Malaysian property developer Berjaya Land has sealed a deal with South Korea's Jeju Free International City Development Centre to build a resort-style residential and commercial complex in the southern city of Jeju.
The deal between Berjaya and JDC will see the creation of an 81:19 joint venture company, Berjaya Jeju Resort. According to the two companies, the resort will require an investment of about US$2.6bn over the next eight years. The project will has an estimated gross development value of about $3.6 billion.
Under the terms of the agreement, Berjaya Jeju will acquire land from JDC for $68.9m. The parties will then develop an international-class hotel and condominium, medical facilities, shopping facilities, casino and culture facilities.
JDC projected that the completion of the resort-type residential complex would make a huge contribution to the Jeju economy, far greater than the estimated economic benefits of production. More than 6,300 jobs will be created by project.
