Table of Contents
Announcement of Business Implementation Plan Approval for Zone 1 Redevelopment Project
- Zone 1, Choeup Lotte Castle
The redevelopment project of Zone 1 (brand name: Lotte Castle) in Choeup-dong, Busanjin-gu has received approval for its business implementation plan via Announcement No. 2025-104 by Busanjin-gu on June 25. This rapid process has drawn attention, being completed just two months after the public inspection announcement on April 30.
The project area spans 88,225㎡, structured from 6 basement floors to 33 above-ground floors, including a total of 1,664 households in 15 buildings. Out of these, 84 households are designed as rental units. The floor area ratio is set at 257.87% and the building coverage ratio at 16.59%, with a planned implementation period of 60 months from the date of approval.
The construction company is Lotte Engineering, selected in 2016's general meeting, with the Lotte Castle brand to be applied. Analyzing the surrounding market prices shows that newly built complexes demonstrate definitive pricing standards. These factors are expected to positively impact the future real estate market.
Recent actual transaction prices for 84㎡ units in Forena Busan Choeup range between 520 million KRW and 546 million KRW. Units of the same size in Raemian Urban Park are transacted between 680 million KRW and 733 million KRW, maintaining the highest price range within the Choeup living area.
The 84㎡ units of Choeup Haneulchae Forest, scheduled to be completed in 2024, currently have asking prices ranging from 490 million KRW to 640 million KRW.
Compared to these three complexes, the Lotte Castle at Zone 1 stands a good chance of securing price competitiveness with both a new build premium and the large complex scale at the time of occupancy. This has garnered investor interest.
The location condition is favorable, presenting many positive factors. Nearby are Busan Children's Grand Park and Busan Citizens Park, allowing residents to enjoy nature within the city. Accessibility to Seomyeon and Bujeon Station is excellent. Furthermore, plans to expand Geojedaero and internal road networks are expected to enhance the satisfaction of the residential environment.
Transportation infrastructure and living convenience are projected to improve significantly. The expansion and establishment of four minor roads and one major road are planned, along with the creation of two small parks and three scenic green areas. This is expected to lead to a more pleasant living environment.
This approval significantly reduces administrative risks, allowing the association to establish a disposal plan and accelerate preparations for sales. The reorganization of aging residential areas and the construction of large complexes, in conjunction with the expansion of social overhead capital (SOC), are expected to improve the overall residential environment of the Choeup-Yonje living area.
Announcement No. 2025-104 by Busan Metropolitan City, Busanjin-gu
Announcement of Business Implementation Plan Approval for Redevelopment Project of Zone 1
Designated as a maintenance area and stipulated in the maintenance plan by Busan Metropolitan City Announcement No. 2008-376 (2008.10.15.), and modified in accordance with Busan Metropolitan City Announcement No. 2022-37 (2022.02.09.) and the same announcement No. 2023-288 (2023.08.09.), the redevelopment project of Zone 1 in Choeup-dong, Busanjin-gu, is approved under Article 50, Section 1 of the Urban and Residential Environment Improvement Act, and published as per Section 7 of the same article and Article 10, Section 3 of its enforcement regulations. The matters treated as deemed processed in accordance with Article 57, Section 1 of the same law are regarded as published with regards to related laws.
June 25, 2025
Mayor of Busanjin-gu, Busan Metropolitan City
1. Type and Name of Maintenance Project
a. Type: Redevelopment Maintenance Project
b. Name: Zone 1 Redevelopment Maintenance Project Association
2. Location and Area of Maintenance Zone
a. Location: Zone 1, Choeup-dong, Busanjin-gu, Busan Metropolitan City.
b. Area: 88,225㎡
3. Name and Address of the Project Implementer
a. Name: Choeup 1st Zone Housing Redevelopment Maintenance Project Association (Representative: Park Myung-soo)
b. Address: 10, Saesak-ro 253beon-gil, 2nd floor, Busanjin-gu, Busan Metropolitan City
