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Raemian Urban Park, Partial Transfer Notice for Yeonje District 2 Redevelopment Project
- 415 Yeonje-dong, Busanjin-gu, Busan
Located at 250-76 Yeonje-dong, Raemian Urban Park officially received the ownership of land and buildings through the ‘partial transfer notice’ announced in the Busan City Bulletin on May 7. From the day after this notice is published, the purchased households will be able to acquire ownership immediately without additional registration procedures.
Moreover, the mortgage and lease rights previously established on the existing land and buildings will automatically transfer to the new apartment. This is expected to facilitate mortgage registrations, additional loans, and rental agreements at financial institutions. These changes are likely to have a positive impact on new owners.
The project site has a total area of 131,509.5㎡, of which 107,294.2㎡ is designated as land for housing, and 24,215.3㎡ is for maintenance-based facilities. This project includes 22 residential buildings and 3 neighborhood living facilities, with a total floor area of 437,388㎡. The total number of households is 2,616, including 132 rental units, with 26 different types ranging from 51㎡ to 124㎡.
The construction of this project was handled by Samsung C&T, and completion and occupancy were finalized in September 2022. The large complex consists of 24 buildings, structured from 5 basement floors to 33 above-ground floors, enhanced by Raemian brand’s special community facilities, increasing its brand value. The number of member units is 1,115, and general sales include 1,360 units, making it the largest new apartment complex in downtown Busan.
Recently, the real estate market has seen that the exclusive 84㎡ type is priced between 700 million and 800 million KRW, while larger units over 115㎡ are approximately 1.1 billion KRW. The average price per 3.3㎡ has reached about 21 million KRW, maintaining a premium of about 10% compared to ongoing redevelopment new constructions in nearby Jeonpo and Beomjeon-dong.
Compared to the highest sales rights prices in November 2020, the current prices have dropped by about 20% and are stabilizing. Such market changes are expected to be a continuous focus in the future.
Following Seongji-ro, it is located a 7-minute drive to downtown and offers access to both Line 1 Seomyeon Station and Line 2 Jeonpo Station, thus a double transport hub. Lotte Department Store, E-Mart Traders, and Citizens Park are all within 1km, providing well-established living infrastructure.
This enhances accessibility to downtown and increases convenience of living, which is expected to elevate the brand's value as well. The combination of these factors is heightening expectations for the potential recovery of property prices in the future.
This transfer notice is a crucial step towards project completion, proceeding in the order of confirming ownership, filing for registration, and disbanding the association. Post-completion, the maintenance-based facilities will be freely transferred to Busanjin-gu Office, and roads and parks will be officially opened. Members will be entitled to settle the difference with the sales price.
In addition, with the financial interest burden related to project costs tapered off, management fees are expected to stabilize, and concerns regarding additional shared payments will significantly decrease.
In Busan's downtown area, the demand for substitutes is increasing due to supply shortages, and the rise of branded reconstruction and redevelopment complexes is prominent. Experts explain that "with the ownership of a Raemian large complex secured three years after occupancy, both sales and rental demand are being maintained stably," emphasizing the attraction of long-term holding.
Yeonje District 2 Housing Redevelopment Maintenance Project Association Notice No. 2025-1
Partial Transfer Notice of Yeonje District 2 Redevelopment Maintenance Project
1. In accordance with Article 83 of the "Urban and Residential Environment Maintenance Act," partial completion approval was announced as Notice No. 2022-136 by Busan Metropolitan City Busanjin-gu (2022.10.05) for the Yeonje District 2 Redevelopment Maintenance Project. Hereby, the ownership transfer details of the land and buildings are announced pursuant to Article 86, paragraphs 1 and 2 of the same law.
2. Relevant documents are available at the Yeonje District 2 Housing Redevelopment Maintenance Project Association office (☎051-819-5530) for review by interested parties.
May 7, 2025
Chairman of Yeonje District 2 Housing Redevelopment Maintenance Project Association, Kim Jeong-min
Notice Details
1. Type and Name of Redevelopment Project: Yeonje District 2 Redevelopment Maintenance Project
2. Location and Area of the Project Site (based on maintenance plans and land survey outcomes)
1) Location: 415 Yeonje-dong, Busanjin-gu, Busan and 19 plots
Among them: Area of 250-76 Yeonje-dong, Busanjin-gu, Busan
2) Maintenance District Area: 131,509.5㎡
3) Transfer Notice Area: 131,509.5㎡, Actual Usable Area: 107,294.2㎡
3. Address and Name of the Project Implementer
1) Address: 29, 3rd Floor, Seongji-ro 51beon-gil, Busanjin-gu, Busan (Yeonje-dong)
2) Name: Yeonje District 2 Housing Redevelopment Maintenance Project Association (Chairman Kim Jeong-min)
4. Date of Related Plan (Change) Approval: June 28, 2017 (Final Change: March 24, 2025)
5. Date of Partial Completion Approval: September 29, 2022
6. Date of Partial Completion Approval Notice: October 5, 2022
Classification
Notice
Agency Classification
Other Agency
Agency
Yeonje District 2 Housing Redevelopment Maintenance Project Association
Notice Number
No. 2025-1
Title
Partial Transfer Notice for Yeonje District 2 Redevelopment Project
Date
2025-05-07
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