Table of Contents
Geoje Gyeongnam Apartment Reconstruction / Announcement of the Decision on Maintenance Plan for the Geoje District 3 Reconstruction Project and Designation of Maintenance District
- 38-45 Geoje-dong, Yeonje-gu
The Gyeongnam Apartment located in Geoje-dong, Yeonje-gu, Busan, has recently officially begun the reconstruction process through the announcement of the 'Decision on Maintenance Plan for Geoje District 3 Reconstruction Project and Designation of Maintenance District'. This formal announcement has come about 7 months after the maintenance plan (draft) was opened for public review and announced last December, drawing significant interest from local residents.
Constructed in 1984, the Gyeongnam Apartment consists of 6 buildings with 12 floors above ground and a total of 384 units. The complex is divided into two areas based on Geoje-daero 214. Following a detailed safety inspection conducted in March 2023, it received a Grade D and a conditional pass verdict, establishing a foundation for the promotion of reconstruction after completing a preliminary feasibility review.
According to the announcement, the area of the said district is divided into 26,472㎡, where the residential area accounts for 23,479㎡ (88.7%), and the remaining 2,993㎡ (11.3%) is planned as infrastructure such as roads and public walking paths.
The building coverage ratio is set to be below 30%, and the base floor area ratio is established at 270%, with a maximum of 279% allowed through incentives. The maximum building height is defined to be 110m. Industry experts anticipate that a new residential complex comprising approximately 517 units will be constructed, ranging from 2 basement floors to 32 above ground floors in this area.
The maintenance plan includes the modification of road alignment and the expansion of width to 15.5m, installation of new access roads, and the establishment of a 46m public walking path. These improvements are expected to greatly contribute to the enhancement of pedestrian and vehicle flow. The maintenance district must obtain project implementation approval within 4 years, following which the management disposition plan approval will proceed.
Recent transaction data shows that a unit with a dedicated area of 84.62㎡ was sold for 450 million won on May 16, 2025, while a unit with a dedicated area of 108.23㎡ was sold for 530 million won on April 7.
AI estimates for units based on the 25.6 ping standard are about 364.92 million won, and the average transaction price per 3.3㎡ is forming around 17 million won. These market trends are noteworthy.
The location conditions of Geoje have considerable advantages. The Geoje Station on Busan Metro Line 3 and Donghae Line Geoje Haemaji Station are located nearby, providing benefits of a double station zone. In addition, excellent regional transport accessibility is ensured via Geoje-daero, World Cup-daero, and Dongseo Elevated Road.
Moreover, educational institutions such as Yeonje Elementary School, Yeonje Middle School, and Busan National University of Education are in the vicinity, offering a favorable educational environment. The commercial area around Yeonsan-dong and City Hall Station is also conveniently accessible, indicating a well-established living infrastructure.
If this project is completed, the safety and residential environment of the aging complex are expected to improve dramatically, alongside an anticipated increase in the value of the local housing market with the formation of a reconstruction belt in Geoje-dong.
Announcement No. 2025-260 by Busan Metropolitan City
Announcement of the Decision on Maintenance Plan and Designation of Maintenance District for the Geoje District 3 Reconstruction Project
1. The maintenance district for the Geoje District 3 Reconstruction Project located at 38-45 Geoje-dong, Yeonje-gu, Busan, is hereby announced pursuant to Article 16 of the Urban and Residential Environment Maintenance Act, and the topographical map is disclosed in accordance with Article 8 of the Basic Land Use Regulation Act and Article 7 of its Enforcement Decree.
2. Related documents (the topographical map can be viewed at the Land Link website “http://eum.go.kr”) are available for public viewing at the Urban Maintenance Department of Busan Metropolitan City (☏ 051-888-4242) and the Architecture Department of Yeonje-gu (☏ 051-665-5055).
