‘Let’s grow it properly as a ‘K-Pop Mecca’ in Changwon SM Town.’

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To normalize the Changwon Cultural Complex Town, where the opening of Changwon City is delayed, it was agreed to develop a reasonable alternative to the differences between the parties and reach the best consensus.

They also agreed on the need for a change in performance culture due to the rapidly changing K-pop trend and Corona 19.

The city held the Changwon Cultural Complex Town (in the future referred to as Changwon SM Town) Steering Committee in the 2nd meeting room of the 2nd Annex of City Hall on the 7th.

The Changwon SM Town Steering Committee is an official deliberative and decision-making body according to the Changwon SM Town Operation Ordinance, including Chairman Park Young-Geun (Professor of Business Administration, Changwon University), Changwon City, operators, business operators, operation participants (SM), Changwon City Council, and private content experts. It is made up of members of

At the meeting, the members selected △content composition △installation and completeness of facilities △operation plan (draft) and finalized the pending issues necessary for the opening. We discussed the successful operation.

Beneficial facility arrangement and feasibility review As the first plan for deliberation, the feasibility review of profit facilities and the floor plan (MD) was proposed.

In particular, profit facilities (1st basement floor, 5th to 6th floors) are planned to compensate for losses in cultural facilities such as K-POP contents and to secure financial resources for investment in new ranges during the future operation period. Aspect is a crucial part.

The Steering Committee suggested that it is necessary to reflect the rapidly changing K-pop trend and the post-coronavirus performance culture before deliberation of the proposed plan.

In addition, the long-term operation plan and detailed operation plan presented in the past are checked, and the relevant big data are thoroughly reviewed for continuing the discussion on the critical factors for the success of Changwon SM Town. We plan to make a decision.

◇Changwon SM Town Project Profit Verification = As a report item of the Steering Committee on the same day, the results of accounting verification for the Changwon SM Town project revenue were also announced.

From the beginning of the project, the developer raised suspicions of excessive profits due to controversy over preferential treatment. In response to this, Changwon and the developer conducted accounting verification twice since last May.

As a result of the accounting verification, the implementer’s final expected rate of return is expected to be 5.5% to 6.7% based on sales (after-tax profit), and it is anticipated that suspicions and distrust of preferential treatment are anticipated which have been controversial, will be resolved.

Park Young-Geun, chairman of the Changwon Cultural Complex Town operation committee, said, “The role and responsibility of the Steering Committee are critical for the Changwon Cultural Complex Town to succeed as a K-POP; cultural facility that is growing into a mecca of Hallyu in name and reality.”

We will do our best to prepare for the opening to meet the expectations of Changwon citizens who have been waiting for the Changwon Cultural Complex by comprehensively reviewing not only the composition of core contents but also the continuity of operation, publicity, and business feasibility to come up with the best alternatives and agreements.” said.

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