Lotte Tour Development's 40-Year Dream 'Jeju Dream Tower' Completed: "Opening Within the Year"

by Choi Donghyeon

Published 05 Nov.2020 13:04(KST)

Jeju Dream Tower Complex Resort

[Asia Economy Reporter Donghyun Choi] The 'Jeju Dream Tower Complex Resort,' the tallest and largest building in Jeju, has finally received its completion permit and is set to open within the year.

Lotte Tour Development announced on the 5th that after submitting the completion application to Jeju City last September, it passed all 900 or so compliance conditions related to fire safety, security, architecture, traffic, and water and sewage over two months, ultimately obtaining the final completion permit.

With this, Lotte Tour Development has realized its dream 40 years after purchasing the project site through a public bid from Jeju City in September 1980, and 12 years after being confirmed as Jeju's tallest building in November 2008. Prior to completion, Lotte Tour Development declared a second founding by closing its 50-year era in Gwanghwamun, Seoul, and relocating its headquarters to Jeju last September.

The Jeju Dream Tower Complex Resort, with a total project cost of 1.6 trillion KRW, broke ground in May 2016 after selecting the Chinese construction company China State Construction as the contractor. Over 1,623 days, a total of 1.3 million workers were involved. This resulted in a mammoth building in Jeju standing 169 meters tall (38 floors), about twice the height of the previous tallest, Lotte City Hotel (89m), and with a total floor area of 303,737㎡, 1.8 times the size of Yeouido's 63 Building. The 1,600 rooms operated under the 'GRAND HYATT JEJU' brand are more than three times the 500 rooms of the largest Lotte Hotel in Jeju and rank as the second largest in room capacity among over 750 Hyatt Group hotels worldwide. Notably, the 1,600 all-suite rooms, introduced for the first time domestically, offer unobstructed panoramic views of Hallasan Mountain, the sea, and the city.

The resort's shopping mall, K Fashion Mall (HAN Collection), media facade, 14 global restaurants, 38th-floor sky deck, and 8th-floor pool deck are expected to become key tourist attractions in Jeju.

The completion of Jeju Dream Tower, the country's first urban complex resort, has also turned on a green light for revitalizing the Jeju regional economy. The resort will create 3,100 new jobs, the largest single-company employment scale in Jeju's history. Despite the employment freeze caused by the COVID-19 pandemic, Lotte Tour Development has already completed hiring over 2,000 experienced and new employees. A Lotte Tour Development official stated, "Jeju Dream Tower Complex Resort is expected to generate an economic effect of 7.52 trillion KRW and induce employment for 56,000 people over five years starting from 2021."

Lotte Tour Development plans to attract more than 7 million high-end foreign tourists over the next five years. Their goal is to join the '10 trillion KRW sales club' through the successful operation of Jeju Dream Tower Complex Resort.

With the recent approval for use, Lotte Tour Development has decided to officially open Jeju Dream Tower Complex Resort within the year. To this end, all employees who were previously dispersed across five locations including Jeju National University, Halla University, and Jeju Tourism University will soon commute directly to Dream Tower to ensure thorough preparation of each facility and conduct job-specific staff training for a flawless opening within the year.

The official website is also scheduled to open on the same day. Additionally, efforts will be made to complete the casino relocation permit process within the year. Lotte Tour Development had previously received a favorable evaluation in the casino industry impact assessment conducted by Jeju Province in August.

Kim Kibyung, Chairman of Lotte Tour Development, said, "With this completion, we can realize Dream Tower's long-held dream of becoming the top local company in jobs and taxes," adding, "We will strive to become the most trusted company through talent development, cultural projects, environmental protection, and various social contribution activities."