Crystal Lagoons and Hyundai-Nexplan Launch Their Massive Plan for PAL™ Projects in South Korea

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Oct 22, 2021, 10:00 ET

***Public Access Lagoons™ projects are burgeoning in the city of Incheon, and quickly becoming commercial, residential and entertainment development hubs.

MIAMI, Oct. 22, 2021 /PRNewswire/ -- The construction of two giant urban lagoons with turquoise water and white sand beaches is progressing in Incheon in South Korea's North West. The so-called Public Access Lagoons™ projects, also known as PAL™ developments, are the first of 30 complexes due to be built around the country by multinational company Crystal Lagoons as part of a major contract signed with the Hyundai-Nexplan consortium.

The first two projects are being built in the Songdo area of the port city as part of an urban revitalization project set to transform the district into a commercial, residential and entertainment hub.

The other complexes will be located in different cities including Seúl, Busan, Daegu, Daejeon, Gwangju, Suwon, Ulsan, Changwon, Goyang, among others. Once fully operational, the complexes are expected to receive 30 million visitors per year and generate annual sales of more than US$1 billion.

The PAL™ model brings beach life to people's doorstep with huge crystalline lagoons and white sandy beaches that anyone can access by purchasing a ticket. The Incheon projects will include turquoise water lagoons over 2 hectares, real estate areas, commercial buildings, restaurants, retail outlets, strip centers, events venues, concert halls and cultural spaces.

Some of the projects in Korea will be specifically geared towards entertainment and the K-Pop boom.

"PAL™ projects transform any location into the most beautiful and entertaining place in the city and add value to urban life. More than 51 million Koreans will have a completely new experience and they can change their lifestyle by experiencing beach life in the middle of their cities. In the same way that Londoners saw nature brought to the center of the city 200 years ago with the creation of the first urban parks" said Felipe Baldwin, Global Business Director of Crystal Lagoons.

Crystal Lagoons already has more than 1,000 PAL™ projects at different stages of negotiation, construction and operation around the world. Some of the biggest deals are in the United States (16 PAL™ projects in a partnership with Epic and Mattel and 5 with ADËLON Capital), Pakistan (15 PAL™ projects in partnership with Ary Group, the country's leading business holding company) and Central America (18 PAL™ projects together with successful entrepreneurs in the region).

SOURCE Crystal Lagoons