Jeju willing to buy Jungmun golf course from Korea Tourism Organization

Jungmun Tourist Complex in Seogwipo City, Jeju Island. [Courtesy of Jeju]

Jeju Special Self-Governing Province has formalized its intention to purchase all properties owned by Korea Tourism Organization (KTO), the developer of the Jungmun Tourist Complex in Seogwipo City.

“Since the complex was created by the state after purchasing land owned by residents, we will adhere to the principle of approaching from the public interest aspect of the tourism industry in future negotiations,” said Jeju Governor Oh Young-hun last Thursday, showing the interest in the deal.

The KTO recently submitted a letter to Jeju Island, announcing its intention to sell a total of 950,000 square meters of land, including the Jungmun Golf Course, KTO office, clubhouse buildings, and parking lots. The sale announcement comes after the Ministry of Economy and Finance called for the efficiency of running assets owned by public institutions last November.

“Jeju Island is prepared for negotiations. We plan to form a working-level consultation team involving both buying and selling parties next month, and the negotiation deadline is set for December 2026,” Oh noted.

The KTO had attempted to sell the complex to private entities three times in 2011, but faced strong opposition from the local community, leading to the project’s abandonment.