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Jisepo Marina and Marine Village Project
Business Plan
April 30, 2012
Contents
Ⅰ. Business Overview ................................................. Error! Bookmark not defined.
1. Business Purpose .................................................................................................. 3
2. Project Site ........................................................................................................... 3
3. Development and operation plan ...........................................................................
4. Business Calendar ...................................................................................................
5. Company Overview ................................................................................................
Ⅱ. Feasibility Studies ..........................................................................................
1. Reason for site selection ........................................................................................
2. Macro environment analysis ...................................................................................
3. Micro environment analysis ....................................................................................
4. Political environment analysis .................................................................................
Page 3
Ⅰ. Business Overview
1 . Business purposes
This project consists of a marina, hotel residence accommodation, retail stores and
marina related facilities in a Marine Recreational Special zone as designated by the
Ministry of Knowledge and Economy of South Korea located at Jisepo Port, Ilwoon
Myeon, Geoje City, Gyeong Sang Nam Do Province, South Korea. The project is under
a development contract between the company and the Geoje City municipal government
and under permit processing with The Ministry of Food, Agriculture, Forest and Fishery.
[Table 1 ] Project Overview
Category Contents
Project Name Jisepo grand marina and marine village development project
Developer
Florida Marina Development Corporation incorporated in
Korea. The company was established in accordance with the
Foreign Investment Act of South Korea.
Business Location Government reclamation land at Jisepo port, Il Woon
Myeon, Gyeong Sang Nam Do Province, South Korea
Business Structure
The company will develop hotel residence, retail commercial
properties, marina and related facilities through project
financing with phased plan.
Project Period March 2010 - March 2017
Development
Scope
Accommodation
Land size: 8,500 ㎡, Construction area: 25,500 ㎡
Accommodation 300 rooms
Marina Facilities Ocean surface: 89,000 ㎡, Wet slips: 200
Other facilities Fuel, retail stores, water, sewer, dry storage etc.
(Source : Company provided information)
Page 4
2. COMPANY PROFILE
2.1. Company profile
Florida Marina Development, Inc. (“FMD”) is a premier marine design and development
firm with extensive experience in the conceptualization, design, and construction of world-
class waterfront facilities and destinations. FMD has been involved in extensive
discussions with the Korean government regarding the application of a Floridian/Caribbean
approach to waterfront development in Korea for the last five years. FMD’s vision,
expertise, and technical capabilities have been well received by representatives from the
various provinces and regions involvement– to the extent that local governments have
executed an exclusive Development Agreement with FMD regarding engaging FMD as the
developer for the historic fishing port revitalization projects of South East Coast of
Peninsula in Gyeong Sang Nam Do Province.
As the first of the fishing port development projects, FMD has secured the development
rights to a waterfront village and marina project in the prestigious Geoje City, located in
Southeastern Korea in the Gyeong Sang Namdo Province. The Waterfront Village and
Marina at Jisepo Port, Geoje City, will be a vibrant and attractive destination for both
tourists and residents that can serve as one of the primary commercial anchors for Port
Jisepo. The Village features an upscale extend stay hotel residence, an entertainment
district (dining, bars, retail) and commercial space. The plan also includes a large-scale
marina project, featuring both in-water slips and a dry storage facility. The project,
reflective of the yachting and waterfront lifestyle of South Florida and the Caribbean, will
be wholly unique to Korea.
FMD concludes negotiations with the government for the acquisition of approximately
8500 m2 of waterfront land (to be reclaimed from the shallow seabed) and 89,000 m
2 of
water surface usage rights. The project is fully entitled and is under final permit
processing before commencing construction. A suite of fiscal and economic incentives are
available to FMD as a registered Foreign Investment Corporation.
The Florida Marina Development, Inc is headquartered in Miami, Florida USA Company
information is listed in the following Table.
Page 5
[Table 2] Florida Marina Development Inc.
Category Contents
Name Florida Marina Development Inc.( hereafter ‘FMD’)
Goal Development marina and waterfront village in South Korea
Business area
Marina and waterfront property Development
Cruise terminal development
Marina and waterfront planning, design, construction, financing
and operation
Address 2781 SW 56th Avenue Pembroke Park, Fl 33023
Telephone Tel: 786 228-9396 Fax: 866 431-7242
Homepage http://www.floridamarinadevelopment.com
The company is a registered corporation according to the foreign investment act of
South Korea. The Florida Marina Development Corporation in Korea information is
as follows.
[Table 3] Florida Marina Development Corporation in Korea
Category Content
Name Florida Marina Development Corporation
Mission The company mission is to develop marina and waterfront property in South
Korea and its pilot project is Jisepo Grand Marina and village development.
Other Registered in Korea ( 100% Foreign Investment Firm)
Page 6
3. Project Site
3.1. Project site location
The project is located at Jisepo port, Gyeong Sang Nam Do province in South Korea. The
location is under development by The Ministry of Food, Agriculture, Forest and Fishery
under National Multipurpose Fishery Development Act since 2005. The project is located
10 miles from the world’s the largest ship-building company, Samsung Heavy Industry
and 5 miles from Daowoo Shipbuilding Merchant Engineer Company in Geoje City, The
Geoje city is connected with Korea’s second largest city, Busan, has a population of over 5
million residents and is one of the largest commercial ports in the world.
