Table of Contents
Notice of Approval for Implementation Plan of Cheongryong1 Reconstruction Project
- Bemyang Villa Mansion, 87-2 Cheongryong-dong, Geumjeong-gu
The reconstruction of 'Bemyang Villa Mansion' located at 87-2 Cheongryong-dong is in the Cheongryong1 area, having received approval for its implementation plan on May 2, and completing the notice on May 7.
This project was designated as a maintenance area in February 2021, and in July 2024, notices for changes to the maintenance plan and area were issued. Subsequently, public hearings regarding the implementation plan were held in March 2025, with the final approval and notice expected to be completed in May 2025.
Through this approximately 4-year process, it has been confirmed to consist of three buildings from basement 4 to above ground 27 floors, with a total of 278 households (exclusive area 49-85㎡), a floor area ratio of 231%, and a maximum height of 78m.
The impact of the approval notice for the implementation plan is significant. From the day after the notice is implemented, ▲ various permission procedures such as building permits and road occupancy will be integrated and simplified, and ▲ landowners will be restricted from carrying out development activities until the management and disposition plan is established. Additionally, ▲ the association will be able to proceed with the processes of securing financing, signing contracts with construction companies, and establishing compensation plans in earnest. The overall schedule is expected to take about 84 months from approval to completion, aiming for completion in the first half of 2032.
In September 2022, Hanshin Construction was selected as the preferred bidder. This project aims to create a medium-sized complex with a total floor area of 42,786㎡, along with 278 parking spaces and various auxiliary facilities. The association plans to establish the management and disposition plan in the first half of 2026, with relocation and demolition targeted for 2027.
This area is very conveniently located near Beomeosa Station (planned) on Subway Line 1 and Geumjeongsan IC. The recent transaction prices for the aging apartments in the vicinity, Bemyang Mansion, are confirmed to be around 200,800,000 to 205,000,000 KRW for an exclusive area of 94㎡. The average price on Hogangnono reaches about 7.3 million KRW per 3.3㎡. The expected sale price after reconstruction is estimated to be around 16 million KRW per 3.3㎡, which is evaluated as having a high possibility of fierce subscription competition and price increase. For these reasons, it is noted as a region with significant investment value.
The development professional platform indicates that the current project is at the 'approval stage for the implementation plan,' which is somewhat slower than average. However, the likelihood of it being discontinued is low, and the potential for price increases is high according to analyses.
In particular, the positive effects of the Geumjeongsan living area and Beomeosa Station vicinity, the branding into Hanshin's complex, and the future expansion of the northern Busan and Gijang traffic network combine to create high expectations both for investment and actual residence. These factors are intertwining to draw increasing attention.
Notice No. 2025-75 of Geumjeong-gu, Busan
Notice of Approval for the Implementation Plan of the Cheongryong1 Reconstruction Project
Based on Notice No. 20021-50 of Busan Metropolitan City (2021.02.17) for the designation of the maintenance plan and maintenance area and Notice No. 2024-202 of Busan Metropolitan City (2024.07.03) for the change of the maintenance plan and area designation, the Cheongryong1 reconstruction project for the area of 87-2 Cheongryong-dong, Geumjeong-gu, Busan is authorized according to Article 50 of the Urban and Residential Environment Maintenance Act, and this is hereby announced according to Article 10(3) of the Enforcement Regulations of the same law.
May 7, 2025
Mayor of Geumjeong-gu, Busan
1. Type and name of the maintenance project
a. Type: Reconstruction Project
b. Name: Cheongryong1 Reconstruction Project
2. Location and area of the maintenance district
a. Location: Area of 87-2 Cheongryong-dong, Geumjeong-gu, Busan
b. Area: 11,969.0㎡
3. Name (title) and address of the project implementer
a. Implementer: Cheongryong1 District Reconstruction Maintenance Project Association (Chairman Hong Seung-oh)
b. Address: 304 Cheongryong Yaejeon-ro 6, Geumjeong-gu, Busan (Seiwang JAIAN)
4. Period of project implementation: 84 months from the date of approval of the implementation plan
5. Date of approval of the implementation plan: May 2, 2025 (Friday)
6. Details of land or buildings to be acquired or used and details of rights other than ownership: None applicable
7. Construction plan details regarding the site area, building area ratio, floor area ratio, height, and purpose of the building
| Category | Details | Category | Details |
| Site Area | 11,337㎡ | Building Area | 2,017.74㎡ |
| Building Coverage Ratio | 17.80% | Total Floor Area | 42,786.72㎡ |
| Floor Area Ratio | 231.45% | Maximum Height | 78.24m |
| Purpose | Residential Complex (Apartments) and Auxiliary Facilities | Number of Floors | Basement 4 / Ground 27 |
| Number of Buildings | 3 buildings | Number of Households | 278 households |
8. Housing scale and housing construction plan
| Supply Division | Type of Housing | Number of Buildings | Number of Households | 49.9676㎡ | 59.9871㎡ | 79.7449㎡ | 84.9620㎡ |
| Total | Apartment | 3 | 278 | 26 | 119 | 50 | 83 |
| Sale | Apartment | 3 | 278 | 26 | 119 | 50 | 83 |
| Lease | Apartment | - | - | - | - | - | - |
Classification
Notice
Agency Classification
District Office
Agency
Geumjeong-gu
Notice Number
2025-75
Title
Notice of Approval for Implementation Plan of Cheongryong1 Reconstruction Project
Date
2025-05-07
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