4. Duration of the Maintenance Project: 60 months from the date of project approval
5. Date of Project Approval: 2025. 06. 18.
Busan Official Gazette No. 2189
June 25, 2025 (Wednesday)
6. Specifications of the land or buildings to be acquired or used and specifications of rights other than ownership: Attached
7. Details regarding land area, building coverage ratio, floor area ratio, height, purpose, etc. related to the building plan
| Item | Content | Item | Content |
| Land Area | 64,810㎡ | Building Area | 10,754.92㎡ |
| Building Coverage Ratio | 16.59% | Total Area | 284,942.85㎡ |
| Floor Area Ratio | 257.87% | Maximum Height | 95.5M |
| Purpose | Residential (Apartment) and ancillary welfare facilities | Total Number | 6 basements / 33 floors |
| Number of Buildings | 15 apartment buildings | Number of Households | 1,664 households (including 84 rental households) |
8. Scale of housing and housing construction plan
| Supply Type | Form of Housing | Number of Buildings | Number of Households | Household Number by Housing Scale (Based on Exclusive Area, m²) |
| Rental | Residential | 1 building | 84 households | 39.94 (39) → 84 households |
| Sale | Residential | 14 buildings | 1,580 households | 59.94 (59A) → 527 households, 59.93 (59B) → 87 households, 74.45 (74A) → 180 households, 74.15 (74B) → 120 households, 84.96 (84A) → 404 households, 84.88 (84B) → 121 households, 100.9 (100A) → 112 households, 100.28 (100B) → 29 households |
11. Implementation details of urban planning facilities
a. Location of the project site: Zone 1, Choeup-dong, Busanjin-gu, Busan Metropolitan City
b. Type of project: Urban planning facilities (road), parks, green spaces
c. Scale of the project
d. Name and Address of the Implementer
○ Implementer: Choeup Zone 1 Redevelopment Maintenance Project Association (Representative: Park Myung-soo)
○ Address: 10, Saesak-ro 253beon-gil, 2nd floor, Busanjin-gu, Busan Metropolitan City
e. Duration: 60 months from the date of project approval
f. Matters related to the attribution and transfer of public facilities according to Article 65 of the National Land Planning and Utilization Act: In accordance with Busan Metropolitan City Announcement No. 2020-123 and Article 97 of the Urban and Residential Environment Improvement Law, etc.
g. Related documents: Omitted
Category
Announcement
Administrative Classification
District
Agency
Busanjin-gu
Announcement Number
No. 2025-104
Title
Announcement of Business Implementation Plan Approval for Zone 1 Redevelopment Project
Date
June 25, 2025
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Frequently Asked Questions (FAQ)
Q. Where is the Zone 1 Redevelopment Project located?
It is located in Choeup-dong, Busanjin-gu, Busan, specifically at 51-187.
The Zone 1 Redevelopment Project is underway at 51-187, Choeup-dong, Busanjin-gu, Busan Metropolitan City. This area is being developed under the Choeup Lotte Castle brand, and it is an officially announced project by the Busanjin-gu office, aiming for significant improvements in the residential environment.
Q. What are the main size and the number of households in the Zone 1 Redevelopment Project?
It consists of a total area of 88,225㎡ with 15 buildings and 1,664 households.
The project area is 88,225㎡ and is planned to have 15 high-rise buildings from 6 basements to 33 floors above ground. It includes a total of 1,664 households, among which 84 units are designed as rental units. The floor area ratio is set at 257.87%, and the building coverage ratio is 16.59%, with an implementation period of 60 months from the date of approval.
Q. Who is the construction company and what brand will be applied?
The construction company is Lotte Engineering and the Lotte Castle brand will be applied.
The construction company is Lotte Engineering, selected in 2016, and for this redevelopment project, the Lotte Castle brand will be applied. This brand has a strong recognition in the new apartment market, expected to positively influence both investment and residential values.
Q. What are the nearby real estate prices for the Zone 1 Redevelopment Project?
Nearby new apartments range between 490 million to 730 million KRW.
Recent transaction prices for 84㎡ units in Forena Busan Choeup are between 520 million and 546 million KRW. Units of the same size in Raemian Urban Park transact at around 680 million to 733 million KRW, which is the highest price in the Choeup living area. Choeup Haneulchae Forest, expected to complete in 2024, also has asking prices between 490 million and 640 million KRW.
Q. How about the location and transportation infrastructure of the Zone 1 Redevelopment Project?
It is near Busan Children's Grand Park and offers excellent accessibility to Seomyeon and Bujeon Station, along with road expansion plans.
The location is pleasant, close to natural spaces like Busan Children's Grand Park and Busan Citizens Park. Accessibility to Seomyeon and Bujeon Station is excellent, enhancing transportation convenience. Additionally, the expansion and establishment of road networks are planned, which will significantly improve future living convenience and transportation infrastructure.
Q. What is the significance and effect of this project implementation plan approval?
It reduces administrative risks and allows the association to accelerate sales preparations.
The project implementation plan approval has completed the administrative procedures based on the Urban and Residential Environment Improvement Act, allowing the association to focus on establishing disposal plans and preparing for sales. The reorganization of aging residential areas, significant complex development, and expansion of social overhead capital are expected to enhance the overall residential environment in the Choeup-Yonje living areas.
