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Tag: Jeju

  • AirAsia X flies into Jeju Island

    AirAsia X flies into Jeju Island

    AirAsia X Bhd made its maiden entry to the South Korean island of Jeju yesterday following the successful landing of flight D7 501 on Airbus A330-300 at Jeju International Airport.

    The low-cost carrier became the only airline with direct connections between Kuala Lumpur and Jeju, after Seoul (Incheon) and Busan, it said in a statement.

    The four times weekly service between Kuala Lumpur and Jeju would further expand the airline’s network in North Asia and make it the only airline operating direct non-stop services between the two cities.

    This latest route would also strengthen the AirAsia and AirAsia X Group’s position in the South Korea market by having a total of 75 weekly flights and 1,183,468 capacity a year for one way flight.

    AirAsia X Malaysia Chairman Tan Sri Rafidah Aziz said the direct flight from Kuala Lumpur to Jeju had the potential of generating a capacity of over 156,000 a year between Kuala Lumpur and Jeju.

    “Guests can also save a great deal of hassle for domestic transit.

    “South Korea is fast becoming an important market to us and we are very grateful for the tremendous support from the governments and relevant authorities for making this new exclusive route possible,” she added.

    In conjunction with the launch of the latest destination, AirAsia X is offering promotional all-in-fares from RM249 (inclusive of taxes and fees) one-way on standard seats and from today until  Dec 19, 2017 for travel between Dec 16, 2017 and Oct 27,2018.

    The award winning premium flatbed is also available for booking at promotional all-in-fares from RM799.

  • AirAsia X in talks with South Korea’s Jeju over Kuala Lumpur service

    AirAsia X in talks with South Korea’s Jeju over Kuala Lumpur service

    AirAsia X is in talks with Jeju’s provincial government about direct flights between Kuala Lumpur and the South Korean resort island.

    Jeju officials said discussions were held last week in Kuala Lumpur about frequencies in the absence presently of direct flights. “We hope that we will have flights by the end of this year,” said Seo Hye-jin, a provincial official. “We have been marketing in Southeast Asia since last year.” She declined to speculate on possible frequencies while discussions are ongoing.

    China accounted for almost 96% of the island’s inbound flights in March, according to Jeju tourism officials. There were over 5,000 arrivals from Malaysia in January, making it the second largest source market after China with over 184,000.

    Observers expect Malaysia’s presence in Jeju to increase after the curtailing of Chinese arrivals in the wake of deployment of a new U.S. missile defense system in South Korea.

    China opposes the Terminal High Altitude Area Defense system because of concern about related U.S. surveillance. Seoul and Washington maintain that their sole purpose is to defend against North Korean missile strikes.

    According to travel agencies in China, tours to South Korea were curtailed from Mar. 15 under official pressure, posing a serious threat to the industry there.

    AirAsia X is an AirAsia subsidiary offering long-haul services to 23 destinations in Asia-Pacific, the Middle East, and Africa.

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  • M&G makes first retail acquisition in South Korea

    M&G makes first retail acquisition in South Korea

    M&G Real Estate has acquired three retail assets in South Korea at a combined value of US$230 million, representing an average yield of 6.5%. The acquisition was made on behalf of its core Asia real estate strategy, managed by Singapore-based Erle Spratt.

    Under the terms of the deal, M&G Real Estate has acquired two hypermarkets: the first in Daejeon, South Korea’s fifth largest city; the second in Jeju, the capital of the Jeju Province and the nation’s premier tourist destination. The third asset is an outlet mall in Incheon City, the country’s third largest city after Seoul and Busan. All three assets are highly sought after retail outlets in prime locations and are leased to South Korea’s largest retailer, Lotte Shopping.

    Hyesik Ryu, Managing Director, M&G Real Estate Korea, comments: “We were one of the first non-domestic institutional investors to invest in South Korea when we bought into the country’s commercial office sector in 2004. M&G Real Estate has developed a deep understanding of the market, enabling us to make this latest investment in the retail sector, which will strengthen the strategy’s long term income stream.”

    Erle Spratt adds: “We’re seeing strong capital flows, particularly from global pension funds and insurance companies in the UK and Europe. With responsibility for more than US$2 billion in assets, we are well positioned to pursue property investments across the region to further improve our risk adjusted returns and sustain the outperformance of our portfolio.”

    Stefan Cornelissen, M&G’s head of institutional business, Benelux, Nordics and Switzerland, says: “The Asia Pacific real estate market is now the second largest in the world and rivals the US and Europe in terms of its maturity, transparency and liquidity. European investors in search of diversification can now benefit from Asia’s strong economic growth and attractive long term returns without going higher up the risk curve.

    “We have recently had a significant commitment from Dutch investor, Blue Sky Group, which has invested on behalf of its recently launched Core Asia Pacific Fund. We expect further capital to follow from other UK and European investors. Asian real estate has come of age and is earning itself a strategic place in a diversified core real estate portfolio.”

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  • Lotte opens Jeju obligation free retailer

    Lotte opens Jeju obligation free retailer

    Lotte has opened a 6612 sqm Jeju obligation free retailer.

    The brand new retailer, constructed at a price of US$72 million, spans three flooring of the Lotte Metropolis Lodge in Jeju metropolis’s Doryeong-ro district, within the island’s CBD.

    Lotte Obligation Free says it’s almost 3 times the dimensions of the older retailer it replaces.

    Lee Hong Kyun, Lotte Obligation Free’s president, says the corporate plans to develop different leisure and cultural points of interest close by to attract much more vacationer clients to the location “Lotte Obligation Free Jeju retailer, standing on the bottom of its native company, Lotte Obligation Free Jeju Co Ltd, will make a purchasing cluster in Jeju and appeal to overseas vacationers in accordance with the tourism improvement coverage of Jeju,” he stated on the retailer’s opening ceremony.

    The brand new retailer is predominantly concentrating on Mainland Chinese language vacationers and features a cosmetics zone boasting 70 worldwide fragrance and cosmetics manufacturers.

    “Lotte Obligation Free has analysed the preferences of Chinese language vacationers and launched 270 manufacturers, together with international luxurious manufacturers, jewelry, equipment, cosmetics, watches, liquor and tobacco.” the corporate stated in a press assertion.

    “The worldwide luxurious jewelry manufacturers Bvlgari and Tiffany & Co are solely situated in Lotte Obligation Free Jeju retailer.”