Korea National Railway seeks private developers for idle rail sites near Centum, Geoje stations

Korea National Railway said Monday it is launching a public solicitation for private development proposals, aimed at putting idle rail land near Centum Station and Geoje Station on the Donghae Nambu Line to productive use and revitalizing the surrounding areas.

The two sites up for development are a roughly 6,600-square-meter plot at 645-12 Jaesong-dong, Haeundae-gu, Busan, and a roughly 7,500-square-meter plot at 469-12 Geoje-dong, Yeonje-gu, Busan. Korea National Railway said it plans to explore a range of development concepts that take advantage of each site's location and surrounding conditions.

The Centum Station site is expected to benefit from planned nearby developments, including construction of a new Haeundae-gu district office and renovation of aging residential areas, which are projected to drive increased foot traffic and open up diverse development possibilities. The Geoje Station site sits adjacent to a legal district, giving it an active commercial environment and high parking demand; developing a dedicated parking structure is seen as one way to address the area's parking shortage.

The solicitation allows private operators to propose combining or separating the two sites based on market conditions and each plot's characteristics. For the Centum Station site, proposals may also treat the under-track area and the above-ground idle land as separate development zones, broadening the range of business models available to private participants.

Korea National Railway also eased the financial burden on private operators through regulatory improvements, including a reduction in the railway facility contribution levy applied outside the Greater Seoul area.

Proposals will be accepted through Nov. 12, and further details are available on the Korea National Railway website.

"We have set up broad conditions for private operators to propose a wide variety of business models, and we look forward to uncovering creative development plans," Korea National Railway Chairman Jeong Jin-hyeok said. "We will actively support efforts to raise the development value of the idle rail land near Centum and Geoje stations and transform them into vibrant new spaces for the community."

Meanwhile, the GTX division of Korea National Railway is moving ahead with an overhaul of aging power supply equipment on the Gyeongin Line to ensure stable train operations and meet growing rail demand.