Attention Drawn to the Sale News of 'Lotte Castle De Mer' Securing a Panoramic View of Busan Port at a Glance

- Complex with Sea View Sees Property Prices Rise by Hundreds of Millions in One Year
- High Demand and Scarcity Make It Popular in the Sales Market

Complexes with ocean views are reigning as strong contenders in the sales market. These complexes, boasting beautiful natural scenery, expansive views, and pleasant living environments, are not only excellent for actual residence but also have high investment value due to their rarity and strong price appreciation.

In fact, the market prices of complexes with ocean views are soaring rapidly. For example, ‘Daewoo Trump World Marine’ in Busan Marine City, which offers permanent ocean views, saw a 171.7㎡ unit trade for 1.22 billion KRW in November 2019, and then for 1.67 billion KRW in November last year, showing a price increase of over 500 million KRW in just one year. Additionally, ‘Haeundae Exodium’ located in Centum City had a 181.7㎡ unit sold for 1.5 billion KRW in January this year, which is 550 million KRW higher than January last year.

Interest in ocean view complexes is also evident in subscription results. In July last year, ‘Belive Paragraph Haeundae,’ a luxury residence overlooking Haeundae Beach in Busan, recorded a highest competition rate of 266.83 to 1 and an average of 38.87 to 1 in its subscription.

An industry insider stated, “As demand for ocean views grows stronger, prices can differ by tens of millions of KRW depending on the view,” adding, “Moreover, these complexes attract high interest from buyers because they can be used diversely, such as second homes or rentals targeting tourists.”

Meanwhile, a complex offering panoramic views of Busan Port and Busan Port Bridge is drawing attention as it goes on sale this month. The protagonist is ‘Lotte Castle De Mer,’ supplied by Lotte Construction in Dong-gu, Busan. This complex consists of two buildings ranging from 5 basement floors to 59 above-ground floors, with units sized from 45 to 335㎡, totaling 1,221 units.

- Expansive ocean views... High premium expected

The biggest feature of ‘Lotte Castle De Mer’ is securing permanent ocean views of Busan Port (for some units).

As a super high-rise landmark reaching a maximum height of 213m, ‘Lotte Castle De Mer’ will reshape the skyline around Busan Port and plans to offer various views by unit type to broaden buyers’ choices. Some unit types will have permanent ocean views facing Busan Port Bridge and the North Port, while others will offer mountain and city views, expanding options for buyers.

Especially, as it is developed under the ‘Lotte Castle’ brand, residents can enjoy permanent views of the Busan sea from the high-end community facilities designed on the 51st floor. Even guests staying in lower-floor units can enjoy the expansive views through various amenities such as the infinity pool, sky lounge, and fitness center on the 51st floor.

Another distinctive feature is the introduction of hotel-style services to provide a comfortable and convenient lifestyle. Various home care services will be offered, including concierge service, breakfast service, home laundry, home planting, housekeeping, and childcare services. Additionally, personalized lifestyle services such as personal training, car wash, car sharing, pet care, and shoe care will be provided to meet the differentiated living needs of residents.

- Walking distance to Busan Station... Convenient access to Busan Port International Passenger Terminal and Gimhae International Airport

‘Lotte Castle De Mer’ also boasts excellent location conditions. It is situated near Busan Station and Choryang Station on Busan Subway Line 1, providing superior transportation networks. Proximity to Busan Station and Busan Port International Passenger Terminal allows convenient regional travel, and Gimhae International Airport, about 20 minutes by car, facilitates domestic and international travel.

In particular, the area is well connected by major highways such as Gyeongbu Expressway, Namhae Expressway, and Busan-Pohang Expressway. Additionally, the Chungjang-ro underground road construction behind the complex is underway, which is expected to further improve road traffic in the future.

Moreover, with the full-scale construction of the ‘C-Bay Park Line (C-Bay~Park, tram)’ connecting the North Port redevelopment area and downtown, transportation conditions are expected to improve further. The first phase of the C-Bay Park Line is a 1.9km long, catenary-free low-floor tram running on the surface, stopping at five locations in the first phase of the North Port redevelopment area. It starts from Jungang Station on Subway Line 1 and passes through the current 1st Pier complex urban district, Opera House, downtown transfer center, and Busan Port International Passenger Terminal. Notably, a station will be constructed right in front of the ‘Lotte Castle De Mer’ complex, greatly enhancing public transportation convenience. The detailed design service started at the end of last year, with tram construction planned to begin this year and completion expected by the end of 2022 according to Ministry of Land, Infrastructure and Transport plans.

Meanwhile, with regulations on residential lodging facilities anticipated in April, investor interest is rising in ‘Lotte Castle De Mer’ by Lotte Construction, which is scheduled for sale before the full-scale regulations take effect.

Residential lodging facilities are real estate products with characteristics between officetels and hotels. They are attracting attention as investment destinations because they do not require subscription savings accounts and are not subject to loan regulations, reducing initial capital burden. Currently, before the regulations take effect, they are governed by the Building Act rather than the Housing Act, so subscription savings accounts are not required at the time of sale. There are no resale restrictions, and ownership does not count toward the number of houses owned. Loan-to-value (LTV) regulations do not apply, allowing loan limits of 70-80% of the sale price. Furthermore, residential lodging facilities can be individually registered, enabling owners to realize capital gains through resale if prices rise, and they tend to be highly profitable, increasing investor interest.

The model exhibition hall for ‘Lotte Castle De Mer’ is located in Haeundae-gu, Busan.

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