Jeju development projects face setbacks and restructuring

The Jeju Healthcare Town project is set to resume after a nine-year stalemate. The Jeju Free International City Development Center (JDC) has signed an asset transfer agreement with Nokji Jeju to purchase nine business sites and unfinished buildings, including the Healing Spiral Hotel and Thalassori Resort, for 148 billion won. Nokji Jeju has committed to reinvesting over 50 percent of the acquisition funds into the remaining wellness mall sites. JDC plans to begin site maintenance and development plan revisions next year.

In contrast, the Jeju History and Culture Infrastructure Plan, a major project of the current provincial administration, has been effectively suspended. The 108.3 billion won initiative, which included the Jeju Ecological History and Culture Park and the construction of a Jeju History Museum, faces significant hurdles. Challenges include the inability to meet national funding requirements due to a lack of confirmed Tamna-era relics in Shinsan Park, land acquisition difficulties involving private property litigation, and issues with illegal structures. Consequently, the provincial government has halted the national funding application process and suspended the design competition for the Jeju History Museum.