Crown Prince Frederik at event organized by Lego Korea

Image source: News1

Kyunghyang Daily reports that over 101 dolmens, 926 housing sites (incl. 9 with high-rise flooring), and a canal, among others, were found on Jungdo Island, the construction site for Legoland Korea (LLK). LLK has since announced that they were aware of the site’s archaeological value, and blueprints show a historical museum had been included in the plan as part of the attractions.

Main construction was set to begin this August, with completion aimed at 2016 for the theme park and 2018 for facilities including a spa town, outlet, water park, historical park and hotel. A bridge to the mainland has already begun construction with a 30 million KRW grant from the government, along with archaeological digging for the LLK’s planned historical park.

Jungdo Island

Image source: Hangang Institute via Kyunghyang Daily

Approximately 500 billion KRW (500 million USD) is set as the budget for Legoland Korea. As one of the first recipients of the 2014 Foreign Direct Investment Act, LLK investors such as Merlin Entertainments is exempt from corporate tax for the next five years (and 50% reduction for the 6th and 7th year), as well as receiving an additional 100 billion KRW grant from Gangwon Provincial Government and the Ministry of Culture for the construction of a bridge connecting Jungdo Island and mainland Chuncheon, among other benefits.

Investors in Legoland Korea are as follows (Segye Ilbo):

– YJ Bricks (29.1%)

– Gangwon Province (16.7%)

– Merlin Investments (16.7%)

– Korea Investment & Securities (12.5)

– Hyundai Construction (8.3%)

Full benefits for Legoland Korea investors:

– Exempt from corporate tax, 5 years / Reduced corporate tax, year 6 and 7

– Reduction for earnings tax, 15 years

– Reduction for property tax, 15 years

Gangwon Province as well as the rest of Korea were excited at the announcement of Legoland Korea, the 7th Legoland in the world and first of its kind in East Asia. The park’s location is excellent and provides a 1:30 hour travel time from central Seoul via ITX, a speed train. Employment and tourist revenues are highly anticipated for in Gangwon Province and for Chuncheon City, which is already a tourist destination for residents of Seoul and nearby regions.

Let’s see how things turn out.

Legoland Korea’s blog: http://legolandkorea.kr/