▲ A graphic image of the development plans. Image courtesy Jeju Special Self-Governing Province

A development project for the Tamna Culture Square in Jeju City is going ahead as scheduled. The project is meant to better the mobility of the population as well as boost the tourism infrastructure in the area.

Land compensation for the Tamna Culture Square Development Project is still underway. Thus far, 65.4 percent of the land has been paid out, to a total cost of 12.5 billion won.

Jeju Province said the reason the land compensation rate is so high is because the Cultural Square should be a big economic boost to the old downtown area. It will also give residents access to a requested, recessed commercial district.

Because the amount originally secured for the land compensation was more than that available in the main 2013 budget, a supplementary budget was used to complete the payments.

Accordingly, Jeju will request 8.5 billion won of next year's budget to go towards land compensation, and plans to complete all land payments by the first half of 2014. Construction on the Tamna Culture Square and Park is set to begin in July, 2015.

When complete, Jeju’s old downtown areas should see a significant economic upturn, as well as an increase in tourism infrastructure and brand values.