SINGAPORE - The Shinhan Donghae Open has been added into the Asian Tour schedule, following a new co-sanctioning agreement with the Korean PGA that was announced on Friday.

The event last featured on the Asian Tour in 2002 and it will be co-sanctioned by the Asian Tour and Korean PGA.

Inaugurated in 1981, the KRW 1.2 billion ($1,398,000) tournament will be staged at the Bears Best Cheongna Golf Club in Incheon from Sep 29 to Oct 2.

Previous winners of the tournament include Koreans Charlie Wi, Bae Sang Moon and last year's champion An Byeong Hun, India's Jeev Milkha Singh, Japan's Seiji Ebihara and England's Paul Casey.

Shinhan Financial Group chairman and chief executive officer, Dong Woo Han, said: "Our well-established tournament has been held successfully over the past three decades and it will be a wonderful opportunity for golf fans in Korea to watch the finest stars from the Asian Tour competing against the best players from Korea in September.

"With the Asian Tour's involvement, our tournament will receive greater Official World Golf Ranking points, which is a boost for the players."

The tournament also marks the Asian Tour's return to South Korea for the first time since 2013, when the Ballantine's Championship was last held.

Tour commissioner Kyi Hla Han said: "Those in the golfing circles will readily acknowledge the Shinhan Donghae Open is one of Korea's premier golf tournaments.

Korean PGA Chairman Hwee Boo Yang said: "We look forward to welcoming back the Asian Tour to Korea as it has been over two years since it was involved with professional golf in our country.

"I am sure the Korean golfers will be very eager to compete well against the stars from the Asian Tour."