Foreign companies are set to invest 3 trillion won in Yeongjong Island in Incheon, a move which, if implemented, would lead the city to become one of the most important tourist hubs in northeast Asia. Evidently foreign investors see potential in an area that hosts a major international airport and is close to China.
According to the Incheon Free Economic Zone Authority, the Japanese Okada Group plans to invest 300 billion yen for the construction of a 1,42 million square meter resort on the island. The first phase of the project involves the construction of a hotel, work on which should start at the end of 2012. The American Caesars Entertainment is also planning to spend 750 million US dollars in the construction of a hotel with a casino attached for international tourists and a commercial. Last month, 555 Group, a US mall operator, signed an initial deal to set up a 1.500 trillion-won resort complex, which would include shopping malls, entertainment venues, and restaurants. Finally, Alfardan Group, a major real estate group in Qatar has signed a 300 billion won deal to develop some areas of the port city.
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