Korea Technology Subsidiary Wins 41.7 Billion KRW Contract for New Apartment Construction in Gijang-eup, Busan

Perspective view of the apartment complex construction project in Gijang-eup, Busan.

[Asia Economy Reporter Jang Hyowon] Korea Technology, a KOSDAQ-listed company (CEO Shin Yonggu, Lee Byunggil), announced on the 19th that its subsidiary Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin) has won a contract worth approximately 41.7 billion KRW for the construction of an apartment complex in Gijang-eup, Gijang-gun, Busan.

The project awarded to Daewoo Shipbuilding & Marine Engineering Construction involves the construction of two apartment buildings with 3 basement floors and 26 above-ground floors at 35-1 Cheonggang-ri, Gijang-eup, Gijang-gun, Busan. The construction period is 28 months from the actual start date, and the apartment complex will include 219 residential units and neighborhood living facilities.

The site covers an area of 1,685.23 pyeong with a total floor area of 10,432.57 pyeong, constructed with a building coverage ratio of 42.72% and a floor area ratio of 501.11%.

Scheduled for completion in 2023, the biggest advantage of this apartment complex is its transportation convenience. Gijang Station on the Busan Metro Donghae Nambu Line is located within a 3-minute walk, offering ultra-station area living. Busan BEXCO is accessible within 15 minutes, and the city center of Busan can be reached within 30 minutes.

Within a 5 km radius, Gijang I.C. provides quick access to the Donghae Expressway, and the area boasts excellent regional accessibility to the Busan Outer Ring Road and Gyeongbu Expressway. Additionally, the extension of the Busan Metro Donghae Line from Ilgwang Station to Ulsan Taehwagang is scheduled for 2021, bringing Ulsan closer.

Within walking distance are prestigious school districts including Gijang Elementary, Gyori Elementary, Daecheong Elementary, Gijang Middle, and Gijang High School, providing a favorable educational environment. Nearby public offices, large marts, traditional markets, general hospitals, national libraries, neighborhood parks, and art centers contribute to excellent living infrastructure.

Furthermore, with the development of the nearby Dongbusan Tourism Complex becoming visible, Osiria Theme Park is scheduled to open in 2021 just one subway stop (15 minutes by car) away. Eco-friendly resorts, villa-type condos, and Medi Town are also planned to be developed, increasing investment value.

A company official stated, “This is the only apartment approved for 26 floors in Gijang-eup, where a 15-floor height restriction exists, and it will emerge as a landmark representing the region.” He added, “With the extension of the Donghae Nambu Line and the opening of the Busan Outer Ring Expressway, the potential for regional development is growing, attracting significant interest.”