South Korea’s plans to bring a Universal theme park to the country have taken a massive step forward after a consortium of Korean and Chinese investors emerged as a preferred bidder to develop a theme park in the region, reviving the project after three years of silence.

The plans were first announced in 2007 by South Korea’s government, with an opening date set for 2012. When the global financial crisis hit, the project was put on hold over both land and infrastructure issues.

The consortium is made up of companies from both China and Korea, with Daewoo Engineering & Construction and Dohwa Engineering of Korea, Hong Kong-based China Travel Service, and China’s largest construction company the China State Construction Engineering Corporation comprising the group.

The state-run Korea Water Resources Corporation (K-Water), which selected the multi-national corporation, said the group will draw up plans by the first half of 2016 to open a global theme park in Hwaseong near Seoul.

Initial plans envisage a 4.2sq km (1.6sq m) mixed-use development which will include the Universal theme park, a Korean pop concert arena, accommodation, a golf resort, waterpark and a shopping centre. K-Water estimates an investment of W5tn (US$4.24bn, €3.87bn £2.85bn) for the development, with a projected opening date of 2020.