Jeju Dream Tower, Subcontractors End Sit-in... Final Construction Begins

Agreement Reached on Construction Costs Between Nokji Group and Interior Company

Defect Repairs to Be Completed Within the Shortest Period for Normal Operation

[Asia Economy Honam Reporting Headquarters (Jeju) Reporter Park Chang-won] Lotte Tour Development announced on the 21st that it will begin finishing work on the Residence Tower (850 rooms) of the Jeju Dream Tower Complex Resort.

Lotte Tour Development explained that over the past weekend, a smooth agreement was reached on construction costs between four interior companies that were staging a sit-in protest in the Residence Tower and China Greenland Group.

Accordingly, the protesters have withdrawn, and the occupation banners have been removed, so construction is expected to resume immediately.

Previously, Lotte Tour Development and Greenland Group proposed third-party verification to mediate the settlement of construction costs between Chinese construction and interior companies.

Following this, an agreement was reached between both parties, and HanmiGlobal, the third-party verification agency, submitted the verification report on the 15th of last month.

The client, Greenland Group, and the interior companies agreed on the payment of the existing contract amount and additional construction costs based on the third-party verification results, completing administrative procedures such as signing the amended contract and agreeing to direct payment of construction costs.

Lotte Tour Development plans to take delivery of the rooms as soon as Greenland Group completes finishing tasks such as defect repairs and cleaning work for the Residence Tower, and to operate the Residence Tower integrated with the Grand Hyatt Jeju.

Lotte Tour Development has been operating only the Tourist Hotel Tower (750 rooms) since December 18 of last year.

A Lotte Tour Development official said, “Although we suffered significant damage such as brand image deterioration and business losses of Dream Tower due to disputes between Chinese construction and interior companies, we have done our best to mediate to induce agreement between the parties rather than relying on police force,” adding, “We will strive to successfully operate all 1,600 rooms in the future and contribute more to the local community.”

This content was produced with the assistance of AI translation services.