|Title||Construction of ´Resort-type Residential Complex in Jeju Started with Investment of KRW 2.5 Trillion|
7 Mar 2013
(Jeju=Yonhap News) Reported by Hong Jeong-Pyo
A groundbreaking ceremony for the construction of the resort-type residential complex dubbed “Jeju Airest City” was held on March 7. The resort will be set up in Yerae-dong, Seogwipo City, with a total investment of KRW 2.5 trillion won.
The ceremony to break ground to build the Gotjawal Village, as the first stage of construction, was attended by Chairman Tan Sri Vincent Tan of Malaysia’s Berjaya Group, Jeju Governor Woo Geun-Min, and Chief Director Byon Jong-Il of the Jeju Free International City Development Center (JDC).
Berjaya Jeju Resort Limited, the developer of Jeju Airest City, is a joint venture company that was established by Malaysia’s Berjaya Group and the Jeju Free International City Development Center.
Gotjawal Village will be a condominium complex consisting of a total 147 sections of condominiums, with 51 residential units and 96 multipurpose units, on a plot of 92,922㎡. The resort town will be completed by April of 2015, with a total project cost of KRW 145.2 billion, and the rooms will be sold from the first half of this year.
In the second half of 2013, Berjaya Jeju Resort will start to build a five-star hotel with 230 rooms, a casino town accommodating 505 hotel rooms and a shopping center, and a villa-type condominium “art valley” equipped with 14 rooms.
In 2014, a spa resort and landmark tower will be built, followed by a medical center in 2015 and a resort and cultural facility “spa auditorium” in 2017. The construction is scheduled to be completed by 2017, with an aggregate project cost of KRW 2.5 trillion.
Once the project is completed, the resort town will consist of 1,520 condominium rooms and 1,093 hotel rooms.
Jeju Airest City is a core project of the Jeju Free International City Development Center and will be a world-class resort-type residential complex built on a plot of 744,207㎡ in and around Yerae-dong, Seogwipo City of Jeju.
The JDC established a joint venture company with Berjaya Group in August 2008.
As it was designated as a foreign investment area in November 2009, under the Foreign Investment Promotion Act, companies in Jeju Airest City have received tax benefits, which include 100 percent corporate tax exemption for five years, 50-percent corporate tax reduction for the following two years, and 100 percent exemption of acquisition, registration, and property taxes for 15 years.
In December 2009, the resort-type residential complex was designated as an investment promotion district according to the Jeju Special Law and received various tax benefits and development charge discounts.
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