JEJU-DO < invest Korea

(JEJU = Newsis) Jeju Free International City Development Center (JDC, Chairman: Kim Han-Wook) announced on February 9 that it signed an agreement to build the nation’s first integrated resort in Shinhwa History Park with Landing International Development Ltd and Genting Singapore PLC, which operates Resort World Sentosa, Asia’s largest integrated resort.

Landing International Development Ltd and Genting Singapore PLC discussed and confirmed the project direction and duties and rights for both parties by signing the agreement.

The project, which is expected to cost a total of KRW 2.3 trillion by 2018, will comprise a theme park that displays cultural, mythical and historical items, theme street, convention center, venue and various recreational facilities.

Genting Singapore PLC, which joins the project by increasing its share capital, participated in the Singapore government’s integrated resort development project in 2006, and constructed “Resort World Sentosa” in the northwest region of Sentosa Insland by investing about KRW six trillion for 34 months.

Officially opened in 2010, Resort World Sentosa includes five hotels, theme park, convention center, marine park, ESPA and galleria. The resort created a total of 14,000 new jobs and marked 16 million visitors in 2012, and became one of the most successful integrated resorts in Asia.

“Jeju played a big ball to attract investment from Genting Singapore amid a bad economic situation in both domestic and international markets,” said JDC.

“The construction is expected to commence in July or August thanks to active supports from the province.”

hynikos@newsis.com

Source Text

Source: Newsis (Feb. 9, 2014)

** This article was translated from the Korean.