Ocean View High-End Homes, Investment Value Expected
'Gwang-an-Minrak' Emerging Rich Belt Gains Popularity↑
In Busan, the demand for luxury housing in areas such as Haeundae, Marine City, and Yongho-dong is overwhelmingly focused on 'ocean views.' The rarity of having the sea right in front of one's eyes is recognized as a symbol of wealth.
The emerging rich belt attracting attention in Busan's apartment sales market is forming along these ocean views.
Traditionally, the rich belt along Busan's coast extends from Haeundae and Marine City to Centum City, but now it is emerging as a new affluent area stretching along the Gwangandaegyo Bridge view through Millak-dong, passing Gwangalli Beach, and reaching Namcheon-dong and Yongho-dong.
The real estate industry evaluates that the residential areas along this belt, from Millak-dong to Yongho-dong, not only have the rarity of permanent sea views including the Gwangandaegyo Bridge but also are equipped with various living infrastructures, maximizing the quality of life.
Moreover, the areas around Yongho-dong and Millak-dong often have parks or walking trails nearby, including green spaces such as Igidae and coastal roads, providing the added benefit of a leisurely lifestyle.
Tenantbaum294 in Millak-dong with an ocean view overlooking Gwangalli Beach and Gwangandaegyo Bridge.
The newly emerging rich belt area is densely populated with high-end brand residences, leading to soaring subscription competition rates and continuously rising apartment transaction prices.
Among them, the recently launched 'Define Gwangan' recorded a high competition rate of 13.13 to 1, with 4,295 applicants for 327 households in the first priority subscription. Despite its high sale price, Define Gwangan has been recognized for its excellent location and high-end value.
Along with the popularity of Define Gwangan, residential complexes such as 'The Beach Prugio Summit' in Namcheon-dong, which forms the Gwangandaegyo Bridge line, 'IS Dongseo W' in Yongho-dong, and 'Namcheon Xi' are establishing themselves as affluent neighborhoods in the area. These residential complexes share the common features of ocean views and high-end branding.
While the Busan real estate market had been focused on Haeundae, buyer interest has diversified across various regions. As a result, apartment transaction prices in Haeundae are showing a slight decline, whereas prices in Suyeong-gu are rising, a rare trend in Busan.
According to the weekly apartment price trend announced by the Korea Real Estate Board on October 10, Busan's apartment sale prices increased only in Suyeong-gu by 0.04%, maintaining the sole upward trend.
Recently launched in Millak-dong, Suyeong-gu, 'Tenenbaum294' is also attracting significant attention. It is located at the center of the emerging rich belt connecting Nam-gu, Suyeong-gu, and Haeundae-gu in Busan. Its panoramic ocean view featuring the Gwangandaegyo Bridge is considered its greatest advantage.
Tenenbaum294 is a high-end brand by Hyupsung Construction, maximizing residential satisfaction by applying specialized designs and premium materials both inside and outside the complex.
The complex plans to install a media facade on its exterior to showcase an outstanding visual even at night. Hyupsung Construction intends to offer residents leisure and elegance through various community facilities such as the Tenen Lounge, Tenen House, and Tea House.
The Tenen Lounge is a sky lounge exclusively for residents of 'Tenenbaum294.' It offers panoramic views overlooking Gwangalli, Millak-dong, and the Centum City area. The interior features premium brand kitchens and home appliances as standard, attracting attention.
Safety within the complex has also been carefully considered. The elevator buttons operate via a non-contact method to prevent skin-contact infectious diseases, according to the company.
Electric vehicle charging stations are equipped with safety devices such as heat-resistant walls, smoke control boundary walls, smoke control fans, suffocation fire extinguishers, metal fire extinguishers (Class D), thermal imaging surveillance cameras, and dedicated fire extinguishing tanks for electric vehicles, enabling effective suppression of electric vehicle fires.
Additionally, the complex is surrounded by Gwangalli Beach and Millak Park amusement area, allowing residents to enjoy both forest zones and ocean views simultaneously.
Hyupsung Construction explained, "To reduce the burden on actual buyers, we are implementing a contract payment installment system and, for the first time in Busan, offering benefits such as deferring 20% of the total sale price without intermediate payments for two years after moving in."
A company representative added, "This is an attractive product that reduces the financial burden on actual buyers while allowing them to expect future value appreciation," and noted, "Due to unprecedented discounts and various financial promotions, consultations and visits to the sales office have significantly increased."
A real estate official analyzed, "The sale of Tenenbaum294 will be an important milestone in completing Busan's emerging rich belt and will have a ripple effect on the future high-end housing market landscape in Busan."
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