BLand to launch 1st phase of Jeju Resort

KUALA LUMPUR: Berjaya Land Bhd (BLand), a property and gaming company, will launch the first phase of Berjaya Jeju Resort, which has a total gross development value (GDV) of US$3.5 billion (US$1=RM2.99) by year-end.

Its chief executive officer, Datuk Francis Ng, said the project, which was first announced in 2008, was delayed by about two years for the authorities'approval, which included the Environmental Impact Assessment, which took a year to complete.

Speaking to reporters here today, Ng said the company has completed the construction of infrastructure, which cost US$30 million, and planned to launch the first phase as soon as it got approval from the authorities.

"If we are able to get the approval by September, we expect to launch the first phase involving 300 units of serviced apartments, which will be completed in 24 months," he said.

Earlier, Berjaya Corp Bhd signed a memorandum of understanding (MOU) with POSCO Engineering & Construction Co Ltd.

The MOU will see both companies explore possible joint ventures in sectors like property development, infrastructure construction and new business areas such as renewable energy and petrochemical plants.

POSCO is the main contractor for the first phase of Berjaya Jeju Resort, which marked BLand's entry into South Korean property market.

The development would be undertaken by Berjaya Jeju Resort Ltd, a 81:19 joint venture between BLand and Jeju Development Centre.

BLand will soon be selling not more than 10 per cent stake in Berjaya Jeju to POSCO, signalling a positive atmosphere towards their future possible collaborations, Ng said.

The 73.2-hectare resort, located in Yeraedong in Seogwipo City, southwest Jeju, is expected to be completed within five years.

Among the proposed components of the development will be 1,282 residences, including villas and apartments with a GDV of US$1.5 billion; a casino; two hotels; shopping mall; an indoor arena; and, a valley resort and wellness resort. - Bernama