KUALA LUMPUR (Feb 12): Singapore Exchange (SGX)-listed Genting Singapore Plc (GENS) launched today, a ground breaking ceremony for its Resorts World Jeju (RWJ) — a US$1.8 billion tourism destination development in Jeju, South Korea.

According to GENS' announcement to SGX today, RWJ is slated to open progressively from 2017, and will be one of South Korea’s largest integrated resorts, occupying a land area of approximately 2.5 million square metres. The entire development is expected to be completed by 2019.

Genting Singapore (fundamental: 2.7; valuation: 0.6) is a 52.5%-owned subsidiary of Genting Bhd.

Jeju Special Self-Governing Province Governor Won Hee-Ryong, while officiating the ceremony, said he welcomed RWJ to be a partner of Jeju, and that he would fully support RWJ to ensure the project can progress successfully.

RWJ will house Jeju’s largest family theme park, offering more than 20 rides and attractions in 7 different zones, themed after myths and legends from all over the world; Jeju’s largest adventure waterpark, and one of Korea’s most exciting themed retail and food complexes.

Its premium hotels will have more than 2,000 rooms, boasting luxury villas, Jeju Island’s first 6-star hotel and a destination spa.

The hotels will be equipped with full meeting and conference facilities that are suitable for hosting regional and international meetings, incentives, conventions and events.

In addition, there will be gaming entertainment, cultural facilities, leisure and entertainment amenities, as well as approximately 1,500 luxury serviced apartments and residential villas.

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