A US$2.6 billion (RM8.2 billion) resort-style and commercial complex is in the works by the joint venture of Berjaya Land Bhd (BLand) and South Korea’s Jeju Free International City Development Centre (JDC). The complex in Jeju province will incorporate a full-fledged casino.

According to BLand, its unit, Berjaya Leisure (Cayman) Ltd (BCayman), had signed an agreement to set up the joint venture, Berjaya Jeju Resort Ltd (Berjaya Jeju).

Over eight to 10 years, Berjaya Jeju will be the master developer for the 74.37ha site in Yerae-dong, Seogwipo-si, Jeju province. The development would see 200 villas, 600 mid-rise apartments, a 500-room resort hotel and serviced residencies, an indoor arena, a medical centre and spa resort, a 500-room casino and a cultural village among other facilities.

The company said that the casino will be constructed in the early phase of the project as it is an integral part of it. The project is estimated to have a gross development value of US$3.6 billion, subject to finalisation of the business plan, BLand said.

BCayman will subscribe to 81% of the initial paid-in share capital of Berjaya Jeju, valued at not less than US$30 million, with JDC subscribing the remaining 19%.

Berjaya Jeju would then enter a sale and purchase agreement to acquire the land from JDC for 72.1 billion won (US$73 million).

JDC will then contribute US$45 million for infrastructures on the site after the land acquisition.

The JV will bolster the tourism industry by developing high-end tourism products targeting Asia and the Middle East as well as South Korea by utilising Berjaya Groups global marketing network, said JDC in a separate statement.

It is also said that the resort-style residential complex will make a 774.1 billion won (US$772.83 million) contribution to the Jeju economy while creating 6,300 jobs.