Malaysian property firm to go ‘Gangnam style’ on Jeju Island

Jeju Island is the next stop where Berjaya Land Berhad hopes to implant the company’s version of the “Malaysian Dream” involving a high-end healing resort.

“We’re confident that we chose the right place,” said Dato Francis Ng Sooi Lin, chief executive of Berjaya Land Berhad, in an interview with The Korea Herald.

The company ― an affiliate of Malaysian conglomerate Berjaya Group ― plans to build facilities worth $2.4 billion on the Korean tropical island based on a business partnership with Jeju Free International City Development Center. 

The “resort town” that will be built has been named Jeju Airest City, and is expected to be the biggest integrated resort development project to ever take place on Jeju Island, he said. Some $140 million has already been invested by Berjaya.

“We have the best location for the resort, even the best throughout the whole Jeju Island,” he said. “Jeju Airest City will make a perfect relaxing venue for creative business leaders.”

Jeju Airest City has secured 750,000 square meters of land in Yerae-Dong, Seogwipo City, Jeju, which he called the “cream of the soup” of the UNESCO-recognized island.

Once completed, the premium healing resort will have 2,466 rooms ― 1,531 condos and 935 hotel rooms ― in addition to a family spa resort, casino town, medical center, five-star hotel boulevard, and other leisure facilities.

The high-end healing resort complex will mainly target wealthy Korean consumers ― or “Gangnam people,” the Malaysian CEO said. The resort is expected to attract many upper-class visitors from China and other Asian countries who seek a relaxing break as well, he added.

He stressed that Berjaya Land is highly attentive to the local community of Jeju. The firm has served the community by taking some 10 local children to Malaysia and offering them opportunities to learn English and culture studies.

“We offer them internship positions in our hotel chains if they want,” said Mah Siew Wan, Berjaya Land Berhad senior general manager of properties marketing.

Founded in 1984, Berjaya Land Berhad has built its empire on a global reputation in the lottery, gaming, property and financial service sectors.

In return for the investment, the Jeju investment center will be guaranteeing the Malaysian firm a tax exemption for the first five years and 50 percent off for the following three years.

By Chung Joo-won (joowonc@heraldcorp.com)