Taean, South Korea – After more than 30 years of delays, the development of a major resort complex on Anmyeon Island in South Chungcheong Province is set to accelerate.
Governor Kim Tae-ho signed a memorandum of understanding (MOU) on November 28th with key stakeholders, including Kim Byeong-geun, president of Chungnam Development Corporation, Seo Jeong-hun, CEO of Ondo West, and Kang Sung-muk, CEO of Hana Securities. The agreement aims to expedite the development of the Anmyeon Island resort, with the South Chungcheong Provincial Assembly, Taean County, and the Anmyeon Island Tourism Development Council also pledging their support.
The MOU focuses on the construction of hotels, condominiums, and a golf course in zones 3 and 4 of the resort. The provincial government has agreed to provide administrative support to expedite the necessary permits and changes to the development plan.
Chungnam Development Corporation will collaborate on establishing a special purpose company (SPC) and investing in the project, utilizing the regional revitalization investment fund. Hana Securities will be responsible for securing funding for the project, including private investment in the fund and syndicated project finance (PF) loans.
Ondo West has committed to adhering to the business agreement and land purchase contract, promising to develop world-class golf courses and accommodations.
Governor Kim stated, "We will normalize the project, which has been delayed due to the construction slump, prolonged high interest rates, and tightening of project financing (PF) loans by financial institutions. The province will directly participate in the project to ensure its accountability and stability."
In late October, Governor Kim had previously announced a new plan for the Anmyeon Island resort development, outlining plans to construct an 18-hole golf course with ocean views in zone 4, with construction set to begin in the first half of next year. The golf course will be designed to host various domestic and international tournaments organized by the Korea Professional Golf Association (KPGA) and the Korea Ladies Professional Golf Association (KLPGA).
Zone 3 is scheduled to begin construction in the first half of 2026, and will feature a hotel and condominium complex with 520 rooms, all offering ocean views, along with an observation deck and art museum.
Designated as a tourist zone in 1991, the development of Anmyeon Island has faced numerous setbacks over the years. The provincial government envisions the project as a world-class, four-season resort destination, transforming 2.94 million square meters of land in Seung-eon, Jung-jang, and Sin-ya-ri, Anmyeon-eup, Taean County.
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