YG to Invest Over $91 Million USD to Build 12 Acre K-Pop Facility

YG Entertainment is investing over $91 million USD to construct a large-scale K-pop concert facility in Uijeongbu, Gyeonggi-do.

According to the Gyeonggi-do and Uijeongbu City Halls, there will be a signing ceremony for the “Agreement for the YG Global K-POP Cluster Construction” on January 16 at Uijeongbu City Hall with Nam Kyung-pil, the governor of Gyeonggi Province, and Ahn Byung-yong, the mayor of Uijeongbu, as well as Yang Min-suk, the representative of YG Entertainment and YG Plus, attending.

The K-Pop Cluster will be built in the whole area of Sangok-dong, which is approximately 49,600 square meters (12.2 acres). The Sangok-dong area will have easy access to Seoul and Incheon Airport through the Seoul Ring Expressway and highway from Guri to Pocheon.

YG Entertainment is investing over $91 million USD total, $34 million of which will go to purchase the land, and over $57 million of which will go towards construction.

Completion of the K-pop cluster is projected for 2018.  The facility itself will consist of a large-scale music concert hall, five smaller auditoriums, a permanent exhibition space to experience national and Asian popular music, a residence hotel for popular music artists and creators, a production studio, fashion and cosmetics cultural goods shops, and a center for golf and other outdoor sports and leisure.

YG will be using the facility as a multi-Asia and American headquarters where they will pick out the talent and link with the Paju-Goyang Cultural Arts Cluster to create, distribute, and advance the consumption of popular music.

The Uijeongbu City Hall stated, “The K-Pop Cluster will create over 600 jobs in which the local citizens will be prioritized for hire, and will be a great help for revitalizing the local economy.”

Fostering countless stars such as PSY and Big Bang, YG Entertainment is a major entertainment management company with a market value of over 684 million dollars. 

 

Source: Segye Ilbo

Image courtesy of YG Entertainment
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