BERJAYA Land Bhd has tied up with Jeju Free International City Development Centre to develop a 74.3ha US$500 million (RM1.69 billion) resort-type residential and commercial complex in South Korea.
In a statement yesterday, Berjaya Land said its wholly-owned subsidiary Berjaya Leisure (Cayman) Ltd entered into a conditional memorandum of agreement with Jeju Free International to develop the eight million square feet of land located at Yerae-dong, Seogwipo-si, Jeju special self-governing province.
"The joint venture will allow Berjaya Land, via Berjaya Cayman, to capitalise on the expected demand for local property and leisure assets in view of the growing tourists arrivals to Jeju. The project will also capitalise on the South Korean government's packages of incentives and promotions to develop Jeju.
"In addition, the land price of about RM33 or US$10 per square foot is reasonable considering South Korea is a developed country and the directors may consider listing the joint venture company," said Berjaya Land.
Jeju is a statutory agency established within the South Korean Ministry of Construction and Transportation and has been tasked with overseeing the overall development of Jeju special self-governing province which expects 5.5 million visitors this year.
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