Table of Contents
POSCO Ottier / Notice of Approval for the Management Disposal Plan of the Urban Maintenance Type Redevelopment Project in Citizen Park Redevelopment Promotion District 2-1
- Area of Beomeonjeong-dong, Busanjin-gu, Busan
A 69-story ‘Ottier’ is planned to be built at the center of Busan Citizen Park. With the approval of the management disposal plan for the ‘Citizen Park Redevelopment Promotion District 2-1’ in Beomeonjeong-dong (approximately 136,727㎡) on July 17, the project has entered the phase of relocation and demolition.
The association plans to begin the demolition of existing buildings from January 2026. This project started in April 2022 and is expected to continue until April 2032.
This project consists of a total of 5 buildings, boasting a scale of 69 floors above ground and 5 floors below ground, including 1,902 apartments and 99 officetels. The total number for general sale will reach 1,577 units.
In the association's general meeting held on July 21, POSCO E&C was selected as the final construction company, and the high-end brand ‘Ottier’ will be applied.
According to the management disposal plan, the total project cost is estimated at 2.469 trillion KRW, while total revenue is expected to reach 2.945 trillion KRW. The estimated proportion rate is expected to reach around 190%.
The surrounding real estate prices are on the rise. A 84㎡ apartment at the nearby Samhan Golden View Central Park was traded at between 780 million KRW and 830 million KRW as of early July 2025. With the implementation of a new premium brand, a selling price close to 40 million KRW per pyeong is also expected.
In addition, the location condition is very advantageous. It is accessible on foot to Citizen Park and offers double living zones with the Bujeon Station KTX Complex Transfer Center, which will open in 2026, and Seomyeon Station. Furthermore, new neighborhood parks (14,442㎡), small parks (2,347㎡), general plazas (13,609㎡), along with new middle and elementary school sites are also planned, promising a pleasant residential environment.
The maintenance infrastructure includes 4 road routes (totaling 2,075m) and parks, all of which the association fully finances to minimize obstacles to project progress. Once relocation and demolition begin, 307 landowners and tenant households will be sequentially relocated. If all goes smoothly, sales may be possible as early as the first half of 2027.
Recently, the management disposal plans for Promotional Districts 1 and 2-1, 2-2, 3, and 4 in the Citizen Park Redevelopment Promotion District have been approved as of April 2024 and July 2025, respectively.
As a result, an ultra-high-rise residential belt will form in the city center, and the value of regions near the Seomyeon commercial area and Bujeon Station is expected to rise. This change is anticipated to have a positive impact on the local economy.
Notice No. 2025-128 of Busanjin-gu, Busan Metropolitan City
Notice of Approval for the Management Disposal Plan of the Urban Maintenance Type Redevelopment Project in Citizen Park Redevelopment Promotion District 2-1
In accordance with Article 74 of the Urban and Residential Environment Maintenance Act, the management disposal plan for the Urban Maintenance Type Redevelopment Project in Citizen Park Redevelopment Promotion District 2-1, which was approved according to Notice No. 2022-50 (April 20, 2022) of Busanjin-gu, Busan Metropolitan City, is hereby approved and officially announced as follows in accordance with Article 78, Paragraph 4 of the same law.
July 23, 2025
Mayor of Busanjin-gu, Busan Metropolitan City
1. Type and name of the maintenance project
a. Type: Urban maintenance type redevelopment project
b. Name: Urban maintenance type redevelopment project in Citizen Park Redevelopment Promotion District 2-1
2. Location and area of the maintenance zone
a. Location: Area of Beomeonjeong-dong, Busanjin-gu, Busan
b. Area: 136,727㎡
3. Name and address of the project executor
a. Executor: Citizen Park Redevelopment Promotion District 2-1 Urban Maintenance Type Redevelopment Project Association
b. Address: 821, Jungang-daero, Busanjin-gu, Busan, 201 Dong, Samhan Golden View Central Park
4. Date of approval of the management disposal plan: July 17, 2025
5. Project period: 120 months from the date of project approval according to Notice No. 2022-50 of Busanjin-gu
6. Summary of the management disposal plan
a. Land use plan (㎡)
| Area of the maintenance zone | Area of residential buildings (including rental housing) | Other building facilities | Maintenance infrastructure and urban planning facility area | |||
| Roads | Parks | Schools | Plazas | |||
| 136,727 | 34,447 | 6,353 | 43,865 | 16,789 | 21,664 | 13,609 |
b. Scale and construction plan of land and buildings
| Category | Land area (㎡) | Number of buildings | Number of floors | Number of units | Total building area (㎡) |
| Total | 40,800 | 5 | B5/69F | 1,902 units of residential buildings, 99 officetels | 462,356.6779 |
| Residential | 34,447.1890 | 5 | B5/69F | 1,902 units | 390,364.7875 |
| Officetels | 1,566.2165 | B1/4F | 99 units | 17,748.7743 | |
| Retail | 4,786.5945 | B1/3F | 161 units | 54,243.1161 |
c. Scale of sales or pending land, etc.
