YG Entertainment to invest 100 billion KRW (~$92 million) into establishing a 'K-pop cluster' in Gyeonggido

SEE ALSO: 'KPop Demon Hunters' group Saja Boys make history as first male K-pop group to hit #1 on US Spotify

According to the Gyeonggido and Uijeongbu officials on the 15th, YG Entertainment and YG K PLUS Co-CEO Yang Min Suk and Gyeonggido province official Nam Kyung Pil and Uijeongbu mayor Ahn Byung Yong will officiate their 'YG Global K-POP Cluster Establishment Agreement' through a signing ceremony in Uijeongbu on the morning of the 16th.

The K-POP cluster will be located in Sangokdong (49,600?), near the Incheon International Airport. YG Entertainment will invest a total of 100 billion KRW (~92.4 million USD) including the land purchase fee of 37.5 billion KRW (~34.6 million USD) and construction fee of 62.5 billion KRW (~57.7 million USD).

The K-POP cluster is expected to be completed in 2018 and will have 5 intimate theatre venues, a center to experience Asian popular music, as well as a hotel, studio, fashion and beauty shops, and recreational centers.

With its location near the airport, it's expected to become a major tourist hot spot with its establishment.