- Ultra-high-rise Residential Complex Increasing in Value Not Only Domestically but Globally
- LCT The Mall, Enjoying Haeundae's Overwhelming Value Through the Premium of an Ultra-high-rise Landmark
A large landmark facility has been established in Haeundae Tourist District, which represents Korea and boasts the largest commercial area in Busan, attracting the attention of investors. This is LCT, a supertall residential complex located in Jung-dong, Haeundae-gu, Busan Metropolitan City.
Globally, the value of supertall mixed-use residential facilities is continuously rising. The advantage of these supertall mixed-use residential facilities is that they combine various living infrastructures, cultural, and commercial facilities in the lower floors, serving as urban landmarks themselves. Moreover, these supertall mixed-use residential facilities have large-scale residential spaces on the upper floors, allowing them to benefit from a rich hinterland demand effect.
A representative example is Roppongi Hills in Tokyo, Japan, a supertall mixed-use residential facility completed in 2003 as part of the redevelopment project in Minato Ward, central Tokyo. Roppongi Hills covers a total area of 109,000㎡ and houses residential facilities, broadcasting stations, commercial facilities, art museums, theaters, performance halls, hotels, and various other spaces, making it a landmark of Tokyo visited by 30 million people annually.
In Korea, supertall mixed-use residential facilities such as Tower Palace and Bundang Parkview in the early 2000s have long been regarded as symbols of wealth, primarily inhabited by famous celebrities and political and business elites. Recently, as regulations in the metropolitan area have tightened, investors' interest has shifted to Busan, a non-regulated area, with the popularity of Haeundae-gu, where Centum City and Marine City are located, rising again.
Haeundae is Korea's top tourist destination and commercial area, hosting various festivals such as the Busan International Film Festival, Busan Super Cup International Yacht Competition, and Busan International Dance Festival every year, attracting numerous tourists from around the world. According to the Busan Metropolitan City Tourism Promotion Division, about 28 million tourists visited Busan in 2019, of which approximately 30%, or 8,083,830 people, visited Haeundae, indicating a very abundant floating population in Haeundae.
Last November, Haeundae became a hot topic again with the move-in of LCT, a supertall mixed-use complex combining cultural and leisure facilities. LCT is a supertall complex with a total area of 199,993 pyeong, consisting of 101 floors and reaching a height of 411 meters. In terms of height, it is known as the second tallest building in Korea after the 555-meter Lotte World Tower in Jamsil, Seoul.
The interior consists of two residential towers, one 101-floor landmark tower, and the premium commercial facility 'LCT The Mall.' On floors 1 to 3, LCT The Mall, a premium commercial facility with a total area of 83,790㎡, is located. It includes a sports center, rooftop garden, banquet hall, and various living infrastructures, allowing residents to enjoy the best one-stop life in Haeundae. Furthermore, in July, 'BUSAN X the SKY,' the second tallest observatory in Korea, opened, offering expansive ocean views of the South Sea and the most dazzling city views in Busan simultaneously.
The strength of LCT The Mall lies in the abundant demand base in Haeundae. The large-scale residential facility Haeundae LCT The Sharp, with 882 households, the ultra-luxury 5-star hotel Signiel Busan (260 rooms), and the premium lifestyle LCT Residence (561 rooms) located on the upper floors all absorb VIP customers as fixed demand for LCT The Mall. Nearby are Busan’s top residential complexes such as Marine City (about 51,500 households), Haeundae New Town (33,000 households), and more than 8 million annual tourists to Haeundae, making the hinterland demand very solid.
Another advantage unique to LCT The Mall is its rare value as a commercial facility that offers a vast ocean view of Haeundae right in front. A large-scale infinity pool and water park where visitors can enjoy swimming while admiring the Haeundae horizon are scheduled to open next year, and it is expected to grow into a landmark representing Busan beyond Haeundae.
A sales official stated, “Recently, in the real estate market, one-stop life, where everything is solved in one place, has become a trend, increasing the popularity of large-scale premium commercial facilities. Additionally, LCT The Mall has the advantage of being a supertall mixed-use residential complex representing Busan, which will give it even higher investment value in the future.”
Meanwhile, LCT The Mall is scheduled for full-scale sales in December. The promotional center will be located on the 2nd floor of 1124-2 Jung-dong, Haeundae-gu, Busan Metropolitan City (Palace Seeds), and the site is at 1829 Jung-dong.
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