Korea National Railway Accepts Development Proposals for Idle Land at Busan’s Centum and Geoje Stations

[Financial News] Korea National Railway is seeking private developers to use idle railway land near Centum Station and Geoje Station in Busan. Depending on market conditions and the characteristics of each site, developers may propose plans that combine the sites or develop them separately.
Korea National Railway announced on the 15th that it will accept applications through November 12. The sites include approximately 6,600 square meters near Centum Station in Jaesong-dong, Haeundae District, and approximately 7,500 square meters near Geoje Station in Geoje-dong, Yeonje District.
A new Haeundae District Office building and the redevelopment of aging residential areas are planned around the Centum Station site. Korea National Railway expects a range of development plans to be proposed in response to the anticipated increase in pedestrian traffic.
The Geoje Station site is near a legal district, has an established commercial area, and faces high demand for parking. Possible plans include developing the site as a parking-only structure to improve parking conditions in the surrounding area.
Private developers may submit plans that combine or separate the two sites. At Centum Station, they may also propose separate development of the space beneath the railway tracks and the above-ground idle land.
Korea National Railway also reduced the burden on private developers by improving related systems, including easing the contribution requirements for railway facilities outside the Seoul metropolitan area. Detailed information about the call for proposals is available on the Korea National Railway website.
Jeong Jin-hyeok, chairman of Korea National Railway, said, "We have created broad conditions for the call for proposals so that private developers can suggest various business models, and we hope to identify creative development plans. We will actively support efforts to enhance the value of the idle railway land near Centum Station and Geoje Station and transform it into a new vibrant space for the local community."



[email protected] Choi Ga-young Reporter