July 2, 2025
Mayor of Busan Metropolitan City
Ⅰ. Designation of Maintenance District and Decision on Maintenance Plan
1. Reconstruction Maintenance District Designation Table
| Designation Type | Type of Project | Name of District | Location | Area (㎡) | Remarks |
| New | Reconstruction Project | Geoje District 3 Reconstruction Project Maintenance District | 38-45 Geoje-dong, Yeonje-gu | 26,472 | - |
2. Reconstruction Maintenance Plan
○ Land Use Plan
| Category | Name | Area (㎡) | Ratio (%) | Remarks | ||
| Housing and Maintenance Infrastructure (Urban Planning Facility) | Total | 26,472.0 | 100.0 | - | ||
| Housing Site (Multi-Family Residential Land) | 23,479 | 88.7 | - | |||
| Ⅰ-1 | 15,828 | 59.8 | - | |||
| Ⅱ-1 | 7,651 | 28.9 | - | |||
| Maintenance Infrastructure | 2,993 | 11.3 | - | |||
| Roads (Urban Planning Facilities) | 2,710 | 10.2 | - | |||
| Road | 283 | 1.1 | - | |||
○ Plan for Land Use Zone Change (No Change)
| Category | Area (㎡) | Ratio (%) | Remarks | |||
| Existing | Change | After Change | ||||
| Total | 26,472.0 | - | 26,472.0 | 100.0 | No Change | |
| Residential Area | General Residential Area Type 3 | 26,472.0 | - | 26,472.0 | 100.0 | - |
○ Estimated Share Contribution Amount by Land Owners and Basis for Calculation
| Estimated Contribution Amount | Estimated Total Revenue | Estimated Total Project Cost | Estimated Total Value of Existing Asset | Estimated Ratio |
| 589,942,579,000 won | 566,296,295,000 won | 221,007,871,000 won | 110.70% | |
| Basis for Calculation | · Estimated Total Value of Existing Asset = Total Estimated Value of Existing Assets by Land Owners · Estimated Ratio = (Estimated Total Revenue - Estimated Total Project Cost)/Estimated Total Value of Existing Assets · Estimated Share Contribution by Land Owners = Member Sale Price - Value of Rights | |||
※ The above estimated total value of existing assets and individual share contribution calculations may change according to future management disposition plans, etc.
○ Plan related to the main use of buildings, building coverage ratio, floor area ratio, height, etc.
| Category | District Classification | Unit or Parcel Classification | Location | Primary Use | Building Coverage Ratio (%) | Floor Area Ratio (%) | Height (m) Maximum Floors | Remarks | ||
| Name | Area (㎡) | Name | Area (㎡) | |||||||
| New | Geoje District 3 Reconstruction Maintenance District | 26,472.0 | Ⅰ-1 | 15,828 | Area including 515 Geoje-dong, Yeonje-gu | Multi-Family Housing and Auxiliary Facilities | 30% or less | Below 270% | Below 110m | - |
| Ⅱ-1 | 7,651 | Area including 38-45 Geoje-dong, Yeonje-gu | - | |||||||
| Scale of Housing and Construction Ratio | ∙ About 90% of the total number of houses to be constructed will be under 85㎡ | |||||||||
| Matters concerning the construction of rental housing | ∙ Not applicable | |||||||||
| Easing review matters (floor area ratio relaxation) | ∙ Standard floor area ratio: 260% (Development Induction Zone) ∙ Floor area ratio incentive calculation: 10% - Sustainable Multi-Family Housing Incentive: 5% - Local Economic Revitalization Incentive: 5% → Designer participation rate of local companies over 50% - Green Building and Energy Efficiency: 9% → 3% for green building certification, 6% for building energy efficiency grades and zero-energy building certification ∙ Permissible Floor Area Ratio Calculation - 260% + 19% = 279% ∙ Planned floor area ratio: 270% or less | |||||||||
| Plan regarding the building line of buildings | ∙ According to Article 39-2 of the Busan Metropolitan City's Building Ordinance | |||||||||
Category
Announcement
Institution Classification
City
Institution
Busan Metropolitan City
Announcement No.
