Jeju's largest ever foreign direct investment, made by Berjaya Group, is now ready to transform the south shore of the island and dramatically expand the capacity of Jeju's tourism and hospitality industry.
As its name suggests, Berjaya Group is a conglomerate corporation based out of Malaysia. Berjaya's subsidiary company, Berjaya Land Berhad, will lead the Yerae resort development in conjunction with the Jeju Free International City Development Center (JDC).
Over the development period of the project, it's expected that the foreign direct investment will total an estimated $500 million USD. The overall project budget is an estimated $1.8 billion USD.
Berjaya's business interests lie in a variety of activities and include financial services, property investment and development, hotel resort and vacation related property development, gaming and lottery management, and even education. Its developments are predominantly within Asia including Malaysia, Singapore, Vietnam, Cambodia, China, and in the Middle East. The company boasts approximately 15,000 employees worldwide.
The JDC functions as Jeju’s central government-sponsored Jeju development agency and works closely with Jeju Province. Berjaya currently has two of its Malaysian staff members assigned in Jeju, with a third team member from the JDC.
Due to the significant size and scope of the project, and to the fact that it's from a foreign investor, many issues regarding the easing of regulations; land, development, investment etc., have had to be reviewed at the local and provincial government levels. The JDC, as a joint venture partner, is helping the investor address these issues.
The project is slated to break ground later in 2009 and will continue its developments on through 2015. The total land area scheduled for development is approximately 744,000 square meters, commencing with a 600 plus room hotel and casino.
ⓒ Jeju Weekly 2009 (http://www.jejuweekly.com)
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