Incheon Airport has chosen Paradise Golden Gate, to develop a new tourist resort at the International Business Centre (IBC) adjacent to the gateway.
As part of the project, a new five-start hotel, shopping mall and convention centre will be developed at the IBC, at a cost of $574 million.
Paradise Golden Gate, funded by the Paradise Group, was awarded the development contract on October 14, after Incheon Airport issued a tender in June to revitalise the neighbouring area and strengthen the its tourism offering.
The project is intended to support the business operations of Incheon Airport as well as expand its tourism base and infrastructure.
Paradise Golden Gate will develop compound resorts to provide hotels, leisure facilities and cultural attractions that are currently in short supply and which primarily will meet the needs of the increasing number of Chinese tourists flying into the country.
When the project is complete, the IBC will have a couple of new hotels, a convention centre, a shopping mall, as well as a large performance hall and various leisure facilities to promote traditional and contemporary Korean arts and entertainment.
Construction of the 336,000sqm, $574 million project will start in 2013, with the 500-room five-star hotel, shopping mall, offices, and 'art valley' scheduled to be completed by 2016.
A further four-star hotel with 250 guest rooms, a performance/convention centre, spa and business office complex will be finished by 2018.
In addition, a "foreigner-only" casino will be constructed in the resort, as an extension of the Golden Gate Casino operated by Paradise Group in the Hyatt Incheon.
CW Lee, CEO of Incheon Airport, said: "The Air City project intended to help Incheon Airport create air transport demands on its own had difficulties with selection of project contractor.
"The recent selection of the most preferred bidder, however, adds further momentum to the development project.
"Upon completion of phase 1 development by 2016, the functions of Incheon Airport as a Northeast Asian hub airport will be further strengthened as intended."
