An Eclipse 500 aircraft, which Funsky will sell as a private jet. The company will sell fractional ownership of the plane, of which up to 16 people can share. / Yonhap

By Kim Rahn
Staff Reporter

You don't need to be top chaebol to fly with private jets as the private jet market is taking off with costs going down to more affordable levels.

The number of people using private jets is growing fast. In 2005, 179 private jets took off or landed at Gimpo International Airport, but the number rose to 429 in 2006 and 571 last year, according to the Korea Airports Corporation.

The trend is likely to continue, as various forms of private jet use are being introduced here.

Whereas conglomerate heads or such people keep their jets in private hangars and hire engineers and pilots who manage the aircraft, Funsky recently introduced fractional aircraft ownership.

A customer pays 180 million won for one-sixteenth share of an aircraft. With the lifetime membership, they can use the aircraft for up to 50 hours per year with flexibility in their flight schedules. Flight time increases in proportion to the number of shares purchased.

The owners have to pay 4.3 million won of an extra management fee of the aircraft per month, and fuel charges for each flight. But they do not need to worry about jet management and other processes, as Funsky deals with those.

The company will hold a trial flight of Cessna CJ2 at Gimpo airport on April 28-29, and start accepting reservations for ownership.

The four types of aircraft the company will introduce, including Eclipse 500 and Gulfstream G550, can fly to nearby Asian countries or even further.

Lohas Development will also operate fractional ownership service for individuals and companies starting next year.

The company will adopt a 12-seat Cessna Citation Sovereign. Customers will pay 1.5 to 2 billion won as deposit for five years, and additional annual membership fees. After the five years the deposit will be refunded.

A taxi-style aircraft operation will also be adopted. Hanseo Aerospace will soon start a chartered plane rental service with an 18-seat Beechcraft-1900D turboprop.

At 2 million won per hour, customers can move from a specific airport to another on their own schedule. The company expects that business people or entertainers who need to go to provincial cities quickly will be the main customers.

Among the nation's big carriers, Korean Air has provided a private business jet service since 1995. It rents a Gulfstream IV aircraft, which can fly nonstop for a distance from Korea to Southeast Asia or India.

The 14-seat jet is equipped with a satellite phone, tables, sofas, an audio and video on demand system and power supply for laptops. Some of the seats can be transformed into beds.

rahnita@koreatimes.co.kr