Saemangeum Development Corporation (SDCO) is moving to attract a large-scale integrated resort that combines lodging, shopping, and MICE (meetings, incentives, conferences, exhibitions) facilities. It is in talks with a domestic large corporations planning a 3,600-room integrated resort and is also pursuing foreign investment that includes a foreigners-only casino. On an "open casino" that allows entry to Koreans, it said national consensus and legal revisions must come first.
Na Gyeong-gyun, president of Saemangeum Development Corporation (SDCO), said at a press briefing held in Sejong on the 18th, "Saemangeum must have an anchor facility to spur tourism demand and investment," and added, "We will create global living conditions through integrated development that encompasses tourism, shopping, lodging, and the MICE industry, and by expanding education and sports infrastructure."
Regarding a casino for Koreans, which has recently stirred controversy, Na said, "National consensus is needed, and it takes considerable time to push forward," adding, "The goal is not an open casino itself but to build an integrated resort."
The current Saemangeum Project Act stipulates that foreign investors who invest $500 million or more in tourism projects may be granted a license to operate a foreigners-only casino. However, even if the investment requirements are met, they must obtain approval from the Minister of the Ministry of Culture, Sports and Tourism.
Na said, "There are foreign corporations showing interest in investing in a foreigners-only casino and an integrated resort," and added, "We are also in contact with a domestic large corporations that is planning a 3,600-room integrated resort." He did not disclose specific corporation names, the investment size, or the project timeline.
The corporation will also move to a second land supply for the Saemangeum smart waterfront city in September. It will supply a total of 45 lots through the Onbid competitive bidding method, including 35 lots (18,763㎡) for single-family residential land and 10 lots (4,742㎡) for single-family residential land with storefronts. The down payment is 10% of the supply price, and the remainder can be paid in installments interest-free over three years.
The corporation expects the starting bid price to be set at about 10% higher than last year's winning bids. Last year's average winning bids were about 2 million won per 3.3㎡ for single-family residential land and about 2.42 million won for neighborhood living facilities land.
In the first supply last year, 67 lots of single-family residential land and two lots of neighborhood living facilities land were all sold 31 days after the supply notice. The highest competition rate was 41 to 1. Twenty-five percent of bidders lived outside North Jeolla Province, and residents of the Seoul metropolitan area accounted for 15%.
The corporation is also preparing to expand housing and educational facilities in line with Hyundai Motor Group's 9 trillion won investment in Saemangeum. Kwon In-taek, head of the corporation's Future Business Division, said, "Considering the expected increase in residential demand from Hyundai Motor Group's investment, we are preparing a plan to supply land for multifamily housing starting in 2027."
An international school for foreign employees and talented workers' children is also being pursued with the goal of opening in 2030. The corporation is discussing a plan in which it invests in school facilities and shares initial operating losses with North Jeolla Province. Na said, "We are in talks with foreign educational corporations from the United States, Australia, the United Kingdom, and India."