Jeju Free International City Development Center (JDC, Chairman and CEO Kim Han-wook) announced that on Feb. 7 in Hong Kong, Landing Holding Group (CEO Ang Jihye) and Happy Bay, 100% financed by Genting Singapore PLC, operating Resorts World Sentosa, Asia’s best integrated resort, concluded a business contract for the creation of Myths and History Theme Park Project. “J District,” which will be created by JDC, was excluded.
Through this agreement, Landing Holding Group and Genting Singapore PLC decided on the rights and duties of interested parties regarding the project’s development direction and implementation. To this end, a total amount of US$2.13 billion will be invested until 2018 to create a world-class integrated resort. The resort will include theme parks and streets that feature the unique myths, history, and cultures of Persia, England, the Inca Empire, Egypt, Korea, China, and Japan. It will also include convention centers, concert halls, and other facilities for recreation and relaxation.
Genting Singapore PLC, which is participating in this project through equity financing, previously engaged in another integrated resort project in 2006 that the government of Singapore implemented as a national project to emerge as an advanced tourism country. As part of that project, Genting Singapore PLC created “Resorts World Sentosa” on a 490,000 m2 site located northwest of Sentosa Island, over 34 months, with about a 6 trillion won (US$5.6 billion) investment.
Resorts World Sentosa, which opened in 2010, has grown rapidly into Asia’s best integrated resort by offering various facilities such as 5 tourist hotels (1,840 rooms), a theme park (Universal Studios, 23 rides in 7 zones), a convention center, a marine park (aquarium and water park), ESPA (a top-class spa), and an art gallery. The resort created 14,000 new jobs and drew some 16 million visitors in 2012.
Landing Holding Group’s participation in this project will significantly ease Jeju residents’ concerns about delays in the project over the past 10 years. Moreover, the establishment of an integrated resort, a Korean government and Jeju Special Self-Governing Province core project, and the project’s tangible initial outcomes will contribute significantly to boosting the local economy by creating new jobs and attracting overseas tourists.
According to a JDC representative, “Jeju Province’s success in drawing foreign investments played an important role in Genting Singapore PLC’s participation in this project, even amid a deteriorating investment sentiment at home and abroad, caused by issues like tight liquidity.” The representative added, “Construction of the project can begin between July and August this year, if Jeju Province provides full administrative support.”
Meanwhile, JDC emphasized that, “J District will be a Korea heritage complex conveying Jeju’s unique myths, history, and culture, that has a social consensus from Jeju residents and meets the initial purpose of the Myths and History Theme Park.”
In particular, “JDC has organized an advisory committee with experts on myths, history, and culture since last November to make a sketch of the J District, and will set up a business plan by March at the latest.”
“JDC will attract a national organization that can carry out diverse traditional music performances and historical records to complete the Myths and History Theme Park in J District, while fulfilling the promise with Jeju residents soon.”