The Ministry of Oceans and Fisheries (MOF) announced the Dream Island development project plan on February 5 during a Ministry of Economy meeting.
Dream Island will consist of a water park, an aquarium, luxury hotels, shopping malls, marina resorts, theme parks, and golf courses. The park will be built around the island in reclaimed land, as part of the Park Geun-hye administration’s three-year plan to create jobs and spur the local economy.
The project is designed and planned by The World Han Sang Dream Island group, a Korean expatriate community from around the world, including Japanese-based group Maruhan. The investment for the real estate in the reclaimed land by the group has been approved by the government, its cost to be recouped by the Han Sang Dream Island group in the future.
The island is easily accessible from Seoul and Gyeonggi-do. Its proximity to Inchon Airport is also a feasible option, as it can cater to a massive influx of travelers and passengers enjoying brief rests at the airport.
The total budget for the project is estimated to be 2.4 trillion won (US$2.2 billion), with 1.7 trillion won (US$1.6 billion) to be spent in the construction of the site.
The development project for reclaimed land is for a 4.16 million m2 area that is to be filled in by 2020, and the cost of development is estimated at 2 trillion won (US$1.9 billion).