- TI Busan PFV to Supply a 6-Star Hotel with up to 42 Floors and 484 Rooms on the Former Miworld Site
- Near Gwangalli Beach with Ocean Views, Close to Centum with Abundant Shopping and Cultural Facilities
Development of the former Miworld site in Suyeong-gu, Busan is set to accelerate.
The project operator, TI Busan PFV, plans to lease a large-scale accommodation facility on approximately 27,000㎡ of land in Millak-dong, Suyeong-gu, Busan. The facility will consist of two buildings ranging from three basement floors to a maximum of 42 floors above ground, with a total of 484 units. The accommodation will operate as a 6-star hotel. Each room type will be supplied with 2 to 3 rooms optimized for family vacations.
The former Miworld site where the hotel will be built is adjacent to Gwangalli Beach, offering beautiful views of the Busan sea and nightscape of Gwangandaegyo Bridge right in front. Being constructed as a 42-story high-rise, it is advantageous for securing views and sunlight rights.
Additionally, Busan’s representative attractions such as Haeundae Beach and Dongbaek Island are within a 10-minute drive, and Centum City is nearby, allowing convenient access to shopping and cultural facilities like Shinsegae Department Store, Lotte Department Store, Homeplus, BEXCO, and Busan Museum of Art.
The transportation network is also excellent. By car, it is easy to move throughout Busan via the nearby Gwangnam-ro and Gwangalli Beach roads, and the Busan Subway Line 2 stations, Millak Station and Gwangalli Station, are easily accessible.
TI Busan PFV plans to create various convenience facilities for hotel guests. First, a tourist commercial facility about 1.6 times the size of a soccer field will be developed on the lower floors. In addition, through collaboration with global companies, high-quality wellness facilities will be established. Other auxiliary facilities needed for family tourists, such as a kids’ library and kids’ cafe, will also be provided. Furthermore, there are plans to develop high-level medical facilities in partnership with a well-known large medical corporation.
A sales representative stated, “We will build a top-class luxury hotel that will represent Gwangalli Beach,” adding, “We aim to create a space where family tourists can relax and enjoy not only the hotel but also various auxiliary facilities.”
Meanwhile, if this development project proceeds as planned, the economic impact is expected to be astronomical. According to an economic ripple effect report commissioned by TI Busan PFV from the Korea Institute for Industrial Economics and Trade, during the development of this site, the production inducement effect is projected to be about 1.8095 trillion KRW, the value-added inducement effect about 736.1 billion KRW, and the employment inducement effect approximately 9,865 jobs. Compared to the Lotte World Tower in Jamsil, Seoul, the complex’s land area is about 16%, but the production inducement effect reaches about 41%.
Moreover, even after the development is completed, it is expected that 66.4 billion KRW will be spent annually on facility operations, with an annual production inducement effect of about 138 billion KRW, a value-added inducement effect of about 55.3 billion KRW, and an employment inducement effect of 1,445 jobs predicted.
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