◯ Residential buildings
| By housing size (based on exclusive area) | Total | Landowners | Pending facilities | General sale |
| 74A1 | 55 | - | - | 55 |
| 74A2 | 56 | - | - | 56 |
| 84A1 | 431 | 2 | 6 | 423 |
| 84A2 | 312 | 3 | - | 309 |
| 84B | 111 | - | 6 | 105 |
| 84C | 61 | 2 | - | 59 |
| 84D | 88 | 6 | - | 82 |
| 105A | 274 | 31 | 6 | 237 |
| 105B | 113 | 20 | - | 93 |
| 120 | 83 | 82 | - | 1 |
| 137 | 114 | 114 | - | - |
| 74B (under 84A) | 24 | - | - | 24 |
| 82A (under 84A2) | 24 | - | - | 24 |
| 82B (under 84D) | 17 | - | - | 17 |
| 115 (under 120) | 14 | - | - | 14 |
| 124 (under 137) | 10 | 4 | - | 6 |
| B-114A1 | 9 | 5 | - | 4 |
| B-114A2 | 8 | 4 | - | 4 |
| B-114A3 | 7 | 3 | - | 4 |
| B-114B1 | 8 | 8 | - | - |
| B-114B2 | 9 | 7 | - | 2 |
| B-114B3 | 7 | 4 | - | 3 |
| D-79A (projected under 74A1) | 2 | - | - | 2 |
| D-80A (projected under 74A1) | 2 | - | - | 2 |
| D-79B (projected under 74A2) | 3 | - | - | 3 |
| D-80B (projected under 74A2) | 2 | - | - | 2 |
| D-89 (projected under 84A1) | 7 | - | - | 7 |
| D-88A (projected under 84A2) | 1 | - | - | 1 |
| D-90A (projected under 84A2) | 2 | - | - | 2 |
| D-90B (projected under 84A2) | 1 | - | - | 1 |
| D-94A (projected under 84A2) | 2 | - | - | 2 |
| D-94B (projected under 84A2) | 1 | - | - | 1 |
| D-88B (projected under 84B) | 3 | - | - | 3 |
| D-90C (projected under 84B) | 3 | - | - | 3 |
| D-95 (projected under 84B) | 1 | - | - | 1 |
| D-86 (projected under 84D) | 3 | - | - | 3 |
| D-87 (projected under 84D) | 4 | - | - | 4 |
| D-109 (projected under 105A) | 4 | - | - | 4 |
| D-112 (projected under 105A) | 3 | - | - | 3 |
| D-116 (projected under 105A) | 1 | - | - | 1 |
| D-110 (projected under 105B) | 4 | - | - | 4 |
| D-113 (projected under 105B) | 3 | - | - | 3 |
| D-118 (projected under 105B) | 2 | - | - | 2 |
| D-124 (projected under 120) | 1 | - | - | 1 |
| PENT-156 | 1 | 1 | - | - |
| PENT-168 | 1 | 1 | - | - |
| PENT-174 | 1 | 1 | - | - |
| PENT-185 | 1 | 1 | - | - |
| PENT-188 | 1 | 1 | - | - |
| PENT-196A | 1 | 1 | - | - |
| PENT-196B | 2 | 2 | - | - |
| PENT-202 | 2 | 2 | - | - |
| PENT-207 | 1 | 1 | - | - |
| PENT-216 | 1 | 1 | - | - |
| Total | 1,902 | 307 | 18 | 1,577 |
○ Newly installed maintenance infrastructure
Roads
| Name | Location | Scale (Length) | Remarks |
| Gwangro 3-48 | Gwangro 3-47 to 3-48 | 1,435m (880m maintenance target) | Fully funded |
| Gwangro 3-49 | Daero 3-22 to Gwangro 3-48 | 137m | Fully funded |
| Jungro 2-520 | Soro 1-50 to Gwangro 3-49 | 397m (318m maintenance target) | Fully funded |
| Soro 1-60 | Gwangro 3-48 to Jungro 2-520 | 106m | Fully funded |
Parks
| Name | Location | Area (㎡) | Remarks |
| Neighborhood Park | Yunji-dong 600 area | 471,518㎡ (14,442㎡ maintenance target) | Facilities to be installed after site provision |
| Small Park | Beomeonjeong-dong 32-15 area | 11,313㎡ (2,347㎡ maintenance target) | Facilities to be installed after site provision |
Plazas
| Name | Location | Area (㎡) | Remarks |
| General Plaza | Beomeonjeong-dong 291-4 area | 13,609㎡ | Facilities to be installed after site provision |
Schools
| Name | Location | Area (㎡) | Remarks |
| Middle School | Beomeonjeong-dong 43-1 area | 11,534㎡ (9,245㎡ maintenance target) | Maintenance infrastructure installation (50%) and remaining costs borne by the education office |
| Elementary School | Beomeonjeong-dong 47-1 area | 13,647㎡ (12,419㎡ maintenance target) | Maintenance infrastructure installation (50%) and proportionate costs borne by the education office |
The demolition schedule for the existing buildings is set for January 2026. However, this timing is subject to change based on the progress of the project.
