Information

The Busan International Financial Center (BIFC) is a 63-story, 289-meter-tall high-rise office complex located in the Munhyeon Financial District, Nam-gu, Busan. As the landmark centerpiece of the Munhyeon Innovation City financial cluster, BIFC symbolizes the growth of Busan as a global financial hub.

The main tower (Landmark Tower) began construction in 2011 and was completed in 2014, encompassing a total floor area of approximately 197,869㎡. The structure was designed and built to meet seismic performance standards equivalent to a magnitude 7.0 earthquake.

The overall development has been carried out in three phases — with Phase 2 completed in 2018 and Phase 3 scheduled for completion in 2025. BIFC accommodates major public and financial institutions, including the Korea Exchange (KRX), Korea Asset Management Corporation (KAMCO), Korea Securities Depository (KSD), Korea Housing Finance Corporation (HF), Housing and Urban Guarantee Corporation (HUG), Korea Technology Finance Corporation (KIBO), and BNK Busan Bank. Together, these institutions form a specialized financial ecosystem focusing on marine finance and derivatives markets, solidifying BIFC’s role as the core landmark of Busan’s financial landscape.

BAUM CM is providing cost management (QS) services for the project. Acting on behalf of the client, the firm has established a CAPEX baseline (Basis of Estimate) that incorporates key high-rise cost drivers such as curtain walls, high-speed elevators, fire protection and evacuation systems, and M/E interfaces. BAUM CM also handles BOQ preparation and validation, package separation strategy, bid documentation and evaluation, and cost-benefit analysis of VE alternatives, as well as design change, claim cost review, and negotiation support. Additionally, it manages progress and payment verification, and supports the client’s investment decisions through a contingency management dashboard. These efforts enable systematic control of budget variance, optimization of package economics, and stabilization of costs for specialized high-rise systems.