Rising Ocean Views... Busan, Songdo, and Sokcho Launch Consecutive Sales

The expected appearance of 'Ssangyong The Platinum Osiria,' scheduled for sale next month in Gijang-gun, Busan, after completion.

[Asia Economy Reporter Kim Hyemin] 'Ocean view' apartments, whose value has risen due to their rarity, are lined up for sale.

According to the subscription industry on the 26th, Ssangyong Construction will sell 'Ssangyong The Platinum Osiria' next month in Busan. This apartment, built on 294 Yeonhwari, Gijang-gun, Busan, is a residential-commercial complex apartment with 191 households from basement 3 floors to ground 15 floors, with neighborhood living facilities on the lower floors. The complex is adjacent to Yeonhwari Beach, offering ocean views, and has a green view with 'Haeundae Beach Golf & Resort' behind it. It is a station-area complex near Osiria Station on the Donghae Line and is close to Gijang Coastal Road, Haeundae IC, and Dongbusan IC.

Hyundai Construction plans to sell 'Hillstate Lake Songdo Phase 4' this month in block A16 of Songdo International City. It is a large complex with a total of 1,319 households, some of which offer views of the West Sea in front of the complex and the waterfront lake behind the complex. Previously, 'Hillstate Lake Songdo Phase 3,' sold last year, recorded a competition rate of 44 to 1.

Additionally, HDC Hyundai Development is currently selling the residential lodging facility 'Sokcho I-Park Suite' in Yeongnang-dong, Sokcho-si, Gangwon-do. It consists of 570 units from basement 2 floors to ground 27 floors, most of which offer views of the East Sea, Yeongnangho Lake, and Deungdae Beach. All units come with terraces.

Such apartments with sea views often have higher prices compared to surrounding areas due to limited supply sites. A representative complex is Busan's 'LCT,' where a 185㎡ exclusive unit priced at 2.2 billion KRW in 2015 was traded for 4.35 billion KRW (46th floor) last May, increasing by more than 2 billion KRW.

In Gangwon-do, these apartments are popular as second homes for asset owners. The 'Sokcho Cheongho I-Park' 84㎡ exclusive unit with views of the East Sea was traded for 725 million KRW last August, recording the highest transaction price for that size in Gangwon-do. The sale price in 2015 was 269 million KRW.

In the sales market, competition rates were higher than the regional average, such as 8.8 to 1 for 'Gunsan New Station Area Woomee Lin Centum Ocean' and 13.2 to 1 for 'Gangneung Xi Fine Venue.'

A real estate expert said, "Just as Han River view apartments are considered symbols of high-priced apartments in Seoul, apartments with ocean views in coastal cities are landmarks. However, there have been many cases where ocean views were lost due to development, so the rarer the permanent view location, the higher the scarcity."

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