‘Jeju Songaksan Mountain’ bought by China… You have to pay 38 billion more to buy it

The purchase of private land in Songaksan Amusement Park in Jeju, which has caused controversy over the privatization of landscapes and environmental damage, is being promoted in earnest. The Chinese company that bought the Songaksan area in Jeju is expected to make a profit of about 38 billion won.

Jeju Island announced that it submitted a budget of 16.1 billion won to the provincial council at the end of last month to purchase private land in the Songaksan area owned by Chinese capital. A public property management plan for the purchase of land in the Songaksan area was also submitted to the National Assembly. In December of last year, Jeju Island announced that it would purchase all 400,748 square meters of 170

plots of private land owned by Shinhaewon Limited, a Chinese investment company, in the Songaksan area . It is estimated that a total of 57.1 billion won will be required to purchase the land. All of them are covered by the local government. The budget of 16.1 billion won reflected in this supplementary budget is part of the budget needed to purchase the land owned by Shin Haewon, and the rest is reflected in next year’s main budget.

‘Songaksan Mountain’, one of the best views,
should be purchased by a Chinese company for 19 billion won and 57.1 billion won for the mountain

Songaksan Mountain, located in the western part of Jeju, is a hydrovolcanic mountain formed by volcanic activity in the sea, and has high geological value as it consists of a double crater. If you walk along Songaksan Dulle-gil, you can see Hyeongjeseom Island, Gapado Island, and Marado Island at a glance, boasting some of the best coastal scenery in Jeju. Nearby, there are many historical and cultural resources, such as the Japanese cave site, which is a nationally registered cultural property.

The Songaksan area was designated as an amusement park in 1995, and Shin Haewon Co., Ltd., invested by Chinese capital, purchased the Songaksan area and promoted a New Ocean Town development project plan to create hotels and camping facilities. Shin Hae-won continued to buy the land for the amusement park development project from 2013 to 2017, and the purchase amount reached 19 billion won.

As voices criticizing reckless development토토사이트, such as environmental damage and privatization of landscapes, increased in the local community, in October 2020, former Jeju Governor Won Hee-ryong announced the’Songak Declaration’ to limit the development project, and the project was virtually suspended. In addition, in July of last year, the development activity permission restriction area was designated, and in August, the amusement park designation was lifted (urban planning facilities expired).

When the project failed, Shin Hae-won filed a lawsuit against Jeju Island for the cancellation of the designation of the restricted area for development activities, and it was settled when Jeju Island decided to buy all the land Shin Hae-won had purchased. Specifically, 30% of the sales price will be paid by this year, and the remaining balance will be paid by next year.Jeju Island estimated that it would cost 57.1 billion won to purchase private land in Mt. Songak. It is three times the amount Shin Hae-won originally purchased (19 billion won). The exact purchase price will be presented through this service, but Shin Hae-won is expected to see significant real estate market gains.After going through the provincial council deliberation and budget approval process following the purchase of private land this month, Jeju Island plans to carry out appraisal, purchase price determination, and sales contract in turn from next month to bring ownership by February next year.

Leave a Reply

Your email address will not be published. Required fields are marked *