PETALING JAYA: Berjaya Land Bhd (BLand) is teaming up with South Korea’s Jeju Free International City Development Centre (JDC) to build a US$2.6bil (RM8.2bil) resort-style residential and commercial complex with a full-fledged casino in Jeju province.
BLand told Bursa Malaysia yesterday its unit, Berjaya Leisure (Cayman) Ltd (BCayman), had signed an agreement to set up the joint venture, Berjaya Jeju Resort Ltd (Berjaya Jeju).
Berjaya Jeju would be the master developer for the 74.37ha site in Yerae-dong, Seogwipo-si, Jeju province. It will develop the project over eight to 10 years.
The development would have 600 mid-rise apartments, 200 villas, a 500-room resort hotel and serviced residences and a full-fledged casino with 500 rooms, an indoor arena, a health, medical centre and spa resort, a cultural village and other recreational, private and public facilities.
“The casino, which will be the key development, shall be constructed in the early phase of the project,” the company said.
BLand said the project would have a gross development value estimated at US$3.6bil, subject to the finalisation of the business plan.
The initial paid-in share capital of Berjaya Jeju would not be less than US$30mil, of which BCayman would subscribe for 81% and JDC the remaining 19%.
BLand said Berjaya Jeju would then enter into a sale and purchase agreement to acquire the land from JDC for 72.1 billion won (US$73mil).
After the land acquisition, JDC would contribute US$4.5mil for infrastructure such as roads and parks on the site.
In a separate statement, JDC said the JV would attract foreign tourists by developing high-end tourism products targeting Asia and the Middle East as well as South Korea by using Berjaya Group’s global marketing network.
JDC said the resort-style residential complex would make a 774.1 billion won (US$772.83mil) contribution to the Jeju economy and create 6,300 jobs.
By The Star
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