South Korea will build a new leisure town near its main gateway that will serve as an international economic and tourism hub, the oceans ministry announced Tuesday.

The tentatively named Yeongjong Dream Island, budgeted at near $2 billion, will be built on reclaimed land around a bridge between Seoul and Incheon International Airport, according to the Ministry of Oceans and Fisheries.

The first phase of the development plan is set to begin in the second half of next year for completion by 2018. The pre-selected private developer will build hotels and golf courses, along with a marina resort and an aquarium that will help accommodate a growing number of tourists from China and Japan, the ministry said.

The second-phase construction will be completed in 2020, creating the country's single largest leisure town.

In total, the project will likely cost around 2 trillion won ($1.87 billion) and create 18,000 new jobs for an economic effect of over 27 trillion won, the ministry said. (Yonhap News)