Berjaya Jeju Resort, described as a world-class integrated tourism and recreational destination on Jeju island, will be launched in the first quarter of 2009 – marking Berjaya Land Bhd’s (BLand) entry into South Korea.
The development will be undertaken by Berjaya Jeju Resort Ltd, a joint venture between BLand and Jeju Free International City Development Centre (JDC). BLand holds an 81 per cent stake in the company that has invested US$30 million as initial paid-up capital for the development.
According to BLand chief executive officer Datuk Francis Ng, the development is a strategic investment because of Jeju’s geographical location that makes it a well-connected city with a potential market of over 750 million people.
“Jeju’s free international city status, coupled with various tax incentives like the five-year corporate tax exemption from the first year of profits, and property tax exemption of 15 years for both Korean and foreign investors, are primary factors why Jeju is seen as a good investment destination,” said Ng.
Other factors include a friendly corporate investment environment, an effective legal system, and the availability of professionals from the ranks of more than 6,000 local graduates churned out there yearly.
Ng added that BLand is confident its long term investment in South Korea would stand it in good stead for stronger growth, and to partake in other related business activities in the future.
Berjaya Jeju Resort is located on 183 acres in Yerae-dong in Seogwipo City, southwest Jeju. It has a potential gross development value (GDV) of US$3.5 billion and is targeted for completion in 2015.
The development will comprise 1,282 residences, including villas and apartments, with a GDV of US$1.5 billion, a casino, two hotels, a shopping mall, an indoor arena as well as valley and wellness resorts.
Ng revealed that the indicative prices of the residential properties in the resort would range from US$500 to US$600 psf.
The first phase of the development, which comprises the North Gate mid-rise apartments, is planned for launch in the first quarter of next year, while the other precincts including the casino, casino hotel and shopping mall would kick off in the next two to three years.
BLand senior general manager for properties marketing Mah Siew Wan said it would be targeting buyers from China, Japan and Taiwan since there are no restrictions on foreign buyers purchasing property in Jeju. Mah added that its immediate target market will be Korean buyers, especially from Seoul.
JDC chairman and chief executive officer Kim Kyung Taeg said Berjaya Jeju Resort would redefine Jeju’s waterfront and bring a new dimension to the island’s tourism industry.
“It is expected to foster an eco-friendly, high value-added leisure environment and is part of our vision to establish Jeju as an international city with world-class tourist destination developments,” Kim said.
