LongRunn International Group (“LongRunn”), investor and developer of large-scale Integrated Resorts (IR), landmark real estate developments, infrastructural and environmental projects in Asia, has reportedly penned a deal that will see it build a 76,000 square meter multi-resort complex on Yeongjong Island in Incheon, South Korea at a total cost 4.5 trillion won (US$4.2 billion).
The island is home to the Incheon International Airport, which was built on reclaimed land between Yeongjongdo and Yongyudo Islands. The Incheon Bridge connects the island to the mainland and provides direct access between Songdo and Incheon International Airport.
According to globalconstructionreview.com (GCR), a website of the Chartered Institute of Building (CIOB), under the terms of the deal, which was reportedly signed on Sunday in Singapore, the Chinese developer agreed to purchase a parcel of land on the manmade island for $80 million to be used for a $4.2 billion development to be named “Diamond City.”
Incheon Free Economic Zone Commissioner Kim Jin-yong, reportedly said that the new contract would aid Yeongjong Island in competing with the likes of Las Vegas and Macau.
CGR reports that according to LongRunn, the billion-dollar development will feature a casino and a seven-star hotel, as well as office towers, schools, malls and a medical centre specializing in cosmetic surgery. Additionally, the development will also be home to theme parks, a K-pop hub and an “interactive world cultural avenue”.
LongRunn has reportedly been in discussions with the Korean government regarding the development since 2014.
Upon completion, Diamond City will neighbor the partially opened casino and hotel complex, Paradise City, developed by Paradise SegaSammy Co., Ltd, a joint venture between Sega Sammy Holdings of Japan and Paradise Co., Ltd. of South Korea.