Table of Contents
- Confirmation of 60 floors for Samik Beach redevelopment; abandonment of 99-floor high-rise plan... The contribution by members was decisive
- Member choice: 60 floors instead of 99... Why?
- 800 million vs 900 million, the core is the member's contribution
- General sale income? Lower than expected
- What will happen to Samik Beach Town in the future?
- Conclusion
Confirmation of 60 floors for Samik Beach redevelopment; abandonment of 99-floor high-rise plan... The contribution by members was decisive
The redevelopment project for Samik Beach Town located in Namcheon-dong, Suyeong-gu, Busan, has been finally confirmed to be scaled to 60 floors.
The members decided to abandon the previously anticipated 99-floor high-rise special construction zone designation. High contributions imposing a burden on members and the prolonged construction period are the main reasons for this decision.
Member choice: 60 floors instead of 99... Why?
Samik Beach Town is a long-established apartment complex in Busan, holding an important position in the redevelopment market. Completed in 1979, this complex consists of 33 buildings with a total of 3,060 units. In recent years, it has frequently been mentioned in relation to redevelopment news.
In 2024, Busan was selected as a pilot site for special construction zone projects, unveiling plans for a 99-floor high-rise designed by renowned architect Dominique Perrault, generating significant anticipation.
However, during the regular general assembly held on April 5, 2025, the association decided to reject the special construction zone designation proposal. Most members cast negative votes due to concerns regarding contributions and project viability. This outcome is expected to substantially affect the future progress of the project.
800 million vs 900 million, the core is the member's contribution
The contributions that members must bear in the redevelopment project are always a focal point. For the existing ANU design plan based on 84㎡, the estimated contribution is around 800 million won, while the special construction plan would require 900 million won, which is about 100 million won more.
Given that there is almost no general sales volume due to the 1:1 redevelopment nature, members inevitably find the additional burden of 100 million won a significant concern. In this situation, members need to deeply contemplate how to respond.
For the special construction plan, the construction cost per square meter is about 12.5 million won, which is around a 40% increase over the existing plan. Additionally, the construction period is expected to be approximately 20 months longer. Consequently, the completion date is postponed to 2032 for the existing plan and to 2034 for the special plan. These realistic burdens are changing the perceptions of the members.
Let’s explore the proportion rates of redevelopment and reconstruction. We examined the general sales and member sales prices for the redevelopment of Namcheon District 2 Samik Beach. This information plays an important role in the real estate market.
General sale income? Lower than expected
The special construction plan includes plans for approximately 600 units of general sale housing, which is expected to have a positive impact on reducing the amounts that members need to bear. However, due to rising construction costs and regulations on selling prices, it is anticipated that contributions won't significantly decrease.
The current projected price for general sales is around 3 billion won, raising concerns more towards risks than income.
Furthermore, the special construction plan includes public facilities and community spaces accessible to outsiders, causing some members to express concerns about privacy. In contrast, the existing plan has been designed as a closed complex focused on residents, providing psychological comfort to the members.
What will happen to Samik Beach Town in the future?
The Samik Beach redevelopment project has been definitively confirmed for the construction of 12 buildings at a height of 60 floors. This project will feature a structure from 3 floors underground to 60 floors above ground. The perspective originally proposed by the ANU design group will be modified, with elements such as the sky bridge excluded, and the exterior design will be simplified. The association intends to proceed with the project as per the existing plan, whilst making adjustments to the number of units and reinitiating the application process for member sales.
Though the iconic 99-floor high-rise has been eliminated, Samik Beach continues to capture attention in Busan’s redevelopment market. Particularly, its proximity to Gwangalli Beach and high rarity underpin a strong demand for investment. Considering the pace of the redevelopment project, a significant increase in value is anticipated post-completion.
Conclusion
The 99-floor high-rise construction plan for Samik Beach Town has regrettably been canceled, but the decision respecting the realistic judgment of its members has brought about important results.
The decision, which comprehensively considered the costs, construction period, and various factors that members must bear, could serve as a significant precedent for future large-scale redevelopment projects. Interest in the future of Samik Beach in Busan's redevelopment market remains high.
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