Visitors flock to latest high-rise in Haeundae

A rendering of Haeundae LCT the Sharp, a high-rise apartment currently under development. Provided by Posco E&C

Over 50,000 visitors went to see a model of the Busan apartment complex Haeundae LCT the Sharp, in development by Posco Engineering & Construction (Posco E&C), from Oct. 9 to 11.

The complex is expected to stand tall in Haeundae’s Marine City, where Korea Condo used to be located.

“The apartment is right across the ocean in Haeundae, so I think the view will be spectacular,” said a 50-year old man from Changwon, South Gyeongsang, who identified himself as Chang.

“Due to its ocean views, we are getting a lot of inquiries not only from within Busan, but from all over the country,” said Lee Kwang-yong, an executive who oversees the Haeundae LCT project. “LCT will likely become the landmark premium residential complex in the Haeundae area.”

Haeundae LCT the Sharp will stand 85 stories, or 390 meters (1,280 feet), high. The complex comes just four years after Doosan finished building its 80-story apartment complex in 2011. The new development is also much higher than the Tower Palace, a well-known residence in southern Seoul that has just 69 floors.

Haeundae is one of the hottest areas in the property market due to its proximity to the ocean and numerous facilities. Roughly 282 applications were received for each new Haeundae property listed between September 2014 and September 2015, the highest in the nation, according to the Korea Financial Telecommunications & Clearing Institute,

Apartment prices are rallying as well. According to KB Real Estate, apartment prices in Haeundae rose 8.5 percent, while the broader Busan area saw a 4.52 percent increase. A 209-square-meter apartment at Doosan’s We’ve the Zenith complex in Haeundae sold for over 3.5 billion won in August.

“Haeundae is right by the beach, and it also has plenty of accommodations,” said Lee Nam-soo, a senior manager at Shinhan Investment. “High-rise apartments here with excellent ocean views are as pricey as those of Gangnam.”

Ocean views make a big difference in the price tags. A 169-square-meter Gyeongdong Jade apartment without an ocean view sold for 1.1 billion won, but the same-sized apartment with a view sold for 1.78 billion won.

“Same-size apartments within the same units are priced differently, by as small as 100 million to 200 million, to as much as 500 million to 600 million won,” said Kim Myeong-ok, head of Marine Zenith Realtor near Haeundae.

LCT the Sharp is expected to attract potential buyers with interest in luxury residences. Unlike the regular high-rise residential complexes that only come with commercial facilities, LCT is also equipped with leisure facilities.

The complex is expected to include both a hotel and water park, and will also feature business, commercial, cultural and residential facilities.

It has also made improvements on the negative aspects of high-rise living, including exterior balconies - a rarity among Haeundae’s complexes.

But industry insiders advise against going into the market with aims of making it rich, as prices are already high. The pre-sale price at the LCT is 27.3 million won per 3.3 square meters, more than the 25 to 26 million won for Marine City’s units with ocean views.

BY HAN JIN [park.jungyoun@joongang.co.kr]