HJ Shipbuilding & Construction (HJSC) has unveiled plans to construct HAEMORO TOWN in the old downtown of Busan through the bunyang process in Seodaesin-dong.
In 2022, the prominent construction company successfully completed the construction of 'Daesin HAEMORO Central (733 apartment units)' in Seodaesin Area 5. This year, the company is set to embark on bunyang for Seodaesin Area 4 (542 apartment units). Upon completion of this project, the ambitious HAEMORO TOWN, comprising 1,275 apartment units, will come to fruition.
Experts in the industry foresee the development of a premium town in this underdeveloped old downtown, distinguishing it from the newly emerging housing districts in East Busan and Gangseo-gu. The introduction of the new apartment complex is expected to stimulate the bunyang market in the old downtown area.
During a meeting held on January 13 to select a constructor for the Dangni Area 1 and Goejeong Area 2 Street Housing Improvement, the multinational construction company secured the contract for the project.
Dangni Area 1, situated at #351, Dangni-dong, Saha-gu, spans a vast site area of 6,238㎡. The project involves the construction of three apartment buildings (up to 18 stories with 2 basements, 136 apartment units) and community facilities, with a construction period of 27 months. In contrast, Goejeong Area 2, located at #1074, Goejeong-dong, Saha-gu, covers an expansive site area of 9,427㎡. The development includes three apartment buildings (up to 27 stories with 2 basements, 225 apartment units) and community facilities, with a construction period of 33 months.
HJSC also aims to promote the street-housing improvement project in Dangni Area 2 and Goejeong Areas 3. If successful in securing this project, along with the completion of all ongoing projects, a large apartment complex with more than 800 units will be realized. In total, the premium HAEMORO TOWN is envisioned to consist of over 2,000 apartment units in the old downtown.
Having secured successful bids for Seobusan and the Areas 4 and 5 Redevelopment Projects in Seodaesin, the global construction company is poised to expedite the construction of HAEMORO TOWN throughout the old downtowns of Busan.
The South Korean constructor has also clinched contracts for eight street-housing improvement projects in Wonjong-dong and Ojeong-dong, Bucheon, Gyeonggi-do, with the goal of establishing a 1,500 apartment-unit HAEMORO TOWN.
“We have not participated in any project financing. Instead, we have concentrated on relatively safe and profitable housing redevelopment and reconstruction projects,” said an official from HJSC. “We promise that we would keep building our HAEMORO TOWN according the purposes of urban regeneration and improvement projects.”
