The long-vacant "Sega Sammy" site in Busan's Centum City is finally poised for a major transformation, as full-scale development begins on the Quantum Landmark Tower — a massive USD 1 billion mixed-use complex centered around quantum computing.

The project is being spearheaded by the PIA Hines Quantum Landmark Tower Busan Private Equity Real Estate Investment Trust, jointly established by U.S.-based real estate firm Hines and Korea's PIA, an alternative investment company.

On March 26, the REIT made a key step forward by paying the second installment of the land acquisition cost — USD 59.3 million — to Busan City. With this, 92% (USD 129.5 million) of the total land price of USD 140.4 million has now been paid, with the remaining balance expected to be completed within the first half of the year.

The project will span from 2025 to 2030, and will see the construction of a 60-story skyscraper with six underground levels (B6-60F), covering a total floor area of 182,373 square meters. The building will feature office spaces, officetels (residential-office hybrid units), retail zones, neighborhood amenities, and sports facilities. Core office areas are expected to attract major quantum computing-related firms from both Korea and abroad, including IBM.

According to the environmental impact assessment report currently under public review, the facility will house:

• Office spaces: 55,548m²
• Officetels: 92,731m²
• Retail: 20,166m²
• Neighborhood living facilities: 6,402m²
• Sports facilities: 7,526m²

Quantum computers planned for the complex are capable of solving in just 200 seconds what today's supercomputers would take 10,000 years to compute — positioning the tower as a key hub in next-generation technological infrastructure.

Development Timeline and Administrative Progress

An environmental impact assessment review began on March 25 and is open to the public until April 22, with a community briefing session held on April 4. A building permit application was also submitted by the developers on March 28, signaling the start of full administrative procedures.

The site itself has remained undeveloped for over 25 years despite multiple investment attempts. In 2001, Hyundai Department Store was selected as the preferred bidder but the plan stalled by 2012.

In 2013, Japan's Sega Sammy Holdings purchased the land with plans to build a large-scale resort complex, but later abandoned the project citing an oversaturated hotel market.

Busan City reacquired the land in 2017 and conducted six public development offerings by 2022, all of which failed — until the current project was secured.

A city official said, "We received the building permit application on March 28. With all major administrative steps now in progress, the project will proceed in full swing."

Terminology Note: Officetel (residential-office hybrid units): A uniquely Korean property type that combines residential and commercial features in a single unit, allowing occupants to both live and work in the same space.

This article was published in Corebeat on 2nd April, 2025.