JEJU-DO < invest Korea

According to Pulse by Maeil Business News Korea,

South Korea’s tech behemoth Samsung Electronics Co. will build a mega tourism complex in the country’s beloved holiday island Jeju using its own smart technologies and grid solutions.

Samsung Electronics said on Thursday it signed an agreement with land developer JCC Inc. to partner in development of a multi-tourism complex in Jeju Island, dubbed the Ora Tourism Complex that will be built on a site of 3.57 million square meters at an estimated cost of about 6.28 trillion won ($5.4 billion).

Samsung Electronics and JCC will work together to develop cutting-edge smart solutions for the resort complex, jointly operate and manage smart solutions, as well as develop various service business models based on smart solutions. The multi-tourism complex will have a 7,650-seat center for meetings, conferences, and exhibitions, a hotel with 2,500 rooms, a condominium with 1,815 rooms, a shopping center, theme park, and a golf course.

The resort complex, which is expected to be completed by 2021, is the largest development project to be ever promoted on Jeju Island, and the first project for Samsung Electronics to apply its latest smart technologies in real life in such a large scale. The tech giant has recently accelerated its efforts to take the lead in the smart technology industry, increasing investment in a series of startups with innovative smart technologies overseas.

Under the latest agreement, the tech company will employ its cutting-edge smart technologies in building the complex, such as the Internet of Things (IoT) that allows physical objects and devices to connect with each other via the Internet to exchange data and information. Samsung will also fill the tourism complex to be run by energy-saving, environment-friendly, and customized smart grid systems with its smart home appliances. For example, Samsung will offer a smart hotel solution that can provide customized services to each visitor; green energy and air/ventilation solutions such as air conditioning and light emitting diode (LED) lighting systems; an integrated building control system; signage or commercial display solutions; and smart, built-in home appliances such as televisions, refrigerators and washing machines.

An unnamed official from Samsung Electronics said the application of IoT technology had been limited to homes so far, and it would be almost the first time for smart technologies to be applied to a commercial place in real world in such full scale.
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Source: Pulse by Maeil Business News Korea (Jul. 1, 2016)