Stimulating Buying Sentiment After Slump
Polarization of 'Smart One-Home' Phenomenon Increases
Tenenbaum294, Gwangalli Ocean View
A local construction company in Busan is targeting the emerging ‘Rich Belt’ housing market by emphasizing ocean views and a high-end concept.
They have seized the perfect timing as the Bank of Korea recently lowered its base interest rate, drawing attention to movements in the real estate market.
Recently, the U.S. Federal Reserve executed a ‘big cut,’ lowering its base interest rate from 5.50% to 5.00%, a 0.5 percentage point drop, and the Bank of Korea also reduced its base rate from 3.50% to 3.25%, a 0.25 percentage point decrease. This has brought vitality to the domestic real estate market, which had been repeatedly stagnant due to high interest rates.
Moreover, the preference for owning a ‘smart single property’ has strengthened, with demand concentrating in so-called premium areas?high-end branded complexes with various infrastructures.
In the Busan real estate market, areas such as Gwanganli Beach, Namcheon-dong, Millak-dong, and Centum City are forming upscale residential towns and gaining attention as emerging Rich Belts.
High-end brands, previously introduced only in the metropolitan area, are now being applied in Busan, eliciting strong responses from buyers seeking differentiated luxury living environments.
Namcheon-dong and Millak-dong, close to Centum City, are emerging as hot residential towns as they border Gwanganli Beach, a tourist destination favored by overseas visitors and younger generations, and offer convenient access to Marine City and Haeundae Beach.
A real estate official explained that homes with views of the Gwanganli sea command unique prices even within the same complex, and the sale price of The Beach Prugio Summit in Namcheon-dong shows a price difference of several hundred million won depending on whether there is a view of the Gwangan Bridge, even for the same area.
Recently, ‘Tannenbaum294,’ a high-rise complex with up to 39 floors and 294 units, is being sold by Hyupsung Construction in Millak-dong, Suyeong-gu. Except for some units, it is known that residents can enjoy views of Gwanganli Beach and Gwangan Bridge.
Hyupsung Construction introduced Tannenbaum294 as a high-end brand, designed with the highest quality materials for both the exterior and interior of the apartments. Additionally, the top floor features a residents-only sky lounge and tenant houses, providing a hotel lounge-like relaxation experience.
Inside the homes, kitchen furniture and appliances from Germany’s H?cker, Italy’s Jesse, Dacor, and Falmec are provided as standard to fulfill the high-end sensibility.
A representative from Hyupsung Construction said, “The apartment exterior applies a curtain wall look to differentiate it from surrounding apartments and will serve as a landmark in the area. Tannenbaum294 adds a luxurious skyline and night view with a splendid media facade installed outside.”
Such apartments targeting demand with special and differentiated strategies also consider location as an important factor. In Busan, Haeundae, represented by Marine City and Centum City, has established itself as a representative luxury residential area by promoting excellent tourism infrastructure and educational environments, and recently, areas near Gwanganli are expected to be hot spots with high investment value.
Millak-dong offers not only views of Gwangan Bridge but also accessibility to Gwanganli Beach, Centum City, and Marine City, providing value that allows residents to enjoy both living and tourism. As demand from young-rich individuals who want both upscale residential facilities and multiple transportation options increases, prices are rising.
This trend is also reflected in the recent subscription results for ‘Define Gwangan’ in Gwangandong, Suyeong-gu. Define Gwangan recorded an average competition rate of 13.1 to 1, and the most popular unit with an exclusive area of 84㎡ saw a competition rate as high as 47 to 1. This is the highest subscription competition rate among complexes recently sold in Busan.
The sale price for the 84㎡ units at Define Gwangan ranges from approximately 1.04 billion to 1.2 billion KRW, and the high competition rate is analyzed to be due to the excellent location and synergy with the high-end brand.
Tannenbaum294 is noted for its premium residential area with views of Gwangan Bridge and excellent surrounding infrastructure, featuring a high-end brand. Positioned at the center of the upscale residential line extending from Namcheon-dong to Haeundae, it raises expectations by enhancing satisfaction in both tourism and living.
A Hyupsung Construction representative expressed, “Tannenbaum294 combines the value of a high-end brand, locational advantages, and a rare natural environment, targeting demand seeking a differentiated living environment, and we expect high residential satisfaction.”
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