Table of Contents
Public Notice and Announcement for Project Execution Plan Approval and Project Recognition of Cheoeup District 1 Redevelopment Project
- Located in the vicinity of 51-187, Cheoeup-dong, Busanjin-gu, Cheoeup Lotte Castle
The redevelopment project of Cheoeup District 1 in Busanjin-gu, taking place in the vicinity of 51-187, Cheoeup-dong, has entered public notice for project execution plan approval and project recognition on April 30. As this important administrative procedure has entered the announcement stage, the local real estate market is regaining vitality. The public notice period is a total of 15 days until May 15, and stakeholders can review relevant documents and submit their opinions at the 8th floor of Busanjin-gu Office or the association's office.
According to this application for approval, the redevelopment site will consist of 15 buildings, ranging from 5 underground floors to 33 above ground, with a total of 1,664 units (including 84 rental units). The total floor area is approximately 284,943 square meters, and there are plans to transform the existing old residential areas into a modern large-scale brand apartment complex. This change is expected to provide local residents with a new residential environment.
Since Lotte Construction was selected as the sole constructor at the association's general meeting in 2016, it has maintained this position until now. Lotte Construction is currently engaged in several redevelopment projects, including those in Seodaeshin and Buam in Busan, heightening expectations for stable project execution based on its rich experience in local maintenance projects.
Currently, the project execution plan approval is under public notice, and once approved, management disposal plan approval is expected in the second half of 2025, and relocation and demolition are anticipated to occur in 2027. It is also analyzed that there is a high possibility of starting construction in 2029. The association has stated that it aims to commence construction within four years after approval, planning to swiftly carry out administrative procedures.
Moreover, interest in market prices is growing. As of March this year, the actual transaction price for the 84㎡ units of 'Forena Busan Cheoeup' is approximately 530 million won, and the mid-large types of Yeonji Xi 2nd are trading at 690 million won. These price fluctuations are expected to have a significant impact on the local real estate market.
The location conditions are very favorable. To the north of the complex, the green spaces of Busan Children's Grand Park and Seongjigok water source are connected, allowing residents to enjoy the benefits of being in a 'forest area'. Various transportation networks, including Dongseo Highway, Manduk-Cheoeup Tunnel, and Baekyang Road, provide excellent accessibility to and from the city, and the educational districts in Busanjin-gu, which have high demand for education, are also located in close proximity.
Once the maintenance project is completed, it is anticipated that a large-scale residential complex will be formed in the Cheoeup-dong area. Along with this, the improvement of living and transportation infrastructure and the enhancement of residential environments are also expected. Due to these changes, demand for buying and leasing is anticipated to further increase in the future.
Notice No. 2025-624 of Busan Metropolitan City, Busanjin-gu
Public Notice and Announcement for Project Execution Plan Approval and Project Recognition of Cheoeup District 1 Redevelopment Project
Regarding the Cheoeup District 1 Redevelopment Project in the vicinity of 51-187, Cheoeup-dong, Busanjin-gu, a project execution plan approval application has been received from the project executor, in accordance with Article 56 of the “Urban and Residential Environment Maintenance Act” and Article 49 of the Enforcement Decree of the same Act, and Article 21 of the “Act on Acquisition and Compensation for Land for Public Projects” and Article 11 of the Enforcement Decree of the same Act. Relevant documents are being made available for public inspection, and landowners or members of the association, as well as other stakeholders related to the maintenance project, are invited to submit their opinions in writing during the public review period.
Date: April 30, 2025
Mayor of Busan Metropolitan City, Busanjin-gu
1. Name (Title) and Address of the Project Executor
a. Project Executor: Cheoeup District 1 Housing Redevelopment Maintenance Association
b. Address: 10, Saessak-ro 253-gil, Busanjin-gu, Busan Metropolitan City, 2nd floor
2. Public Review Period: 2025. 4. 30. ~ 2025. 5. 15. (15 days)
3. Public Review Location: 8th floor, Architecture Division, Busanjin-gu Office (☎051-605-4612)
Cheoeup District 1 Housing Redevelopment Maintenance Association Office (☎051-816-3966)
4. Public Review Documents: Plan omitted (available at the review location)
5. Submission Location for Opinions: Review location
6. Public Review Contents
| Project Name | Location | Maintenance Area (㎡) | Project Executor | Project Details |
| Cheoeup District 1 Redevelopment Project | Located in the vicinity of 51-187, Cheoeup-dong, Busanjin-gu | 88,225 | Cheoeup District 1 Housing Redevelopment Maintenance Association | 5 underground floors, 33 above ground, 15 buildings, total floor area 284,942.85㎡, multi-family housing (1,664 units including 84 rental units), ancillary and welfare facilities |
Category
Announcement
Agency Classification
District
Agency
Busanjin-gu
Notice Number
No. 2025-624
Title
Public Notice and Announcement for Project Execution Plan Approval and Project Recognition of Cheoeup District 1 Redevelopment Project
Date
2025-04-30
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