Reuters

Berjaya Land Berhad announced that further to its announcements on the proposed joint venture, the Board of Directors of the Company informed that its wholly subsidiary company, Berjaya Leisure (Cayman) Limited (BCayman), has signed the Joint Venture Agreement (agreement) with Jeju Free International City Development Center (JDC) on the Proposed Joint Venture. The company to be incorporated in the Republic of Korea to undertake the Proposed Joint Venture is Berjaya Jeju Resort Limited (Berjaya Jeju). Berjaya Jeju will assume the role as master developer for the development of a parcel of land measuring about 74.37 hectares (or about 183.8 acres) located at Yerae-dong, Seogwipo-si, Jeju Special Self-Governing Province (Land) into a resort-type residential and commercial complex (project). The Land will be develop into a proposed mixed-use residential and commercial town namely Yerae Resort-type Residential Complex comprising 600 mid-rise apartments, 200 villas, 500-room resort hotel and serviced residences and a full-fledged casino with 500 rooms. The total cost of the Project is estimated at around USD2.6 billion whilst the gross development value is estimated at around USD3.6 billion. The initial paid-in share capital of Berjaya Jeju shall be not less than USD30 million, of which 81% will be subscribed by BCayman and the balance of 19% will be subscribed by JDC.