The ocean residential belt, which was formed around Haeundae~Suyeong River~Gwangalli in Busan, is expanding to Ilgwang New Town.
Busan's ocean residential belt is considered a representative affluent area within the region. The ‘Haeundae I-Park’ in U-dong, Haeundae-gu, with an exclusive area of 219㎡, was traded last year at the highest price of 7 billion KRW, and the ‘LCT’ with an exclusive area of 186㎡ was traded for 4.8 billion KRW in August last year. Additionally, ‘The W’ located in Yongho-dong, Nam-gu, with an exclusive area of 182㎡, was traded for 3.49 billion KRW in May last year.
An industry insider stated, “Apartments built along the coastline offer ocean views, making them the most preferred complexes in Busan. They form high market prices based on their high scarcity value and abundant demand,” adding, “As a result, residential development along major coastal areas is progressing one after another, and the ocean residential belt is gradually lengthening.”
Recently, Ilgwang New Town has been attracting attention as a new ocean residential belt. The Ilgwang New Town area, like the existing coastal areas, offers ocean view rights, and as a systematically developed new town, it excels in living convenience and comfort. Moreover, the Donghae Line Ilgwang Station allows quick access to Haeundae and Centum City, making it easy to enjoy the Haeundae living zone.
The Osiria Tourist Complex, being developed as a four-season luxury integrated marine leisure city, is expected to act as a catalyst connecting the existing ocean residential belt and Ilgwang New Town. Ilgwang New Town is evaluated as the optimal residential area to absorb the influx of demand generated by the development of the Osiria Tourist Complex. The Osiria Tourist Complex is expected to generate ripple effects such as 7.4 trillion KRW in production inducement, 46,000 jobs, and 5.2 trillion KRW in added value.
Furthermore, the Korea Glass Site adjacent to Ilgwang New Town is set to be reborn as a city where luxury residences and tourism harmonize. The project plans to enhance its completeness through an international competition for the concept of introduced facilities and envisions developing it as a coastal complex facility combining specialized residential facilities and cultural tourism, similar to Hong Kong’s Repulse Bay.
Meanwhile, high-end residential facility supply is also planned in the Ilgwang New Town area, drawing attention.
Yurim E&C plans to launch ‘Ilgwang Norway Forest Ocean Foret,’ the first resort-style high-end apartment in Ilgwang New Town, in the first half of this year. This complex will be built in Samdeok District, Ilgwang, with 11 buildings ranging from three basement floors to 29 above-ground floors, comprising 1,294 apartment units, and will feature designs and landscaping befitting a high-end complex along with top-notch landscaping and community facilities.
According to a sales official, the landscaping design and construction of Ilgwang Norway Forest Ocean Foret will be handled by the Samsung Everland (Samsung C&T) landscaping team, and the indoor community facilities will be inspired by the Nordic region’s Hygge culture, providing a historic-scale community facility of about 1,300 pyeong (approximately 4,290㎡) that satisfies both living and leisure spaces simultaneously.
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