POSCO Engineering & Construction (POSCO E&C) has broken ground on the first phase of the $2.27bn Jeju Airest City project in Seogwipo, South Korea.
Planned to be built on a site of approximately 744,200m² in Yerye-dong, the project is one of the six projects promoted by Jeju Free International City Development Center (JDC), which intends to turn Jeju into a free international city.
After completion, the project will feature a resort-type residential complex, including a hotel and condominiums, casino, shopping mall and a medical centre in Yerae-dong, Seogwipo City.
Phase one of the project will include Gotjawal Village featuring Seaside Maison and Market Walk.
Seaside Maison will feature 51 units of villa-type condominiums, while Market Walk will house 96 units of shops and condominiums.
POSCO E&C will construct 147 units of condominiums with three stories above ground and one below at a cost of $130m.
Construction of the condominiums is planned to be completed by April 2015 and the entire project is scheduled for completion in 2017.
POSCO E&C will develop the project in partnership with Malaysian conglomerate Berjaya.
POSCO E&C vice chairman Chung Dong Hwa said, "We will make every effort to realise 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."
Image: Jeju Airest City project will be built on a site of about 744,200m² in Yerye-dong. Photo: PR Newswire.