POSCO E&C Applies Busan's First 'OTIER' in Chokjin 2-1 District

POSCO E&C's high-end brand OTIER will be applied for the first time in Busan to the 'Citizen Park Surrounding Redevelopment Promotion District Promotion 2-1 Zone.'

Busanjin-gu, Busan, Chokjin 2-1 District Otiers Perspective / Image provided by POSCO E&C

POSCO E&C announced on the 15th that it has opened an OTIER promotional center near the Promotion 2-1 Zone redevelopment site to complete a new residential masterpiece following Haeundae LCT The Sharp in Busan.

POSCO E&C proposed premium finishing materials when participating in the construction company selection bid. A POSCO E&C official said, "To enhance the view of Citizen Park and maximize the strength, airtightness, and insulation performance of windows suitable for a super high-rise building, we applied German luxury BEKA windows," adding, "For the kitchen furniture and hardwood flooring, we plan to use products from the Italian luxury brands Denovo Cucine and Ristone Giordano, respectively." Faucets, washbasins, bathtubs, ceramics, and tiles will also use all imported luxury finishing materials.

Additionally, to improve the previously somewhat narrow underground parking lot, they proposed a 100% expandable parking system and an increase to 471 parking spaces. Leveraging their successful experience constructing The Hyundai Department Store in Yeouido, Seoul, they plan to add new value to the commercial facilities in the Promotion 2-1 Zone, which spans approximately 17,000 pyeong, maximizing the benefits for the union members.

Furthermore, the project will be expedited without reallocation to union members. The permit process will follow a two-track strategy aiming for groundbreaking in February 2026. This means that after receiving management disposition approval based on the original plan, they will obtain permits for specialized designs during the relocation and demolition period to ensure smooth construction commencement in February 2026. In fact, in the redevelopment site of Incheon Juan 10 Zone, where POSCO E&C was selected as the construction company, they obtained project implementation change approval related to specialized designs in just two months through consultations with the permitting authorities during the relocation and demolition period.

Meanwhile, the Promotion 2-1 Zone is seeking a new partner after terminating the contract with the previous construction company due to difficulties in negotiating construction costs. Amid this, POSCO E&C participated in the bid at 8.91 million KRW per 3.3㎡, approximately 960,000 KRW lower than the construction cost proposed by the previous contractor. In addition, POSCO E&C proposed full interest-free essential project costs.

The Promotion 2-1 Zone redevelopment project involves constructing 1,902 apartment units and 99 officetel units, along with retail facilities, on a 136,727㎡ site in Beomjeon-dong, Busanjin-gu, with buildings ranging from 5 basement floors to 69 above-ground floors. The construction company selection bidding has been ongoing since October and November last year, with two failed attempts, and in December, Samsung C&T and POSCO E&C are competing for the contract.