The advent of Formula One brings development on Korean soil
The Korean people are ready to embrace yet another developmental project on its territory. A new city structure has been designed by the authorities to be built at the centre of the new Formula One circuit in Yeongam.
This year marks the debut Formula One Grand Prix on the Korean soil after a long period of wait and anticipation. The race is to be held at the Yeongam circuit that lies close by the capital and the biggest city of the country, Seoul.
At present, the area that is enveloped inside the track as well as surrounding it is in a very poor state. Most of the part seems like a construction site. However, as per the latest information, the paper work has started for the development of the entire
area which is hoped to start very soon.
The track snakes at the harbour side of the country, where the location is beautiful but yet a lot of development work is to be done. Now, with the launch of the race track which is to hold its inaugural Grand Prix this weekend, the commercial value of the
place would increase immensely. Moreover, the advent of Formula One would also highlight the tourism value of the country. Keeping all this in mind the government has made a huge plan to re-establish the place into an advanced city.
Moreover, it is also being suggested that some part of the newly built track would be kept as a permanent racing venue whereas some would be converted into a city street course. However, it is a mega plan and needs billions of dollars therefore the authorities
are adamant to have detailed paper work done before the construction begins.
Today, (Monday) morning the local newspapers of Korea published the final approval of the government giving a green signal to the mega project. With these developments, the area which currently depicts a bland and messy setting is expected to be converted
into a leisure-themed corporate city.
As per the initial estimate, $1.67 billion is allocated for construction. Although the development work could take longer period of time yet as per a rough estimate by 2021, the entire barren land would completely transform into a motor sport and tourism
city.
The development work is to be carried by Korea Auto Valley Operation, which are also the promoters and organisers of the Grand Prix.
As per the initial report of the Ministry of Culture, Sports and Tourism, building of the city would begin in the second half of 2011.
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