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Baekyangsan Lotte Castle Ascent, Buam1 District Reconstruction Project Prior Announcement
- Area of 567 Buam-dong, Busanjin-gu
‘Baekyangsan Lotte Castle Ascent’ located at 567 Buam-dong, Busanjin-gu, completed the prior public announcement on May 21st. In just three months since the completion certification on February 6 this year, the ownership of the land and buildings has been transferred to individual units, effectively bringing the project to a final stage.
The complex consists of 21 large apartment buildings ranging from 4 underground floors to 34 above ground, totaling 2,195 units. Lotte Construction handled the construction, and occupancy began sequentially from December 2023, with many households already starting to move in. With the recent prior announcement enabling ownership preservation registration and individual registration, property rights can now be exercised freely in terms of mortgage loans, sales, and lease contracts. Consequently, the association is expected to begin the liquidation process.
Currently, the market price for this complex ranges from 380 million won to 650 million won for a unit with a dedicated area of 84㎡, while the jeonse price ranges between 340 million won and 400 million won. The average price per 3.3㎡ is around the mid-15 million won range, exceeding the average market price in Busanjin-gu. The jeonse rate is relatively stable at around 60%, making it a fairly liquid complex in its second year of occupancy.
The location conditions are very attractive. It is about a 10-minute drive from Seomyeon, providing excellent access to the city center. Moreover, residents can take advantage of two nearby subway stations, Seomyeon Station and Buam Station.
There are large shopping facilities nearby, including the Lotte Department Store in Seomyeon, E-Mart Traders, and Danggam Fresh Market, while the northern part of the area is adorned with Baekyangsan's foothills, harmonizing green nature and hiking trails to create a pleasant living environment.
From an educational perspective, schools such as Dongpyeong Elementary, Dongpyeong Middle, and Busan Dong High are conveniently located nearby, making it easy for students to commute, along with the accessibility to the academy area in Seomyeon.
This prior announcement seems likely to resolve business risks that have persisted for over 15 years since the approval of the management disposal plan in 2007. It is expected to contribute to the enhancement of the residential image in Buam-dong.
Once a stable large complex premium is formed, it is anticipated to positively influence the reconstruction and redevelopment of aging apartments in the vicinity. There is a high possibility that it will simultaneously absorb genuine and investment demand, establishing itself as a key complex in the housing market of Busanjin-gu.
Buam1 District Reconstruction Project Association Announcement No. 2025-1
Prior Announcement for Buam1 District Reconstruction Project
1. In accordance with Article 83 of the 「Urban and Residential Environment Maintenance Act」, the “Buam1 District Reconstruction Project,” is notified for the transfer of ownership of the land and buildings under Article 86, Paragraphs 1 and 2 of the Urban and Residential Environment Maintenance Act, as notified by Busan Metropolitan City's Busanjin-gu Notification No. 2025-27 (2025.02.12.).
2. Relevant documents are kept at the office of the Buam1 District Reconstruction Project Association (☎ 051-804-5951) and are available for inspection by interested parties.
May 21, 2025
Chairman of the Buam1 District Reconstruction Project Association
* Announcement details -
1. Type and name of the maintenance project: Buam1 District Reconstruction Project
2. Location and area of the project area
1) Location: outside of 756 Buam-dong, Busan Metropolitan City, Busanjin-gu, 13 parcels
Previous: Area of 567 Buam-dong, Busanjin-gu, Busan Metropolitan City
2) Maintenance area: 107,442.8㎡
3) Area of the prior announcement: 107,442.8㎡, actual used land area: 89,666㎡
3. Implementing entity's main office and name
1) Office: 107 Baekyang Circus Road, 4th Floor, Busanjin-gu, Busan Metropolitan City (Buam-dong, Seonjeong Building)
2) Name: Buam1 District Reconstruction Project Association (Chairman: Im Se-eun)
4. Date of approval of the management disposal plan: December 27, 2007.
5. Date of approval of completion: February 6, 2025.
6. Date of announcement of completion approval and project completion: February 12, 2025.
Classification
Announcement
Agency Type
Other Agency
Agency
Buam1 District Reconstruction Project Association
Announcement No.
No. 2025-1
Title
Prior Announcement for Buam1 District Reconstruction Project
Date
May 21, 2025
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