To normalize the Jeju Healthcare Town development project, which had been left idle with construction halted for a long time, the Jeju Free International City Development Center (JDC) has resumed the process of purchasing the assets of Nokji Jeju Healthcare Town LLC (Nokji Jeju).
JDC said on the 28th that it signed a memorandum of understanding (MOU) with Nokji Jeju on the 26th at JDC headquarters in the Jeju Advanced Science and Technology Complex for the transfer and acquisition of Healthcare Town assets.
The institutions agreed to pool their efforts so that JDC can finalize the ultimate contract to fully take over Nokji Jeju's assets within the year. The agreement includes detailed provisions to carry out internal procedures to clearly confirm the facilities to be purchased and their specific scope, and to resume investment in the remaining facilities.
Jeju Healthcare Town is a mega project to build a large integrated medical tourism complex where visitors can stay to enjoy treatment and recuperation at the same time on about 1,539,000 square meters of land in Donghong-dong and Topyeong-dong, Seogwipo. Nokji Jeju initially planned to spend as much as 1 trillion won to build a hospital, research institute, and hotel here, but all construction came to a complete stop in 2017 due to difficulties in financing.
In response, JDC decided to untangle the deadlock by directly purchasing Nokji's assets and signed an MOU once in 2023. However, failing to bridge differences, the agreement period expired in June last year before reaching a final contract.
Before signing the main contract, JDC is conducting an appraisal to assess the value of the land subject to purchase and plans to finish it by next month.