Busan Real Estate Confirms 'Station Proximity Premium' as Buyers Eye New Complex Near Myeongnyun Station
The "station-area premium" formula is being reconfirmed in Busan's real estate market. Amid continued economic uncertainty, buyer interest is shifting toward newly built station-adjacent complexes that guarantee future value and liquidity.
According to transaction data from the Ministry of Land, Infrastructure and Transport, the price gap between station-area and non-station-area complexes ranges from 200 million won to 300 million won ($150,000 to $220,000), demonstrating the station-area premium.
Against this backdrop, "Harrington Place Myeongnyun Station," a new complex in Myeongnyun-dong, Dongnae-gu—a traditional affluent neighborhood and transportation hub in Busan—is now accepting first-come-first-served unit reservations, drawing attention from both investors and end-users.
**Prime Location: 5-Minute Walk from Myeongnyun Station in Dongnae's Top School District**
Harrington Place Myeongnyun Station, constructed by Hyosung Group affiliate Jinheung Enterprise, is located approximately 300 meters from Myeongnyun Station on Busan Metro Line 1, making it a super-station-area complex within a five-minute walk.
Situated at the intersection of Jungang-daero and Chungnyeol-daero in central Dongnae, the complex offers convenient access to all parts of Busan. Additional infrastructure developments including the Jungang-daero 10-lane expansion and the Mandeok-Centum deep underground tunnel (scheduled for 2026) are expected to further enhance connectivity.
The complex is centrally located within Busan's most prestigious "Dongnae 8 School District." Top-rated schools including Oncheon Elementary, Dongnae Middle, Donghae Middle, and Yurak Girls' Middle School are within walking distance, and proximity to the Myeongnyun-dong private academy district makes it highly attractive to education-focused parents.
Residents can also walk to major shopping facilities including Lotte Department Store, Lotte Mart, and Homeplus, as well as green spaces such as Dongnae Historic Park, Geumjeongsan Mountain, and Oncheoncheon Stream.
**Premium Design: Breaking Mixed-Use Complex Stereotypes**
Harrington Place Myeongnyun Station will be a landmark complex comprising five basement levels and 46 above-ground floors with 267 units (242 apartments and 25 officetels).
The design features columns relocated to the building exterior, minimizing interior protrusions and maximizing space utilization—effectively addressing common drawbacks of mixed-use residential complexes.
The most notable feature is the one-elevator-per-line configuration designed to maximize resident convenience. Unlike typical complexes with 0.75 elevators per household, this arrangement enables wait-free movement and significantly improves residential satisfaction.
Wide parking ramp designs also ensure safety and convenience for novice drivers.
The complex addresses noise concerns through column-based construction resistant to sound and vibration, with 280mm floor slabs—more than 30% thicker than the standard 210mm apartment slabs—providing enhanced privacy.
Commercial facilities have been eliminated from lower floors. The first floor features an open piloti structure, while the second floor houses resident-exclusive amenities including a fitness center, screen golf practice facility, and guesthouse.
**2029 Move-In: Scarcity Value Amid Supply Cliff**
The scheduled move-in date is January 2029. With new apartment supply in Busan's Dongnae-gu expected to plummet after 2025, the scarcity value of newly built apartments is projected to peak at the 2029 move-in date.
"This 46-story landmark on the flat, station-adjacent land of Myeongnyun—where record-high prices are being set within Busan—offers an opportunity to secure future value three years ahead with just a 5% down payment, combining both location and product quality," a sales representative said. "With the recent preference for new construction, inquiries from buyers seeking premium floors are pouring in."
Harrington Place Myeongnyun Station is currently accepting first-come-first-served unit reservations.