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PRESS RELEASE
World Trade Center Chuncheon and State of Gangwon-Do Sign Memorandum of Understanding to Develop One of the Largest Multi-Use WTC Projects in Korea
SEOUL/CHUNCHEON, April 13, 2006
State of Gangwon-Do Governor Jin Sun Kim and officials of the World Trade Center Chuncheon announced on April 13, 2006 (KST) that they sign a memorandum of understanding to develop approximately 100,000-150,000 mB2 in the city of ChunCheon.
When completed, preliminary plans indicate that more than 350,000 mB2 square meters of multi-use space will be developed at an estimated cost of more than $500 Million, on a phased basis. Energy Group, Inc., licensee and developer of WTC Chuncheon, and KOJE Co., Ltd. will be the Co-Lead Developers of the consortium which will include a number of Korean companies such as IMS Co., Ltd. and World CM Co., Ltd. along with Woori Bank, Hana Bank, Kyobo Securities Co., Ltd., Morgan Stanley & Co., Xpem (Private Equity Management), HRD Group and Sonnenblick-Goldman Company.
Partnership already is done for the World Trade Center Chuncheon to include SIAPLAN, Kumho Engineering & Construction Co, Ltd., Doosan Industrial Development Co., Ltd and other major construction companies to build the project.
The preliminary vision for the project, located in the City of ChunCheon, is a multi-use development. Centerpiece of the concept plan is the WTC ChunCheon Complex, which will include offices, conventions, hotel, retail, and residence. When completed, the planned structure will be the tallest and biggest building in the State of the Gangwon-Do.
According to Governor Kim, the vision for WTC ChunCheon is to become the international business and tourism center of Northeast Asia. The development will be a planned, integrated community, featuring upscale office, commercial and residential structures, convention center as well as many specialty developments, including cultural facilities, a winter resort and other urban buildings. The project also will include hotels, ranging from resort-style to business and luxury properties.
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