Type
Notice
Agency Category
District
Agency
Busanjin-gu
Notice No.
2025-128
Title
Notice of Approval for the Management Disposal Plan of the Urban Maintenance Type Redevelopment Project in Citizen Park Redevelopment Promotion District 2-1
Date
July 23, 2025
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Frequently Asked Questions (FAQ)
Q. What are the main contents of the redevelopment project in Promotional Zone 2-1 of Beomeonjeong-dong, Busanjin-gu?
The redevelopment project in Promotional Zone 2-1 of Beomeonjeong-dong, Busanjin-gu, includes a large-scale urban maintenance type redevelopment project with 1,902 apartments and 99 officetels in a 69-story building.
This project is being pursued on an area of approximately 136,727㎡ at 263-5 Beomeonjeong-dong, located in the center of Busan Citizen Park. It consists of a total of 5 buildings, reaching a scale of 69 floors above ground and 5 floors below ground, with 1,902 apartments and 99 officetels. The general sale volume is set to reach 1,577 units. After the approval of the management disposal plan in July 2025, demolition of existing buildings is scheduled to begin in January 2026, with completion expected by April 2032. The project cost is estimated at about 2.469 trillion KRW, and total revenue is expected to be 2.945 trillion KRW, indicating a high economic effect.
Q. What brand is ‘POSCO Ottier’ and what role does it play in this project?
It provides high-quality residential spaces with the high-end brand ‘Ottier’, constructed by POSCO E&C.
On July 21, 2025, at the association's general meeting, POSCO E&C was selected as the final construction company, and the high-end brand ‘Ottier’ is set to be applied to this project. ‘Ottier’ is a brand that integrates high-level design and advanced technology, which will be applied to the 69-story residential complex and officetels in the redevelopment of Beomeonjeong-dong, enhancing the residential value and brand competitiveness in the area. It is expected to positively influence the local real estate market as well.
Q. How are the location and transport conditions of this redevelopment project evaluated?
Very favorable, with easy access to Citizen Park and dual living zones available via Bujeon Station KTX Complex Transfer Center and Seomyeon Station.
The project site is conveniently located in the center of Busan Citizen Park, allowing easy access to the park on foot. The area forms a dual living zone with the Bujeon Station KTX Complex Transfer Center, set to open in 2026, and Seomyeon Station. Additionally, new neighborhood parks and small parks, plazas, along with the establishment of new elementary and middle school sites are planned, providing a pleasant residential environment. Furthermore, the noticeable upward trend in surrounding real estate prices has increased expectations for new luxury apartment supply.
Q. What is the schedule for the project progression and the relocation/demolition plans?
Relocation and demolition are set to begin in January 2026 after approval of the management disposal plan, followed by sequential relocation of 307 households and expected sales beginning in the first half of 2027.
After receiving approval for the management disposal plan on July 17, 2025, the association will start demolition work on existing buildings from January 2026. Along with the demolition, 307 landowners and tenant households will be sequentially relocated, and there may be changes in the schedule depending on the project status. The sales are expected to start as early as the first half of 2027 following the relocation and demolition, with the project expected to be completed by April 2032.
Q. What are the economic effects and regional development outlook of this redevelopment project?
Expected activation of the local economy through the formation of an urban high-rise residential belt and rising commercial value.
As several redevelopment zones around Busan Citizen Park have received approval for management disposal plans, an urban residential belt centered on the 69-story high-rise complex will be formed. This is expected to facilitate rising real estate values in the Seomyeon commercial area and around Bujeon Station, positively impacting the local economy. Furthermore, the expansion of maintenance infrastructure and establishment of a pleasant residential environment are expected to significantly contribute to the improvement of residents' convenience and living standards.
