BERJAYA Land Bhd’s (BLand) whopping US$1.8bil joint-venture project – Berjaya Jeju Resort – on Jeju Island is the largest investment undertaken by a foreign developer in South Korea’s tourism industry.
The resort-type residential complex will serve as a residential area with low-rise buildings and villa equipped with hospitals, care centres and other modern facilities.
Jeju Special Self-Governing Province Investment Environment (JIE) representative Woo Jin Cha says the world-class project will take Jeju to greater heights and serve as a turning point in Jeju’s rebirth as a global destination for recreation and tourism.
Jeju also known as the “Hawaii of the Orient” and “Gods’ Island” is developed by Jeju Free International City Development Centre (JDC), Woo said in a briefing to a group of foreign journalists recently. JIE is a unit of JDC.
Jeju attracts some 5.8 million tourists annually and has drawn an estimated US$3bil of foreign direct investments to date.
Woo says JDC is currently “designing” Jeju to be a free international city via six core projects.
They are the Jeju Science Park, Myth and History Theme Park, Seogwipo Tourism Port, Resort-type Residential Complex, Healthcare Town and English Education City.
By 2011, when the first phase of Jeju Free International City international project is completed, about one million foreign tourists will visit South Korea annually while domestic tourists are set to double to 9.4 million yearly.
By The Star
Saturday, December 20, 2008
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