In 2002, Gangwon Province Government in South requested BHP Korea (a sister company of Professional Property Services Limited and of which both Nicholas and Margaret Brooke are Directors) to draw up an Offering Memorandum on its behalf for circulation to a selected number of investors interested in participating in the island resort project located some 80 kilometres from Seoul.
Close to Seoul Metropolitan Area with a population of 22 million and great potential demand.
Transportation node of two expressways and four national roads.
Only 50 minutes away from Seoul with the completion of Kyongchun Expressway and expansion of Kyongchun Railway into double-electrified tracks in 2008.
Excellent local accessibility, and only 5 minutes away from downtownChuncheon.
Sovereign rating upgraded to grade A as of November 2002.
Stable economic growth with an average GDP growth rate of 7.7% from 1999 to 2001.
Steady rise in per-capita leisure expenses from KRW 800,000 in 1995 to KRW 1.38 million in 2001.
Two-fold increase in leisure population with the introduction of 5-day work and study week.
Stable profitability of local theme parks and a steady rise in the price of resort condominium membership.
Promotion of family-oriented programs that can lure participation in activities at Animation Park, Petting Zoo, Water & Fitness Park and Music City.
Strengthened concept of "Natural Park" with Fantasy Boat, Island Inner Coast, Amusement Canal, and deep waterfront forests.
Greatly enhanced profitability by introducing Art Village, Music City, World Folk Street, and other facilities able to attract large numbers of visitors.
Under the premise that Animation Park, Petting Zoo, Water & Fitness Park, Resort Hotel, General & Club Condominium are all developed by a single master developer, a total development cost of US$ 152.5 mil. (excluding land cost) shows 20.9% project IRR before tax and 25.8% equity IRR after tax.
100% exemption of corporate tax for the first 7 years and 50% reduction for the following 3 years if the subject site is designated as F. I. Z (Foreign Investment Zone).
100% exemption of relevant local taxes for 15 years and 100% discount of land lease fees.
Support for basic infrastructure such as road, power, communications equipment and water supply & sewage disposal.
Willingness of the Gangwon Provincial Government to secure 98% of the site and participate in the project.
3. Water & Fitness Park
4. Petting Zoo
5. Miniature Golf Course
Retail and F & B
6. Art Village
7. Art Village (1)
8. Music City
9. Cafe Avenue
10. World Folk Street
11. Youth Hostel
12. Field Sports Club
13. Marine Sports Club
14. Indoor Sports Club
15. X-game Court
16. Camp Site
17. Log Cabin
18. Ecological Park
19. Poplar Forest
20. Themed Walkway
21. Grass Square
|1. Club Condominium
2. Overseas Visitors Club
3. Yacht Club
4. Riding Club
|5. Themed Garden
6. Pitching & Putting Ground
7. Fitness Club