Busan Bukhang Area, the 'Waterfront' Era Opens!

As consumer lifestyles change, preferences for residential environments are also shifting, bringing renewed attention to waterfront areas.

Recently, consumers have increasingly prioritized their "quality of life" and satisfaction, as seen in new terms like "Work-Life Balance (WLB)," "YOLO," and "Meconomy." In particular, the trend toward valuing rarity and sophistication has made waterfront locations a top priority for consumers. Waterfronts offer not only sea views but also opportunities to enjoy marine leisure activities, allowing for a differentiated lifestyle.

This trend is also reflected in government policies. In May, the Ministry of Oceans and Fisheries announced the 2nd Basic Plan for Marina Ports (2020?2029). The plan designates 70 marina port zones across nine regions nationwide and aims to develop marina ports where leisure, recreation, and culture coexist.

Furthermore, an analysis of medium- to long-term demand for leisure vessels through marina ports estimates that by 2029, demand will reach approximately 35,000 vessels, including inland waters, indicating a growing demand in the marine leisure sector and signaling a transition to a marine-oriented era.

In fact, various advanced countries have already transformed their coastal areas into marine tourism cities. Waterfront locations symbolizing wealth and prestige, such as those in Los Angeles and Miami in the United States, have become premium beach residential belts, playing a significant role in attracting tourism demand to the area.

Industry experts say, "With the WLB trend, interest in leisure activities is rising sharply, and the marine leisure industry is expected to gain even more attention in the future." They added, "Waterfront affluent communities centered on coastal locations where marine leisure can be directly enjoyed are expected to increase in value."

Development projects in waterfront areas are also actively underway. Waterfront locations such as the Han River in Seoul, where apartment prices have surpassed 100 million KRW per pyeong, Haeundae in Busan, which has become a world-class tourist destination, and Songdo in Incheon, which is gaining status as an international city, are all undergoing dazzling transformations centered on the marine leisure industry.

[Busan Bukhang Redevelopment Bird's-eye View]

- Expected to Become a New Hub for Busan’s Marine Leisure Industry

Busan is considered the most promising location for the marine leisure industry. Especially around the Busan North Port redevelopment area, the region is preparing to become a new center for the marine leisure industry, with the C-Bay Park tram and marina port projects gaining momentum.

The North Port redevelopment project aims to transform Busan Port into a marine tourism and business space by converting its logistics-focused functions into a commercial and cultural port and creating a complex waterfront space in the aging old downtown. Currently, infrastructure construction for the first phase of the North Port redevelopment is underway, and marine leisure facilities such as marinas and opera houses, as well as cultural facilities for leisure, rest, culture, and marine leisure activities, are gradually taking shape.

In particular, the development of the commercial business district is gaining traction. In January 2017, construction permission was granted for a 61-story residential hotel with 1,028 units, and construction progress has exceeded 50%. Adjacent D-2 and D-3 blocks are also under development, with the D-3 block project becoming visible first. It plans to build a 59-story residential hotel with 1,221 units, which is expected to accelerate development in the area. Additionally, the D-3 block is reportedly in talks with various hotel brands, including Lotte Hotel and Preferred Korea, to introduce hotel brands.

Examining the detailed development plans for the seven specialized districts of Busan North Port reveals these changes clearly. The North Port redevelopment area will be developed as follows: ▲The residential and youth culture hub district will be developed as an urban residential area combining station areas and tourist facilities; ▲The modern culture and waterfront commercial district will preserve and regenerate wharves and warehouses to enhance regional identity; ▲The marine industry innovation district will be fostered as a convergence and innovation growth base for future marine new industries; ▲The marine leisure industry innovation district will establish a foundation for the yacht and boat industry ecosystem and promote the clustering of related industries; and finally, ▲The port logistics district will be developed to maintain its function as a container-only terminal serving as an intra-Asia port of call.

Alongside this, the "Comprehensive Transportation Network Establishment Plan" has been prepared to address the surge in traffic volume due to the integrated development of North Port and to strengthen connections between metropolitan transportation networks. According to this plan, a "Ring Road" connecting the seven specialized districts around North Port will be constructed, and the connectivity with the old downtown will be enhanced through the expansion and construction of underground roads and elevated roads. Additionally, green transportation such as trams and pedestrian roads will be expanded.

Once development around North Port is completed, it is expected to enjoy high future value as an international marine tourism hub. The surrounding old downtown is also anticipated to undergo significant changes, increasing its value. The existing downtown areas of Jung-gu and Dong-gu are expected to see the introduction of various commercial and business facilities, and redevelopment and reconstruction of existing residential areas are likely to proceed actively. Furthermore, if improvements extend to the Nam Port area, it will connect with the North Port redevelopment zone, forming a marine tourism belt and ushering in a second renaissance for Busan’s old downtown. It is expected to surpass Haeundae as a new international marine tourism mecca.