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According to Yonhap News,
A groundbreaking ceremony for the resort-type residential complex “Jeju Airest City” was held on March 7. The city will be constructed in Seogwipo-si (City), Jeju Special Self-Governing Province, with total investment of KRW 2.5 trillion won.
Those who attended the ceremony include Chairman Tan Sri Vincent Tan of Berjaya Group, Jeju Governor Woo Geun-min, and Chief Director Byon Jong-il of Jeju Free International City Development Center (JDC).
Berjaya Jeju Resort Limited is a joint venture company established by Malaysia’s Berjaya Group (implementer of “Jeju Airest City”) and JDC.
The Gotjawal Village, which has become the first area for development in Jeju Airest City, will be composed of a condominium complex equipped with 51 residential-purposed rooms and 96 multipurpose rooms. This 92,922㎡ village will be completed by April of 2015 with investment of KRW 145.2 billion, and the rooms will be sold from the first half of this year.
In the second half of this year, Berjaya Jeju Resort Limited will start building a five-star hotel equipped with 230 rooms, a casino town composed of 505 hotel rooms and shopping centers, and a villa-type condominium “art valley” comprised of 14 rooms.
Berjaya Jeju Resort Limited will build a spa resort and a landmark tower by 2014, a medical center by 2015, a spa auditorium and a museum by the end of 2017. The aggregate investment will reach KRW 2.5 trillion.
Once the project is completed, the city will consist of 1,520 condominium rooms and 1,093 hotel rooms.
Since its designation as a foreign investment area in November of 2009 based on the Foreign Investment Promotion Act, Jeju Airest City has received much tax benefits, such as a 100-percent corporate tax exemption for five years, a 50-percent corporate tax reduction for the following two years, and a 100 percent exemption of acquisition, registration, and property taxes for 15 years.
In December of 2009, Jeju Airest City was designated as an investment promotion district under the Jeju Special Law and received considerable various tax benefits and development charge discounts.
Source: Yonhap News (Mar. 7, 2013)
** This article was translated from the Korean.