Largest WFC project in Korea breaks ground in Jeonnam Province
One of the most important demographic group in the Korean population is baby boomers. There are about 7 million baby boomers, born between 1955 and 1963, representing 14% of 50 million total population of South Korea. About half of them live in Seoul Capital Area including the surrounding Incheon Metropolis and Gyeonggi Province according to the 2010 Census, and they have worked hard to see their per capita Gross Domestic Product (GDP) to grow more than 300 times from mere $65 in 1960 to $20,759 in 2010.
As they are entering into retirement age, many local governments and municipalities are offering incentives to have them migrate back to rural area where many of them were born and have deep affinity. And Jeonnam (or South Jeolla) Province in the southwest of the Korean peninsula is particularly well poised to attract them due to warmer weather and cheaper land and the Province has designated 46 areas for development of retiree towns.
The consortium consists of Landlovers, the developer who has long been involved with planning of the retiree towns, Daewoo Development – Engineering & Construction and Daemyeong have signed an investment agreement with Jeonnam Province and Jangheung County in September 2013 to develop Jungnamjin LOHAS Town, including 1,500 units of wood frame homes and golf course, horse club, medical clinic and other amenities on 233 hectare of land.
The groundbreaking ceremony for project was held on December 19, 2013 at the site with the Governor of Jeonnam Province, members of the Nation Assembly and other distinguished guests. 43 units on Block A, the first phase of the project, have been all presold.