On the site of the former Grand Hotel in Haeundae-gu, Busan, a plan is being promoted to build a 5-star hotel, condominiums, and officetels instead of residential accommodations.

According to Busan City on the 21st, MDM, a real estate development company, began full-scale licensing procedures by submitting the 'Haeundae Grand Hotel Development Business Plan' to the city at the end of last month.

The city plans to review the traffic impact assessment for the ‘Haeundae Grand Hotel site development’ on the 25th.

MDM acquired the Grand Hotel site for 240 billion won in 2020 and recently purchased a nearby hotel building.

The developer submitted a business plan to the city to build a tourist hotel, condominiums, officetels (office facilities), and an observatory, excluding residential lodging facilities.

According to the business plan, four buildings with 8 floors underground and 49 floors above ground will be built on a total site of 12,594 m2.

The building will have 310 hotel rooms, 91 condominium rooms, and 521 officetel rooms.

The tourist hotel will have an outdoor swimming pool, an indoor swimming pool, a sauna, a hot spring, a fitness center, and a banquet hall.

MDM is pursuing a building design with a famous European architect and is in discussions with a five-star hotel operator at home and abroad.

An MDM official said, "We excluded residential accommodations and increased the size of accommodations such as tourist hotels and condos. We will attract top-class hotels and build them as local landmarks."