DAEJEON — Idle railway land near Centum and Geoje stations on the Donghae Nambu Line will be developed through private proposals.
The Korea National Railway said it will begin accepting private development proposals from the 14th to make more efficient use of the unused railway land near the two stations and help revitalize the surrounding areas.
The sites are about 6,600 square meters around 645-12 Jaesong-dong in Busan's Haeundae District and about 7,500 square meters around 469-12 Geoje-dong in the city's Yeonje District.
The agency said it will consider a range of development plans that draw on each site's location and nearby development conditions.
For the Centum station site, a new Haeundae District office building and the redevelopment of aging residential areas are planned nearby, meaning developers could weigh various options to accommodate an expected increase in foot traffic. The Geoje station site sits next to a legal district where commerce is active and parking demand is high, so a building dedicated to parking could help ease local parking shortages.
The agency will allow private developers to combine or separate the two sites in their proposals depending on market conditions and each site's characteristics. At Centum station, developers may also split the land under the elevated tracks from the idle land at ground level, widening the range of possible business models.
The agency has also eased the burden on private participants through regulatory changes, including a reduction in railway facility contribution charges outside the greater Seoul area.
Proposals will be accepted through Nov. 12 this year.
"We will provide support so that the idle railway land near Centum and Geoje stations can bring new vitality to the region," Korea National Railway President Chung Jin-hyuk said.
