Hong Kong — Landing International Development Limited (“Landing International”) and Genting Singapore PLC (“Genting Singapore”) have jointly announced that they are entering a joint venture to develop and operate an integrated resort in Jeju Island, Korea. The iconic destination will be Jeju Island’s largest tourism resort to date, with luxury hotels, a shopping mall, a theme park, villas and apartments, as well as gaming entertainment and other leisure and entertainment facilities.
Landing International and Genting Singapore will jointly own, manage and operate the integrated resort when it opens progressively from 2017.
The total estimated cost for the integrated development is approximately US$ 2.2 billion. The 2.3 million sqm of land for the integrated development was acquired by Landing Jeju Development Co., Ltd. from Jeju Free International City Development Center (“JDC”) in 2013 with the intention to build a global standard tourism destination.
Mr. YANG Zhihui, Chairman of Landing International, stated: “We have long been interested in establishing a presence outside Mainland China. We are excited to form this strategic partnership with our world-class partner, Genting Singapore to develop and operate this flagship project in Jeju Island in the pursuance of an integrated resort, which will herald a brand new experience for visitors and tourists. By leveraging the expertise and experience of Genting Singapore in the gaming and integrated resort development and the Group’s management experience in property development projects, we are confident that the Jeju Project will become another fully integrated destination resort in Asia.”
Genting Singapore’s Chairman Tan Sri Lim Kok Thay said: “We are delighted to have the opportunity to be the first foreign and global operator to develop an integrated resort in Korea. We are confident that together with Landing International, we will create a game changer for tourism
development and employment in Jeju island.’’
Genting Singapore’s President and Chief Operating Officer Tan Hee Teck said: “Our investment in Jeju establishes Genting Singapore’s credentials as a pedigree integrated resort developer that builds successful and exciting destinations that are iconic tourism attractions. This project fits well into our growth strategy in our areas of core expertise.’’
About Genting Singapore PLC
For over 25 years, the Company and its subsidiaries have been at the forefront of gaming and integrated resort development in Australia, the Bahamas, Malaysia, the Philippines and the United Kingdom. Today, it is best known for its flagship project, Resorts World™ Sentosa (“RWS”), which is one of the largest fully integrated destination resorts in South East Asia. The Company is listed on the Main Board of the Singapore Exchange Securities Trading Limited. As at 31 January 2014, the Company has a market capitalization of S$16.9 billion and ranks among Singapore’s 10 largest companies by market capitalization.
About Landing International Development Limited
Landing International Development Limited (“LIDL”) is engaged in property development. LIDL and Landing Jeju Development Co., Ltd., an indirect wholly-owned subsidiary of LIDL, and Jeju Free International City Development Center entered into a land acquisition agreement for the project in Jeju, Korea in October 2013. The project is intended to be a world-class integrated resort which consists of the development, management, operation of hotel(s), casino(s), shopping and entertainment complex, resorts and villas on the land located within the site designated for the resort. The majority of shares in LIDL is held by Landing International Limited which is wholly owned by Mr. Yang Zhihui, Chairman and Executive Director of LIDL, who is also the controlling shareholder of Anhui Landing Holding Group Co., Ltd, the only real estate company in Anhui province honoured with the title of “The Star of Top 100 Chinese Real Estate Enterprises for the Year 2013” by the Chinese Real Estate Top 10 Research Team.