The following is a translated summary of a report from the local press. It has been edited for clarity, including the addition of links and information needed for readers unfamiliar with Jeju. — Ed.
Phase One of the construction of Jeju Airest City — which will be the island’s largest resort — is underway with the completion of the March 7 groundbreaking ceremony at Yerae-dong, Seogwipo City.
The development is a joint venture between Malaysian developer Berjaya Jeju Resort Co. and the Jeju Free International City Development Center (JDC).
Around 300 people attended the ceremony including Berjaya chairman Tan Sri Dato’ Seri Vincent Tan, Dato’ Ng Sooi Lin, (also from Berjaya) and a number of the company’s board members. Government attendees included Han Man-hee, Korean vice-minister of the Ministry of Land, Transport and Maritime Affairs, Jeju Governor Woo Keun-min, JDC Chairman Byun Jung-il and Jung Dong-hwa, vice-president of POSCO Engineering and Construction Co.
The project is one of the core businesses seen to enhance Jeju’s status as a free international city. A total of 2.5 trillion won (US$2.3 billion) is to be invested by 2017 to construct high-class hotels and condominiums; complex shopping malls; medical centers and a casino. Co-developer Berjaya Group of Malaysia has invested about 125 billion won ($115 million), the largest amount of foreign direct investment in the Jeju tourist business sector.
Builders POSCO Engineering and Construction Co. said they aim to complete the resort by April 2015. — Jeju Gov’t News