No. 2025-260
Title
Announcement of the Decision on Maintenance Plan for the Geoje District 3 Reconstruction Project and Designation of Maintenance District
Date
2025-07-02
#Geoje District 3, #Gyeongnam Apartment, #Geoje-dong Reconstruction, #Maintenance Plan Announcement, #Maintenance District Designation, #Completed in 1984, #384 Units, #Grade D, #Conditional Pass, #26,472㎡, #517 Units Expected, #Floor Area Ratio 270, #Building Coverage Ratio 30, #Road Expansion, #Public Walking Path, #Double Station Area, #Geoje Station, #Geoje-daero, #Busan Reconstruction, #Yeonje-gu Real Estate, #Actual Transaction Price, #450 Million, #530 Million, #Yeonje Elementary School, #Residential Environment Improvement, #Increased Local Value, #Reconstruction Project, #Busan Metropolitan City Announcement, #Urban and Residential Environment Maintenance Act, #Busan Real Estate News
Frequently Asked Questions (FAQ)
Q. What are the main contents of the Geoje District 3 Gyeongnam Apartment Reconstruction Project?
The Geoje District 3 Gyeongnam Apartment has officially started the reconstruction process through the decision on the maintenance plan and the designation of the maintenance district.
The Geoje District 3 Gyeongnam Apartment reconstruction project will be promoted following the announcement of the decision on the maintenance plan and designation of the maintenance district on July 2, 2025, located at 38-45 Geoje-dong, Yeonje-gu, Busan. Completed in 1984, this complex comprises 6 buildings and 384 units, and it is expected to transform into a new residential complex with approximately 517 units through reconstruction. The project area is 26,472㎡, classified into residential land and public infrastructure, with a building coverage ratio of 30% and a base floor area ratio of 270% (maximum of 279%).
Q. What are the land use plans and building regulations for the Gyeongnam Apartment reconstruction project?
The multi-family residential land accounts for 88.7% of the total, with a building coverage ratio of 30% or less, and the base floor area ratio is set at 270% with a maximum building height of 110m.
According to the maintenance plan for the Geoje District 3 reconstruction project, out of a total area of 26,472㎡, 23,479㎡ is designated for multi-family residential land, while the remaining 2,993㎡ is planned for infrastructure such as roads and public walking paths. The building coverage ratio is strictly limited to below 30%, and the floor area ratio is permitted up to a maximum of 279% through incentives from the base ratio of 270%. The maximum building height is set at 110m to ensure an optimal residential environment and urban landscape.
Q. How will the residential environment and local value change after the reconstruction project is completed?
The aging complex will improve to a safe and pleasant residential environment, while an increase in the value of the local housing market is anticipated.
This Geoje District 3 reconstruction project is expected to enhance the safety and livability of the Gyeongnam Apartment built in the 1980s into a modern residential complex. Improvements in infrastructure such as road expansions and new public walking paths are expected to enhance mobility and convenience. Additionally, improvement in residential conditions is foreseen in conjunction with transportation, education, and commercial infrastructures around the area, leading to an anticipated increase in value in the neighboring real estate market due to the formation of the reconstruction belt.
Q. What are the traffic and location conditions for the Geoje District 3 reconstruction project?
It boasts excellent transportation accessibility due to the proximity of double station areas and major road networks.
The Geoje District 3 area is adjacent to two subway stations: Geoje Station on Busan Metro Line 3 and Donghae Line Geoje Haemaji Station, providing a double station area advantage. Furthermore, access to wide area transportation is convenient through major arterial roads such as Geoje-daero, World Cup-daero, and Dongseo Elevated Road. There are also educational institutions nearby, including Yeonje Elementary School, Yeonje Middle School, and Busan National University of Education, enhancing the educational environment. Additionally, the commercial district around Yeonsan-dong and City Hall Station is easily accessible, indicating a well-rounded living infrastructure.
Q. What are the safety inspection results for the Geoje District 3 Gyeongnam Apartment reconstruction project?
It received a conditional pass with a Grade D in the detailed safety inspection conducted in 2023.
The Gyeongnam Apartment received a Grade D and a conditional pass verdict in the detailed safety inspection conducted in March 2023. This indicates some concerns regarding the safety of the building but signifies that reconstruction can proceed. Following the completion of a preliminary feasibility review, the formal reconstruction process has been initiated through the recent decision on the maintenance plan and designation of the maintenance district.
