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Paju, S. Korea | Ferrari World Korea | Theme Park

ECG

East Coast(er) General
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I'm surprised that this hasn't been posted yet.

Terrible online translation but I think I get what's being said:
1.6 trillion Korean won investment, to be built in Paju city, involving a bank, LG Electronic and money from the Middle East. Opening scheduled for 2016. Correct?
on-line translation said:
3,720,000 pajueup one won ㎡ site in Paju import automotive theme park 'Ferrari World' is promoting the construction of private capital, 1.6 trillion won to Lee, In - Jae (53), Paju City chapter 9, "tourists to 10 million people era one to see and enjoy did not do anything, "said he said," Now you should change the framework of tourism, or pushing a massage or receiving Paju City with respect to the day, a special purpose company (SPC) established to pursue the construction of Ferrari World, the Industrial Bank and National Bank, Hyosung, LG Electronic have a meeting with rich and securities business in earnest embarked. The state has already expressed its intention to invest 20 billion won from the Middle East-based businesses. Paju City, the end of February, and established the SPC began in October, 2016 the opening goal has been the market "longer simply playing to enjoy theme park can attract tourists," said Ferrari World is more than 40 cultural and exhibition facilities.
source: http://www.themeparx.com/ferrari-world-korea/?page=2



Al Ahli Group is a UAE company, owned and operated by Emiratis:
http://alahliholdinggroup.com/MAIN/
The Arab guy in the picture is Executive Director Salem Khammas:
http://alahliholdinggroup.com/MAIN/#/CEO/
The Western guy is Claus Frimad, former GM of Ferrari World and SVP of ProFun:
http://profungroup.com/claus-frimand.htm





on-line translation said:
W1.6trn 'Ferrari World in Paju' scaffold prepared to resume business
Funding does not seem to negate the possibility of progress even raised the game "Ferrari World in Paju 'project which was promised from the Middle East, investors Given the initial capital investment in some projects laid the groundwork for resumption.

Paju investment business team official "Ferrari World in Paju investors in the Middle East for the construction of a special purpose company (SPC) of the nominal capital of $ 2,000,000 transfer to the domestic banks," he said on the 25th. Investors in the Middle East based company, Al Ahli Group (AAG) is AAG the United Arab Emirates (UAE) in the trading and distribution business, including shopping centers and 15 affiliates are geoneurigo.

Ferrari World in Paju pajueup 3,720,000 ㎡ one luxury car maker on the grounds of 'Ferrari' car entered into a licensing agreement with theme parks and cultural facilities, commercial and residential development is to build a compound. Sponsor of Business Gateway Investments in capital of 50 billion won for the project, the company projects (PFV) is '㈜ Paju Eurasian Development' is promoting the establishment.

Business from overseas investors, according to organizers 30 billion won (overall 60%) and △ local government procurement government-funded institutions, including 2.5 billion won (5%) △ construction investors 5,000,000,000 won (10%) △ funds, banks, securities firms, financial investors 2.5 billion won (5%) △ strategic investors such as Ferrari World operators 10 billion won (20%) of plans to raise 50 billion won in capital.

Total project cost of 1.6162 trillion won in capital (500 million) and the debt is provided through. Foreign subsidiaries of foreign capital and domestic drag PF (PF) and procure a total of 653.8 billion won and 912.4 billion won, including facilities for the sale and the sale caters income. Last October, security administration, received approval from the business plan to start construction in February next year, in August 2016 and is aiming to open.

Just 1.6 trillion won feasibility of the project and the largest theme park your car financing figured out whether early blow to predict business success is the sinjungron quite a few. The goal of PFV as% of capital projects so weak that nothing more than 3% is worrisome part.

That is, holding the Paju official permission "to smooth the progress of projects of capital, the amount, raising the level of 20-30% stable or progress, or at the very least, after the capital, laid out in a way to secure additional investors to kkuryeoga of whether or not desirable to worry, "he said.

That the business' surrounding areas, including donor support USFK special law in accordance with providers for more than two thirds of the site is not secure and may apply even if the urban development projects. Due to the U.S. military presence in Korea to encourage the development of underdeveloped areas is a sort of incentive.

Business officials "the acceptance of land after project approval to proceed because it can reduce the burden of the initial capital" and "theme park operators in the Middle East, including the participation of foreign investors with the know-how to the business case is high," he explained.
source: http://www.mt.co.kr/view/mtview.php?type=1&no=2013062514493791027&outlink=1
 

marc

Well-Known Member
This was going to be part of the track there but they are probably going to lose the race as it's not been a big hit so I can see why it's going somewhere else.

From what's been said the other Ferrari world is not doing well so I hope they learn from mistakes there.
 

furie

SBOPD
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I love that map!

North Korean Army here, Ferrari World next it - both big tourist attractions :lol:
 

gavin

Administrator
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Social Media Team
Hmmm. When are Paramount and Universal Studios Korea opening again?

Oh yeah, last year.
 

gavin

Administrator
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^ I honestly thought Paramount would happen, what with having Daewoo backing it and the land, complete with Paramount hoardings surrounding it, ready to go.

Wishful thinking I guess.
 
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