goto content


Korea Banner (Left)


h1 Title print



Title Jeju to ‘make large land purchase for tourism development projects’

07/05/2013


(Jeju=Yonhap News) Hong Jung-pyo = The Jeju Provincial Government is to purchase land, through public bids, for the development of large scale tourism projects. This is in an effort to help ease land supply shortages faced by tourism developers.
 

The provincial government decided to purchase the land needed to construct necessary infrastructure for the Free International City, through public bids among residents, and issued a public announcement regarding the land purchase on May 7.
 

The land up for purchase is a property measuring 30,000 sq. meters or larger, and includes property near state-owned and public land that that can be linked to roads and has great scenery.
 

Buddhist temples, general conservation zones, grades 1 to 3 underground water, protected ecosystems and natural scenery protection zones, and areas where development is prohibited by the Culture Heritage Protection Act, the Farming Land Act and the Forestry Act are excluded from property for purchase.  
 

The provincial government will receive applications for purchase until May 27, and will determine the land available for purchase in August after onsite inspections, practical reviews on development potential and ease of investment, and evaluation by the land stockpile review committee. The budget earmarked for land purchase for tourism development projects amounts to about 8.9 billion won this year.
 

The provincial government previously purchased land for development projects without holding public bids, but changed this approach in the face of criticism that doing so could allow corruption.
 

Since beginning to purchase land for development projects in 2007, through to the end of last year, the provincial government has spent about 27.3 billion won to purchase 110 lots, amounting to 888,000 sq. meters, in different five areas. Among them, the 6,633 sq. meters of mountainous land in the Hado-ri area in the township of Gujoi-eup, Jeju City, has been rented to the Korea Institute of Ocean Science and Technology for the construction of their Jeju Research Center. Also, a 392,431 sq. meter property in the Eoeum-ri area in the township of Aewol-eup, Jeju City, has been designated as the site for “The Oreum Landmark General Town,” which is an E-Land project.
 

Starting next year and through to 2022, E-Land will invest 507.4 billion won to construct a K-pop town, a theme plaza, a convention center, a customs and folklore street, and a village town in that area.  
 

Kang Yeong-don, investment policy officer at the Jeju Provincial Government, said, “The biggest hurdle for investment projects is securing property,” adding, “If the provincial government secures land for projects in advance, it will not only expedite the generation of investment and but will also help prevent reckless development.

 

jphong@yna.co.kr

 

Prev | List | Next




Quick Menu Quick Menu

Reservation