WORK on a $900 million Korean suburb on Hobart’s Eastern Shore will start within a year after winning final planning approval yesterday.
Billed as an “integrated lifestyle, education, and residential development”, ParanVille will be one of the biggest residential subdivisions developed in the state and promises to give the struggling building industry a massive boost.
It is expected to attract residents from Korea, China and Japan who are keen to escape harsh northern winters and the threat of nuclear accidents, its backers said yesterday.
The 158-hectare rural site between Howrah and Rokeby approved by the Tasmanian Planning Commission will become home to more than 2000 new residents and several hundred language students and will generate up to 1000 jobs during the 10-year construction period.
It will feature a language school and residence hall for students. The site was chosen because of Tasmania’s international image as a clean, green, safe and politically stable place to live and for its proximity to Hobart’s airport.
Premier Lara Giddings yesterday hailed it as a vote of confidence in Tasmania’s new planning system.
“It should give business outside the state, and of course outside investors, some confidence to know that our planning does work and that indeed Tasmania is open for business,” she said.
“This project will create jobs in the construction industry at a time when the housing industry is struggling.”
Developer Paul Kim’s son, Pius, said his father expected strong demand for properties at ParanVille.