Merlin Entertainments has revealed plans to open its first Legoland theme park in South Korea as part of a long-term expansion plan to generate more income from markets overseas.

To open in 2017 in Chuncheon, Gangwon Province, the South Korea Legoland will add to Merlin’s growing portfolio of six Legoland theme parks worldwide. Other Legoland theme parks in development include Legoland Japan and Legoland Dubai, while there have been rumours of a possible Legoland attraction in New York state.

The UK-based attractions company – the second-largest in the world behind Disney – says the new theme park will cost £172m (US$269.8m, €216.8m), with Merlin funding around a third of the development. The remaining sum will come from a property company funded by local investors.

Merlin currently generates more than 60 percent of its revenues from the UK and continental Europe but is aiming for an equal split between Europe, the Americas and Asia.

The company said in July it was in advanced talks to open more Legoland Parks overseas after a sales surge on the back of The Lego Movie, which saw a rise in popularity for the Lego franchise.