Hillstate Gaya apartment complex draws attention as relocation of oceans ministry
An illustration of Hillstate Gaya / Courtesy of Hyundai Engineering & Construction
The Hillstate Gaya apartment complex in Busan is drawing attention from real estate investors, especially as the Ministry of Oceans and Fisheries prepares to relocate to the city.
Developed by Hyundai Engineering & Construction (E&C), the apartment complex is currently under construction in Busanjin District, where it will be home for a total of 487 households in two different apartment complexes.
According to Hyundai E&C, complex 1 will consist of three buildings with six basement floors and 36 floors aboveground for 406 households with an exclusive area of 84 square meters. Complex 2 has one building with three basement floors and 31 floors above ground for 81 households with 76 or 84 square meters each.
“The relocation is fueling demand in Busan's local housing market. The city is still unregulated by the government’s land transaction control,” the builder said in a press release.
The fisheries ministry is slated to move from its current location in Sejong to Busan, with initial offices expected to be near Busanjin Station, by the end of this year.
Industry observers said the relocation plan has created expectations of a direct influx of roughly 850 ministry employees and their families, as well as spillover from related agencies, maritime firms and supporting industries — potentially bringing thousands more residents to the area.
Thanks to the plan, housing prices in the nearby area have risen sharply in both volume and price. According to the Ministry of Land, Infrastructure and Transportation, an 84-square-meter unit of Gaya Lotte Castle Gold Honor was recently sold for 890 million won ($608,000), a record high.
“Like Gaya Lotte Castle Gold Honor, Hillstate Gaya is likely to enjoy the momentum in prices for various favorable factors,” the builder said.
“It benefits not only from demand from the relocation but also from broader development projects, including the district’s street maintenance, improving transportation, commercial and school infrastructure — creating conditions for a stronger rise in its residential value.” (Advertorial)