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BLand to start first project in South Korea

Property Report
Jeju island is often called the Hawaii of South Korea

Jeju island is often called the Hawaii of South Korea

The first phase of Berjaya Jeju Resort will be launched Berjaya Land Bhd (BLand) before the end of the year. The project has a total gross development value of US$3.5 billion and the first phase will involve 300 units of serviced apartments to be completed within 24 months.

The project has been delayed since it was first announced in 2008 due to slow autorities approval and an environmental impact assessment that took a year to complete.

According to Datuk Francis Ng, CEO of BLand, the company has completed the construction of infrastructure, which cost US$30 million and the company plans to launch the first phase as soon as approval has been obtained.

“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.

According to Bernama, BLand is working with POSCO Engineering & Construction Co Ltd which is the main contractor for the first phase of Berjaya Jeju Resort and BLand will soon sell no more than 10 per cent of the project to POSCO.

Berjaya Jeju Resort Ltd, a 81:19 joint venture between BLand and Jeju Development Centre.

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


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