating the country’s single largest leisure town.
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The news about the Dream Island project as reported by The Korea Herald |
The ministry added that the project – which will help accommodate a growing number of tourists from China and Japan – is estimated to cost around KRW 2 trillion (US$1.87 billion) and create 18,000 new jobs for an economic effect of over KRW 27 trillion.
Dream Island is primed to become an international tourist attraction, thanks to its proximity to Seoul, Gyeonggi-do Province and Incheon International Airport, which recently hit an all-time annual high of 41.5 million passengers for 2013. Breaking the 40 million mark places Incheon in Airport Council International’s “˜large airports’ classification, according to Incheon International Airport Corporation (IIAC).
IIAC noted the rapid growth in passenger traffic since the airport opened in 2001, when just 14.54 million passengers were handled. Average annual growth has reached +6.4% since then, IIAC revealed, a figure that is likely to grow with the opening of Dream Island.
Annual growth in duty free sales at the airport, at +13%, has outpaced passenger growth in recent years. This performance has been driven by the large increase in Chinese visitor arrivals to South Korea, up +53.4% year-on-year to 4.05 million in 2013.
Construction is now underway for the airport’s new Terminal 2, set to be completed by 2017 ahead of the 2018 Pyeongchang Winter Olympics. Upon completion, Incheon International Airport will have a passenger capacity of 62 million a year, up from 44 million.
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Upon completion, Dream Island will house various entertainment and tourist facilities to cater to the growing number of tourists from China and Japan (Photo: The Korea Herald) |
