KIT World seeks to finalize $7b funding plan ahead of May launch event
A massive theme park development project planned near Incheon Airport is gaining momentum as its developer moves to secure final investment commitments.
KIT World said Monday it would send a delegation to the US from Wednesday to hold talks with major financial institutions and investors ahead of its official project announcement in May.
During the visit, the company aims to finalize key investment terms, including the total amount of funding, plans for its execution, and investor participation, while also confirming schedules for US investors to visit Korea. Discussions will also cover revisions to the project plan and seek final approval from stakeholders.
The “KIT World Project” has undergone a strategic overhaul to enhance its feasibility. Initially designed as a simultaneous development on a 3.3-square-kilometer site on Yeongjongdo, the same island as the airport, the plan has been revised into three phases.
Under the new plan, priority will be given to projects including a cruise-linked development and an underwater city and hotel complex. The company said it had already reached preliminary agreements with US investors on the phased approach.
Final negotiations with a US-based investment firm, Loan Company Lender, are expected to be completed during the upcoming trip, according to the company.
An official project presentation will be held in Incheon in late May, bringing together US investors, government officials, local lawmakers and media. The event is expected to be the project's the formal launch, with detailed investment and development plans still to be unveiled.
The KIT World Project is a large-scale development valued at $7 billion, aiming to build what the company describes as the world’s first and largest “five-dimensional” theme park complex.
Beyond conventional attractions, the project will integrate cruise infrastructure, underwater hotels and next-generation immersive content into a comprehensive tourism and leisure destination.
If completed as planned, the development is expected to position Yeongjongdo as a key growth engine within the Incheon Free Economic Zone and a major North East Asian tourism and entertainment hub, the company said.
By Lee Hong-seok
(gilbert@heraldcorp.com)
