Large Urban Parks Emerge as Essential for Wealthy Neighborhoods, Becoming Regional Landmarks

- The Common Feature of Prestigious Neighborhoods like Manhattan, London, and Roppongi Hills: Large Urban Parks
- High-End Residential Complexes Emerging Around Busan Citizens Park, an Area 66 Times the Size of a Soccer Field... Poised to Become a New Affluent District

Recently, large urban parks have emerged as essential features of so-called "wealthy neighborhoods." As the desire among affluent individuals for a more refined and leisurely residential lifestyle grows, the value of large parks that offer a pleasant living environment has soared. Furthermore, these parks serve as catalysts that dramatically increase the value of their surrounding areas due to their scarcity and symbolic significance, and are often recognized as landmarks in their own right, which further adds to their appeal.

Areas that include large-scale urban parks are highly favored by wealthy individuals, not only because they offer expansive green views and a differentiated lifestyle, but also because they make leisure and hobby activities more accessible. This is why places like Manhattan in New York, London in the United Kingdom, and Roppongi Hills in Japan are considered some of the world's most prestigious neighborhoods.

For example, Manhattan in New York, the most affluent neighborhood in the United States, is home to Central Park, the world’s largest urban park with an area of 3.41 square kilometers. Central Park attracts about 25 million tourists from around the world each year and is surrounded by ultra-luxury residences. In addition, the area around Hyde Park, the royal garden in the United Kingdom, and Roppongi Hills near Mori Garden in Japan are also regarded as the most affluent neighborhoods in their respective countries, with many prominent figures from the political, business, and celebrity circles residing there.

In South Korea, the area around Seongdong-gu in Seoul is cited as a domestic example of how large urban parks can elevate regional value. Seongsu-dong, once an industrial zone, has transformed into one of Seoul's premier affluent neighborhoods following the development of Seoul Forest and the supply of high-end residential complexes. According to transaction data from the Ministry of Land, Infrastructure and Transport, a 159 square meter unit in 'Acro Seoul Forest' near Seoul Forest was sold for 18.7 billion won in May this year, and earlier in February, a 195 square meter unit in 'Galleria Foret' was sold for 9.45 billion won.

Amidst these trends, the area around Busan Citizens Park, which has recently become a new landmark in Busan, is also attracting increasing attention from prospective buyers. Busan Citizens Park, with a total area of 471,578 square meters?approximately 66 times the size of a soccer field?features five themes: Memory, Culture, Pleasure, Nature, and Participation. This large-scale urban park is often referred to as the "Central Park of Busan."

A real estate expert commented, "With high-end residential complexes set to be supplied around Busan Citizens Park, which has established itself as a landmark in Busan, expectations for a rise in regional value are higher than ever. Once development in the area is completed, there is a strong possibility that it will emerge as a prestigious neighborhood on par with Haeundae-gu, leading to heightened interest in new residential projects."

This is also why recent attention from buyers is focused on 'Seomyeon Summit The New.'

'Seomyeon Summit The New,' which Daewoo Engineering & Construction is launching in August in Jeonpo-dong, Busanjin-gu, Busan, is a high-end residential complex consisting of four buildings with 8 basement floors and 47 above-ground floors. It will offer 919 apartment units ranging from 84 to 147 square meters, as well as commercial facilities spanning 29,767 square meters from the first basement level to the third floor above ground.

Located in the heart of Seomyeon, often called the Myeongdong of Busan, 'Seomyeon Summit The New' boasts an excellent living infrastructure. Lotte Department Store’s Busan Main Branch is within walking distance, and large supermarkets such as Lotte Mart and Emart Traders are also easily accessible. The area is also close to Seomyeon Medical Street, Jeonposaigil, and Jeonpo Cafe Street, all clustered around Seomyeon Station. Additionally, within a 1-kilometer radius, there are schools at all levels, including Jeonpo Elementary School, Dongseong Elementary School, Deokmyeong Girls' Middle School, and Busan Dongseong High School, which further enhances the value of the area.

Excellent transportation connectivity also adds value. Seomyeon Station on Busan Subway Lines 1 and 2 is about a five-minute walk away, and Jeonpo Station on Line 2, as well as Bujeon Station on the KTX and Donghae Line, are also nearby, making it a prime multi-station location. The Dongseo Elevated Road, which traverses Busan from east to west, is easily accessible, facilitating convenient travel throughout Busan and to its outskirts.

The high potential for future value is another key point. With active redevelopment taking place around Busan Citizens Park, the area is expected to become a high-end branded town through synergistic effects. In addition, the development of the Bujeon Station integrated transfer center is underway, and the next-generation Busan express rail, BuTX, is planned to pass through Bujeon Station, which is expected to further benefit the area.

'Seomyeon Summit The New' will also feature differentiated product offerings befitting a high-end complex. All buildings will have landmark rooftop structures and curtain wall designs to maximize symbolic value and luxury. The interiors will focus on medium to large unit types, which are highly preferred in the region, and will be equipped with premium brand kitchen furniture and imported finishing materials to further enhance the residential quality for residents.

The resort-style specialized community facilities are also noteworthy. The 47th floor, the highest in the complex, will feature a sky lounge with views of downtown Seomyeon, a dry sauna, and a guest house with a jacuzzi. The community spaces on the first to third floors above ground will be filled with premium amenities, including a 25-meter, three-lane swimming pool, a large-scale private golf facility, and a sauna.

The model home for 'Seomyeon Summit The New' will be located at 'Summit Gallery Seomyeon' near Haeundae Station.