"Your Chief Lives in Namcheon-dong": Record-High Luxury Apartment Launch Announced in Busan's Prestigious Neighborhood at 50 Million Won per Pyeong

High-End Apartment Complexes to Launch in Busan Next Month
Daewoo Construction to Offer "Summit Limited Namcheon" in Namcheon-dong at 50 Million Won per 3.3 Square Meters
Lotte Construction to Launch "Le El River Park Centum" Near Centum City
Busan Real Estate Market Awaits Results of Ultra-Luxury Apartment Launches

As a series of luxury apartment launches are announced in the sluggish Busan real estate market, consumer interest is rising. For the first time, high-end apartments priced at around 50 million won per 3.3 square meters?evoking the Gangnam area of Seoul?are making their debut, and a succession of large-scale projects featuring premium finishes, panoramic views, and community facilities comparable to those in Gangnam are set to be supplied.

Daewoo Construction will begin sales of "Summit Limited Namcheon" on July 28 at the former Mega Mart site in Namcheon-dong, Suyeong-gu, Busan. The complex will consist of five buildings ranging from five basement levels to 40 above-ground floors, totaling 835 units and offering a variety of floor plans from 84 to 243 square meters of exclusive area. The pre-sale price for this complex is set at around 50 million won per 3.3 square meters, marking the highest level ever in Busan. In particular, the project plans to offer sweeping views of Gwangandaegyo Bridge, top-tier finishing materials, parking spaces for an average of 2.17 cars per household, and a ceiling height of 2.8 meters to create an exceptional sense of openness.

Namcheon-dong is a traditional affluent neighborhood in Busan. Located between Gwangalli and Marine City, it boasts both prime views and an excellent location. It is also widely recognized by the public due to the famous line, "Your chief lives in Namcheon-dong," delivered by Choi Min-sik in the film "Nameless Gangster: Rules of the Time."

Summit Limited Namcheon Perspective View. Daewoo Construction.

Lotte Construction will launch sales of "Le El River Park Centum" on July 21 at the former Hanjin container yard in Jaesong-dong, Haeundae-gu. This mega project comprises five buildings ranging from 48 to 67 floors above ground, with a total of 2,070 units. The exclusive areas range from 84 to 244 square meters, and 94% of the units are medium-to-large, with at least 104 square meters of exclusive area. The pre-sale price has been set at 44 to 45 million won per 3.3 square meters.

Le El River Park Centum offers outstanding views along the Suyeong River and boasts excellent living infrastructure due to its proximity to Shinsegae Department Store Centum City, BEXCO, and Busan Museum of Art. In addition, the project highlights a 3,300-pyeong community facility, branded finishing materials, and access to top-tier schools, aiming to set a new standard for "Centum high-end residential living."

Busan's real estate market has recently been frozen due to a contraction in transactions and unsold units. In this context, the results of these ultra-high-priced project launches are seen by industry experts as a barometer for the future direction of the Busan housing market.