Chinese investors lead charge to buy Jeju resort units
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Chinese investors lead charge to buy Jeju resort units
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Hotels, resorts look to cash in on new permanent residency law

With just under a year since the Jeju Special Self-Governing Province revised its permanent residency regulations with the hope of attracting deep-pocketed foreign investors, resorts and condominium corporations on the island have been looking to reap the rewards.

The Permanent Residency for Investment in Resort Units law, which was passed in February of last year, stated that those who purchase a resort unit for US$500,000 or more will be eligible for permanent residency on Jeju five years after the purchase. If granted residency, school admissions, medical insurance, and other permanent residency benefits will be bestowed upon the investor.

Raon Private Town, located in Hallim district, Jeju City, is one such corporation that is attracting attention from those wishing to make Jeju their second home.

As of November of this year they have sold 582 condo units out of 934 with 189 of them to foreign investors. According to Raon Private Town, 90 percent of those units sold to foreign investors were bought by Chinese, with the remaining 10 percent to a combination of nationalities including Japanese, Americans, Malaysians and Norwegians.

They are currently offering three sizes of condos; 179.495 m2, 154.820 m2 and 119.965 m2, all with an anti-earthquake design, views of the golf course, exclusive elevators, and 2.7 meter-high ceilings among other features.

Along with a beautiful new abode, Raon gives a number of benefits to its residents like a seven-year membership to its 27-hole golf course, membership to its riding and yacht club, hotel-quality furnishings, as well as access to the community center which contains an aqua pool, open-air bath, sauna, spa, fitness center, and many more amenities.

Aligned with their motto, “A Mecca of Leisure and Recreation in Northeastern Asia,” Raon offers an array of facilities like the Raon Golf Club, Raon Pasture, The Ma Park, Raon Private Town, and the Biyangdo Marine Cable Car with Marina.

According to a Raon representative, those seeking permanent residency tend to purchase the larger of the three types of condos as its cost exceeds the qualifying figure of US$500,000.

Another of these condominium companies looking to cash in on foreign investors is Arden Hill Resort & Golf Club located near Hallim, Jeju City, who have designed their units with the concept of creating a “castle of meditation” with style influences from Tuscany.

Currently on offer are four types of resort units all with their exteriors inspired by European design and interiors filled with North American comforts. Most impressive is the the largest unit, the 480 m2 as they have christened it, which has a Moroccan inspired closed-in courtyard, which allows one to entertain outdoors while still having the intimacy and privacy of being at home.

Equipped with an 18-hole golf club immersed in the island’s beautiful nature, it offers a great way to wind down after a week of work. Designed with rolling hills that mimic the nearby ocean, with pampas grass lining the fairway, it creates a truly Jeju-inspired golf course that allows the user to intimately connect with the island, while also working on their long drive.

But that is not all the resort has to offer; there’s a horse riding club, a jogging track, a member’s hall, tennis court, and yacht club, all for the exclusive use of Arden Hill resort owners.

Enveloped within the island’s pristine nature, the resort affords privacy from the bustling cities, while only being a 20-minute drive from either Jeju Inter-national Airport and the Jungmun tourist complex.

Though only two of the dozens of resorts and condominium companies on the island, foreign investors definitely have the pick of the litter when it comes to buying their own little piece of paradise here on Jeju Island.  <Jeju Weekly>

<The Jeju Weekly  editor@jejuweekly.comJeju Weekly All rights reserved>


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