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Wednesday, April 30, 2008

Berjaya in RM11b joint venture

RESORT-LIKE: Artist’s impression of part of the Jeju project.

BERJAYA Land Bhd is partnering the Jeju Free International City Development Centre (JDC) to develop a US$3.6 billion (about RM11 billion) resort-type residential and commercial complex in South Korea.

Berjaya Jeju Resort Ltd is an 81:19 joint venture between Berjaya Leisure (Cayman) Ltd and JDC.

Berjaya Jeju will be the master developer for the development of 74.37ha in Yerae-Dong, Seogwipo-Si, Jeju.

The Yerae Resort-type Residential Complex will be developed over eight to 10 years, Berjaya Land said in a statement yesterday.

The development, costing US$2.6 billion (RM8 billion) to build, will comprise 600 mid-rise apartments, 200 villas, 500-room resort hotel and serviced residences, and a full-fledged casino with 500 rooms.

Other components include a commercial facility and shopping; indoor arena and dining amenities; a health, medical centre and spa resort; cultural village; and other recreational, private and public facilities.

The casino, a key development, will be built in the early phase of the project.

Berjaya Jeju, which will have an initial paid-up capital of US$30 million (RM95 million), will enter into a sale and purchase agreement with JDC to buy the land from JDC for 72.1 billion won (RM230 million).

Following the acquisition, JDC is required to con-tribute not less than US$4.5 million (RM14 million) worth of improvements to the land in the form of infrastructure such as roads and parks.

Berjaya Land said that the development cost of the project will be financed through equity, borrowings and proceeds from the sale of housing units developed under the project.

JDC is a statutory agency established within South Korea's Ministry of Construction and Transportation.

It oversees the development of Jeju.

By New Straits Times

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