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This fleet would be the second front-line battle fleet for Korean Navy. The first one is larger but is more strategic, while this new fleet will operate only in the Yellow and East China Sea to counter PLA Navy and be based in Jeju Island facing China.
The first fleet(aka Strike Fleet). Take out the LHDs from the pics and you have this second fleet.
You got the money, why not.
I´m not aware but does South Korea consider China as a threat? and why?