GS E&C holds contract signing for ‘Yeonje Gallery Xi’ in Yeonsan-dong, Busan

[Financial News] GS E&C is conducting the main contract signing for ‘Yeonje Gallery Xi,’ which it is supplying in Yeonsan-dong, Yeonje District, Busan. The complex is being built on the former Xi Gallery site, and the Xi brand, revamped for the first time in 22 years, will make its Busan debut. 
On the 9th, according to the Korea Real Estate Board’s Cheongyak Home, Yeonje Gallery Xi received 667 applications for 409 units in the first-priority subscription round, recording an average competition ratio of 1.63 to 1. This was the highest number of first-priority applications among complexes with 84-square-meter units launched in Busan this year. 
Main contract signing will continue through the 11th. With a 5% contract deposit and an interest-free benefit on the full 60% interim payment, buyers face no additional financial burden from signing the contract through move-in. The presale rights can be resold after six months.
The complex will rise to a maximum of 43 stories and feature the ‘Uni-Xi’ exterior design, which GS E&C is introducing for the first time in Busan. Community facilities at ‘Club Xian’ will include a book lounge developed in collaboration with Kyobo Book Centre, a fitness club and a golf practice range.
The area around Yeonsan Intersection, where the complex is located, is a key transportation hub where Yeonsan Station, a transfer station for Busan Metro Lines 1 and 3, and the eight-lane Jungang-daero and six-lane World Cup-daero meet. It is close to city hall and administrative and legal districts, and everyday amenities such as hospitals, clinics and sports centers have been increasing.
Major urban renewal projects are also underway nearby, including redevelopment in Yeonsan Districts 10–15 and reconstruction in Yeonsan Districts 5 and 6. The area around Yeonsan Station was selected as the first site for Busan City’s ‘Busan-style Station Area Revitalization Project.’ Once development is complete, the area around Yeonsan Intersection is expected to become a new residential district representing downtown Busan.
Meanwhile, Yeonje Gallery Xi will comprise a total of 499 units, each with an exclusive-use area of 84 square meters, in three buildings with four basement levels and up to 43 floors above ground.

[email protected] Kwon Jun-ho Reporter