‘Busan's Eunma’ Samik Beach Reconstruction Accelerates... Application for Project Implementation Approval

Recent Application for Project Implementation Approval
Transforming into the Tallest Apartment with up to 61 Floors
Price Rising Amid Reconstruction Expectations
84㎡ Reported Transaction at 1.57 Billion Won This Month

Busan Samik Beach Apartment View (Asia Economy DB)

[Asia Economy Reporter Ryu Tae-min] The reconstruction project of Samik Beach Town in Namcheon-dong, Suyeong-gu, which was a symbol of affluent neighborhoods in the Busan area during the 1980s, is gaining momentum.

According to industry sources on the 25th, the Samik Beach Town Reconstruction Association recently applied to Suyeong-gu for project implementation approval. A representative of the association explained, "We obtained residents' consent last month and recently applied for project implementation approval at the Suyeong District Office." Project implementation approval is the stage where the scale and layout of redevelopment or reconstruction projects are finalized.

Built in 1979 with 3,060 households in the area of 148-9 Namcheon-dong, this complex was a large-scale branded apartment located by the sea and later established itself as a representative affluent neighborhood in Busan city. It is situated near Gwangalli Beach and Gwangandaegyo Bridge, offering a distinctive sea view.

The complex will be transformed through reconstruction into a new apartment complex with 12 buildings ranging from three basement floors to a maximum of 61 floors above ground, totaling 3,200 households. This is a mammoth reconstruction project with construction costs reaching 1.4 trillion KRW. GS Engineering & Construction, selected as the contractor in December 2016, will undertake the construction. A representative of the association said, "Although there were demands from some association members to change the contractor, GS Engineering & Construction will proceed as originally planned."

Prices are also rising due to reconstruction expectations. An 84㎡ (exclusive area) apartment in this complex was reported to have been traded for 1.57 billion KRW on the 5th of this month. Compared to the 1 billion KRW transaction in May last year, this is an increase of over 500 million KRW in one year. Currently, the asking price for this area is formed around 1.6 to 1.8 billion KRW.

Kwon Il, head of the Real Estate Info Research Team, said, "Following the Busan mayoral by-election, expectations for reconstruction have increased, accelerating the project progress," and added, "Since Samik Beach Town is called the barometer of the Busan reconstruction market, it is expected to influence the reconstruction of other aging complexes in Busan city."

This content was produced with the assistance of AI translation services.