POSCO Engineering & Construction to Launch Jeju Resort Project Through Partnership with Berjaya Corporation

2013-03-07 19:43 1943

SEOUL, South Korea, March 7, 2013 /PRNewswire/ --

  • First phase of "Jeju Airest City" underway
  • Will see the construction of a condominium complex

With the global recognition gained from city development projects that include the Incheon Songdo International Business District in Korea, An Khanh New City in Vietnam and new town development in Kazakhstan, POSCO E&C (Vice Chairman & CEO: Chung Dong Hwa) has launched the "Jeju Airest City" project in partnership with Berjaya Corporation, a renowned Malaysian conglomerate in the hotel and resort industry. 

POSCO Engineering & Construction to launch Jeju Resort Project through Partnership with Berjaya Corporation
POSCO Engineering & Construction to launch Jeju Resort Project through Partnership with Berjaya Corporation

POSCO E&C held a ground-breaking ceremony for "Jeju Airest City - Gotjawal Village" on March 7th at a site near Yerae-dong, Seogwipo City, Jeju Special Self-Governing Province.

The "Jeju Airest City" project is one of the 6 key projects promoted by JDC (Jeju Free International City Development Center) which aims to turn Jeju into a free international city. This project will see the construction of a resort-type residential complex, including five-star hotel and condominiums, casino, shopping mall and medical center, in Yerae-dong, Seogwipo City. The project is scheduled for completion in 2017 at a gross development cost of US$2,270 million.

As the first phase of "Jeju Airest City" project, "Gotjawal Village" - comprising "Seaside Maison" and "Market Walk" -is a condominium complex whose design is inspired by the beauty of the indigenous nature on Jeju Island. "Seaside Maison" will include 51 units of villa-type condominiums, while "Market walk" will feature 96 units of shops and condominiums. 

POSCO E&C will build 147 units of condominiums with three stories above ground and one below at a gross construction cost of US$130 million. The company plans to complete construction by April, 2015. 

"We will make every effort to realize the successful completion of the 'Jeju Airest City' project in cooperation with Berjaya Corporation thanks to our know-how in developing and managing world-class resorts and also in JDC, which drives the implementation of Jeju Free International City Development project," said Vice Chairman of POSCO E&C Mr. Chung Dong Hwa.

POSCO E&C signed an MOU with Berjaya on strategic cooperation on a development project in July 2011 and since then the two companies have explored joint-business options in new renewable energy, plant and city development projects. Both companies plan to reinforce their mutual cooperation.   

Dong-Jun Chun

Source: POSCO E&C