Minrak Tenenbaum294, Offering Premium Spaces with Specialized Design Focused on Luxury
Luxury residential facilities are being established around the coastline embracing the sea, forming a coastal rich belt. The most representative area in South Korea is the residential rich belt connecting Haeundae, Marine City, and Centum City in Busan. The new town of Haeundae has transformed into a nationwide wannabe space with high-rise residential-commercial complexes represented by 'Marine City' and top-tier hotels. Completed in the mid-2000s, Centum City has risen to the ranks of affluent neighborhoods with various infrastructure facilities such as Shinsegae Department Store, Lotte Department Store Centum City branch, BEXCO, and KNN.
Recently, this residential rich belt has extended southward to Minrak-dong in Suyeong-gu and Yongho-dong in Nam-gu, forming a new rich belt. With the advantage of views of Gwangandaegyo Bridge, ultra-luxury houses and officetels are being supplied one after another, attracting emerging wealthy individuals in Busan.
Minrak-dong in Suyeong-gu, Busan, is unveiling high-rise residential-commercial complexes and high-end officetels boasting permanent views of Gwangandaegyo Bridge. Plans have been announced for the development of luxury hotel brand lifestyle lodging facilities and complex facilities on the Mi World site, heralding a new affluent neighborhood.
Namcheon-dong in Suyeong-gu, Busan, is expected to transform into branded apartment complexes as aging apartment complexes with views of Gwangalli are accelerating reconstruction projects. Yongho-dong in Nam-gu is regaining its reputation as a representative affluent neighborhood in Busan with the development of Munhyeon Financial District and excellent sea views.
Matching their reputation, apartments in these areas boast high prices. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, a 182㎡ unit of 'The W' located in Yongho-dong, Nam-gu, was traded for 3.49 billion KRW last May. This complex, which was traded at 1.53 billion KRW at the time of move-in in 2018, saw its price rise by more than 128% in five years.
In July, a 148㎡ unit of 'Samik Beach' in Namcheon-dong, Suyeong-gu, considered the largest reconstruction project in Busan, was traded for 2.3 billion KRW. Also, a 91㎡ unit of 'e-Pyeonhansesang Ocean Terrace 3 Complex' in Minrak-dong, Suyeong-gu, with permanent views of Gwangandaegyo Bridge, found a new owner for 1.45 billion KRW. Additionally, the 'The Beach Prugio Summit' with a 114㎡ exclusive area, launched in September, attracted attention with a top price close to 2 billion KRW.
■ Upcoming Supply of Ultra-Luxury High-End ‘Tannenbaum294’ to Elevate the Status of the Coastal Rich Belt
Meanwhile, the supply of the high-end apartment ‘Tannenbaum294’ is scheduled at the center of Busan’s coastal rich belt, drawing attention. Hyupsung Construction is launching ‘TANNENBAUM’ and plans to introduce differentiated residential products in Minrak-dong, Suyeong-gu.
‘Tannenbaum294’, supplied in the Minrak-dong area of Suyeong-gu, Busan, consists of two buildings with 294 households, ranging from six basement floors to 39 above-ground floors. It is a post-construction sale apartment scheduled for completion in November. Except for some lower floors, residents can enjoy both the sea view of Gwangalli Beach and the view of Gwangandaegyo Bridge simultaneously. Built as a 39-story high-rise, it is expected to establish itself as a new landmark complex in Suyeong-gu.
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