[Figure 1] Project Site
FMD PROJECT
SITE
Geoga Bridge (BUSAN)
Highway
(Seoul)
SAMSUNG Heavy Industries
( Shipyard )
DSME Shipyard
MASAN
Page 7
3.2. Reason for marina site selection
Executives and marina engineers of FMD made extensive coastline tours in South Korea and have evaluate twelve selected marina
sites. The company made twelve check lists based on water depth, airport distance, population, municipal government enthusiasm,
ocean environment, local resident response and other. The reason Jisepo port was selected as the pilot project site is below:,
[Table 4 ] Marina development and selection of analysis parameters designation
Area Water
Depth Wave Currents
Available
Land
Break-
water Tidal Sea Agriculture
Community
Cooperation CIQ
Airport
Access
Population
(30mile) Permit
Myeong-dong, Jinhae Good No Good No No Good No Yes Good Good Optimal 3 years
Mulgeon, Namhae Good Good Good Yes Yes Good Yes Yes No Good No 1 year
Yeosu Port, Yeosu Good Good Good No Yes OK No No Good Good Good 1 year
MokpoPort, Mokpo Good Good Good No No Severe No No Good Good Good 1 year
Kuk Dong, Yeosu Good Good Good Yes No OK Yes No No Good Good 1 year
Seosang Hang, Nam Hae Good Good Good No Yes Good No Yes No Good No 1 year
Mijoe, Namhae Good Good Good Good No Good Yes Yes No Good No 2 years
Jeon Gok, Gyung Gi No Good Heavy Good Yes 27ft No Yes No No Good 1 year
Donam Hang, Tong Young Good Good Good No Yes Good Yes No Good No Good 1 Year
SSangun, Geoje No Good Good Good Yes Good Yes Yes Good Good Good 1 year
North Port, Busan Good Good Good No Yes Good No Yes Good Good Good 3 years
Jisepo, Geoje Good Good Good Good Yes Good No Yes Good Good Good 1 year
Page 8
4. Project Scope
4.1. Ocean Marina
[Figure 2] Marina Layout – Water Surface Size 89,000 square meter
Jisepo Gran Marina Layout
[Table 5] Marina development scope
Category Size Other
Water Surface 89,000 m2 Wet slip: 200slips 10,840 LF ( up to 200ft slip )
Dry Storage 1,390 m2 Dry storage
Marina Facility m2 Fuel, water, power, sewer, Dock Master
Other marina infra Breakwater Under negotiation with government
Page 9
4.2. Land accommodation and commercial property ( Extended Stay hotel residence )
[Figure 3] Land development layout – 8,500 square meter
Jisepo Grand Marina Land Usage Plan
[Table 6] Land development scope
Category Area ETC
Accommodation 8,000 m2 Accommodation, Commercial
Commercial 500 m2 Retail, commercial facilities
Construction
Area
Accommodation 24,000 m2
Hotel-Residence 300 Units,
FAR 300%
Commercial 1,500 m2 Marine retail
[Table 7] Land Usage plan Unit : m2
Category Phase
Plan
Area Size Construction Size Parking ETC
Land Accommodation Retail
Hotel
Residence
Phase 1 4,000 12,000 - 2,400
Phase 2 4,000 12,000 - 2,400 Sales
Retail Phase 1 500 - 1,500 1,500 Lease
Storage Phase 1 -
합계 8,500 24,000 1,500 6,300
Page 10
5. Operation Plan
5.1. Operation plan
1. Global brand name hotel-Residence chain management contract
The company plans to operate the accommodations with a well known hotel management
company. The company is evaluating the pros and cons of an internationally branded
company versus local companies.
2. Hotel-Residence sale and operation
The company plans to make a contract with third party sales and marketing companies in
Korea who are specialized in hotel residence sales and marketing.
3. Marina operation
The company plans to operate the marina business with an internationally established
marina operator to provide world class services and benefits to its members. The
company received a letter of interest from world’s largest marina operation company.
4. Super yachts marketing
In order to increase profit margins for marina operations, the company plan to develop it as
a far east Asia super yacht destination. The company will hire super yacht marina
planners and designers and arrange super yacht refit facilities nearby to attract super
yachts .
5. Yacht Club Membership
The company is networking with yacht clubs in Asia - Shanghai, Qingtao, Hainan Island,
Singapore, the United States and Caribbean Island in order to provide reciprocal benefits to
its members.
Page 11
6. Development Calendar
The project initiated in 2010 and exit in 2020 with three development phase plan.
[Table 8] Jisepo Grand Marina and waterfront village development calendar
Category / Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Pre Construction
Reclamation Land
Master Plan
Permit
Development Calendar
Land Acquisition
Commercial Property
Commercial Sales
Phase 1
PRC Construction
PRC Sales
PRC Operation
Phase 2
PRC Construction
PRC Sales
PRC Operation
Marina Construction
Phase 1
Phase 2
Phase 3
Marina Operation
EXIT Acquisition and exit
(*) Calendar can be changed without notice
Page 12
Port Jisepo Waterfront Development, Geoje City, Korea
Project At A Glance
Project Name
Project Location
Project Description
Land Description
Land Size
Building Area
Water Description
Ocean Surface Size
Type of Products
Number of Units
Developer
Project Team
Jisepo Grand Marina and Waterfront Village Project
Sodongri, Jisepo port, Geoje City, Gyeong Sang Nam Do
Province, South Korea
Jisepo Marina and Waterfront Property Development
Reclamation land
8,500 m2
25,500 m2
Jisepo Multiple Fishery Development Marina Site
89,000 m2
Hotel- Residence, Commercial property, Marina and Marina
Related Service
Hotel Residence Units: 300 Units, 24,000 m2
Commercial Properties: 1,500 m2
Marina Wet slips: 200 Slips, 10,840LF
Florida Marina Development, Inc.
Planner and Architect – OBMI Marina Engineering – Allied Technology
Marine Construction – Shoreline Foundation
Permit Consultant – Seil Engineering
Feasibility Study – Price Waterhouse Coopers in Korea
Korea Business Development – Myungkune Moon
Jisepo Grand Marina Master Plan Jisepo Marina Location