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Jeju Free International City Development Center (JDC) announced that the total of KRW370 billion would be invested into the development project, which consists of constructing the English Education Village and the Recreational Residential Complex, in the year 2008 on February 23.  In the course of the announcement, JDC gave a presentation on the project plan for the year 2008; the presentation explained that the government would participate in the English Education Village project to unfold in the 4.26 million m² area in Daejeong-eup, Seoguipo, with an aim to absorb some demand for overseas language education.  Detailed development plan will be completed by June, and the land preparation will launch in the second half of the year.

Also, JDC plans to complete the land compensation and development project authorization works within this year in order to launch the construction of Jeju Healthcare Town to lead the nation’s medical tourism industry during the first half of 2009.

Investment plan of the size US$600 million was finalized for the Recreational Residential Complex in Yerae-dong, Seoguipo, for which the construction began last October. A joint venture with Berjaya of Malaysia that deposited the security of US$2 million will be established by March for this particular project unit.  Another joint venture contract will be signed with GHL of the US and Berjaya of Malaysia for the construction of the Legend & History Park launched last December.

50% of the 1^st Phase of Seoguipo Tourist Port Landscaping Project will be completed and the feasibility study for the vicinity area development, the 2^nd Phase, will be commissioned within this year.

Office and laboratory rental contracts were signed with 9 companies, including Daum, for Advanced Science & Technology Complex in Ara-dong, Jeju, last year.  JDC will concentrate on attracting the government’s Tertiary Backup Center and other public policy research bodies this year.  It will also seek ways to promote a cooperative and mutually beneficial relationship with local businesses with regards to the construction of the Shopping Outlet.

JDC set the revenue target of Jeju Airport Duty Free Shop, which is run to provide tourist an extra incentive to visit Jeju as well as to finance the development project, at KRW220 billion, 12.6% (KRW24.6 billion) increase from KRW195.4 billion in the previous year.

ksb@yna.co.kr
(Jeju: Yeonhap News) Reporter Seung-beom Kim

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