Construction works are picking up pace at the Galsa bay shipbuilding industrial complex in Gwangyang Bay Area Free Economic Zone , Hadong County, South Korea that could easily become the ‘waterfront’ industrial cluster of shipbuilding, fully satisfying the demand of land-usage from shipbuilders.
The Hadong District in GFEZ has, for a long time, been developing the favorable surrounding industrial conditions as an optimum location for the steel industry, shipbuilding, etc. The area is a multi-functional custom industry complex for 21st century global business.
In May, Hanshin Engineering Construction paid guaranty money KRW 44.1bn ($37.6m) for the construction contract while Daewoo Shipbuilding & Marine Engineering paid KRW 11bn (approx $10.1 mln) of down payment, accounted for 10% of land purchasing cost and bought 661,000㎡ of land. Construction of offshore plants such as drillships, LNG-FPSOs and LNG-FSRUs is what DSME is aiming for with this project.
Project Outline
Project Title
The Development Project of Industnal Shipbuilding Cluster in Galsaman, Hadong District, Gwangyang Bay Area Free Economic Zone
Participant Lot to the Project
Site Area : 5,613,000m2 – Galsaman Reclaimed Land : 3,174,000m2 – Land adjacent to Galsaman Reclamation : 2,439,000m2
Project Implementation Method
Government-Private Cooperative Development by using the Project Financing
Project Period
[mappress] Shipbuilding Tribune Staff, November 8, 2012; Image: gfezhd