Jeju, Korea
Ora
I. Notice
This report is not an appraisal report of Article 6 of 「ACT ON APPRAISAL AND CERTIFIED
APPRAISERS」. This report is intended to provision of advice, information on the subject
property based on Article 10 of 「ACT ON APPRAISAL AND CERTIFIED APPRAISERS」.
This Report shall not be used otherwise than the original purpose. Also, duplication,
alternation, nor reproduction is strictly prohibited.
II. Subject Property
1. Area
A. by Zoning and Owner
Owner
Zoning
Sq.m.
Total
Planned
Control areas
Production
Control areas
Conservationand
control areas
Unknown
Total
Project Sites
Other Lands
3rd Party
3,735,807
JCC
or Hyun
3,297,002
68,090
210,655
JCC
or Hyun
137,125
2,527,524
2,388,174
67,190
71,096
739
821,422
685,036
-
224,692
223,792
900
162,169
-
-
Government
3rd Party
-
Government
22,935
325
136,386
139,559
22,610
※ Zoning
NATIONAL LAND PLANNING AND UTILIZATION ACT (extract)
Article 36 (Designation of Special-Purpose Areas)
(a) Conservation and control areas:
Areas difficult to be controlled by designating them as natural environment conservation areas, in
consideration of relationship, etc. with peripheral special-purpose areas, while conservation is
necessary to protect the natural environment, and forests, to prevent water pollution, to secure
green spaces, to conserve ecosystems, etc.;
(b) Production control areas:
Areas difficult to be controlled by designating them as agricultural and forest areas, in
consideration of relationship, etc. with peripheral special-purpose areas, while a control is needed
for the production in agricultural, forestry and fishery businesses, etc.;
(c) Planned control areas:
Areas requiring planned and systematic control that are expected to be integrated into an urban
area, but intended for restricted utilization and development in view of the natural environment;
B. by Owner
Sq.m.
Total
JCC or Hyun
3rd Party
Government
Total
3,735,807
3,434,127
68,090
233,590
Project Sites
3,575,747
3,297,002
68,090
210,655
Other Lands
160,060
137,125
-
22,935
Mirae&Saehan Appraisla Co., Ltd.
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Jeju, Korea
Ora
2. Current Status
A. Location and Environment

The subject is located near the south side of Ora CC (Ora-dong, Jeju-si, Jeju-do, Korea)

Near the subject are Ora CC, Jeju Science High School, Tamra Education Center, Forest
and Ranch.
B. Traffic situation

The Provincial road #1117 faces the south of the subject.

Most of the land can be accessed by car or nearby.

The subject is 20 minutes by car from Jeju International Airport.
C. Usage
The subject is forest land at the time of the inspection, and some of the parcels have burial
grounds.
Mirae&Saehan Appraisla Co., Ltd.
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Jeju, Korea
Ora
3. View
Mirae&Saehan Appraisla Co., Ltd.
Page 3
Jeju, Korea
Ora
III. Relevant Market Data
1. Appraisal case analysis
A. The appraisal of a part of the subject property

The standard date was July 5, 2013. And the appraiser was Kyungil Appraisal Co., Ltd.

This appraisal was for 1,989,674sqm of land, and all of which are included in the subject
(3,735,807sqm). (53.26% of the subject)

At that time, the land was licensed for development, and it is not much different now.

The appraisal value was about 42,729,345,000KRW.
B. The appraisal of the subject property
Standard Date
Appraiser
2016.08.02
Appraised Value
HKD
KRW
Savills
38,500,000,000
-
2016.10.31
GRANT SHERMAN
39,600,000,000
5,816,000,000,000
2016.12.05
BMI APPRAISALS
38,900,000,000
5,881,000,000,000
2016.12.14
B.I. Appraisals
38,100,000,000
5,730,000,000,000
2017.08.31
Excel file
41,100,000,000
5,915,000,000,000
2. Transaction case analysis

The content is about land purchased by JCC on April 11, 2014.

This information can be checked by anyone without restriction from the transaction
list(賣買目錄) of registered certificates(登記事項證明書).

The area was 1,998,885sqm, which almost matches the list of appraisal report mentioned
above.

The sale price at that time is recorded as 54,749,341,347KRW.
Mirae&Saehan Appraisla Co., Ltd.
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Jeju, Korea
Ora
3. Land Fluctuation Rate analysis
Land
July 2013
July 2014
July 2015
July 2016
July 2017
Fluctuation
~
~
~
~
~
Rate by Zoning
July 2018
July 2018
July 2018
July 2018
July 2018
138%
134%
129%
112%
106%
124%
122%
118%
108%
105%
118%
116%
114%
106%
103%
Planned
Control areas
Production
Control areas
Conservationand
Control areas

The Land Fluctuation Rate which MOLIT (Minister of Land, Infrastructure, and Transport)
announces every month becomes the base data for time adjustment.

On the general land and real estate market of Jeju is generally stable with a few
percentage of increase during the past two years.
Mirae&Saehan Appraisla Co., Ltd.
Page 5