CEOs are showing great interest in ‘BIFCⅡ,’ scheduled for supply in May in the Busan International Financial Innovation City. Equipped with one of the best business environments and locations in Busan, excellent product quality, and various tax benefits, CEOs looking to establish new office spaces in Busan and nearby areas are heading to BIFCⅡ.
The most notable aspect for CEOs is the various tax reduction benefits provided to actual resident companies until 2022. Initial tenants are temporarily offered a 50% reduction in acquisition tax and a 37.5% reduction in property tax, attracting steady interest from small and medium-sized enterprises, venture companies, and one-person businesses that require office buildings or workspaces.
Additionally, BIFCⅡ stands out for its high scarcity value as it is being built in Busan, where office facility supply is insufficient. In fact, from 2020 to 2021, the number of corporate startups in Busan increased by 12.23%, the highest among all provinces nationwide, but the number of knowledge industry centers decreased by one as of the end of February 2022 compared to the previous year. Especially, the previously completed Busan International Financial Center (BIFC) houses about 30 major financial companies, attracting numerous related businesses to the area, making it a wise choice for companies looking to establish office buildings.
Another aspect attracting the influx of corporate demand is the excellent product quality. The landmark-scale office-type knowledge industry center, reaching up to 45 floors in height, is being constructed by Daewoo E&C, a top-tier construction company. Various shared spaces such as seminar rooms, conference rooms, and lounges are provided as support facilities, allowing employees of tenant companies to hold seminars, meetings, and take breaks in comfortable areas separate from their workspaces. Moreover, large-scale neighborhood living facilities will be built alongside, including cultural amenities such as fitness centers and nap rooms, enabling work-life balance without having to go far. Additionally, tenants can enjoy rest time in various themed landscaping facilities such as Young Park Mall, Growing Garden, and Cloud Garden, which is expected to increase tenant satisfaction.
Furthermore, considering the diverse sizes and industries of tenant companies, modular floor plans are planned in stages to allow customized space design as needed, and the ceiling height is raised to 2.9 meters to maximize openness, which is also notable.
BIFCⅡ also boasts excellent location conditions suitable for business. It is about a 3-minute walk from Busan Metro Line 2’s International Financial Center Busan Bank Station and about 9 minutes from Busan Metro Line 1’s Beomnaegol Station. Additionally, the planned C-Bay~Park Line, connecting Busan Citizens Park through Seomyeon, Munhyeon, Bukhang to Jungang-dong, has been extended to circulate from the terminal Jungang Station through Yongdusan Park, Gwangbok-dong, and Bupyeong-dong. Moreover, various road traffic networks such as Hwangnyeong-daero, Dongseo Overpass, and Chungjang Overpass are formed, providing convenient commuting conditions, which is a key factor as ‘work-life balance’ becomes increasingly important, drawing much corporate interest to BIFCⅡ.
It is also possible to quickly access Busan Port North Port, currently undergoing redevelopment, and KTX Busan Station. Various convenience facilities and government offices such as E-Mart, Homeplus, post office, and Munhyeon Community Center are within walking distance, providing a convenient environment for both work and daily life.
In addition, the Munhyeon 1 and 3 District housing redevelopment project, which will add about 5,000 new households, is underway, and the Busan Port North Port redevelopment project, including marina and marine leisure complexes, is progressing rapidly, promising future premium value.
A sales representative stated, “Many companies have already inquired about moving into ‘BIFCⅡ,’ which will finally complete the Busan International Financial Center (BIFC) at the heart of Busan International Financial Innovation City,” adding, “With various tax benefits, landmark-scale size, Daewoo E&C construction, and central location in Busan International Financial Innovation City combined, actual sales performance is expected to be excellent.”
Meanwhile, ‘BIFCⅡ’ will be built in Busan International Financial Innovation City (Munhyeon-dong area, Nam-gu, Busan) with a total floor area of 146,553㎡, from 5 basement floors to 45 above-ground floors, housing offices, knowledge industry centers, and support facilities.
BIFCⅡ plans to establish a sales promotion center.
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