Daewoo Engineering & Construction signed a memorandum of understanding (MOU) with global resort complex developer Pacific Palace Korea at its headquarters in Sinmunno, Seoul, to construct Pacific Palace Resort Complex in Midan City on Yeongjongdo Island, Incheon.
Pacific Palace Korea is wholly owned by Imperial Pacific International Holdings Ltd. that develops and operates large resort complexes in Hong Kong and Saipan.
Pacific Palace Korea currently plans to invest a total of 2.25 trillion won (US$1.87 billion) and build a resort complex on the 165,767 square meters of the A1, A2 and RS sites in Midan City in Yeongjongdo, Incheon, which will include five-star hotel with 1,718 rooms, resort, convention center, theme park and shopping center. Once the resort is completed, it will revitalize the local economy and culture, strengthen tourism contents and improve infrastructure through the synergy with Midan City.
The project will start in earnest after it is approved by the Ministry of Culture, Sports and Tourism. Daewoo E&C will discuss specific working conditions after selecting an operator.