Table of Contents
Notice of the Decision on the Maintenance Plan and Designation of the Geumsa 1 Redevelopment Project Area
The area of Geumsa-dong 26-1 is gaining attention as Seogeumsa14. It is crucial to analyze the number of units, locations, and business feasibility through the area analysis. This area, which has great potential for future development, is anticipated to be suitable for investment.
The Geumsa 1 redevelopment project (formerly Seogeumsa14) taking place in the area of Geumsa-dong 26-1, Busan, has completed the decision on the maintenance plan and designation of the maintenance area on July 30, 2025. This marks the completion of the notice stage just 7 months after the public inspection and announcement conducted last January.
Current Status of the Seogeumsa Redevelopment Area
The area of the maintenance zone is 126,013㎡, and through the recent official announcement, the second class general residential area has been completely changed to a third class general residential area. In the initial stage of the project, the expected total number of units is 2,894, with approximately 1,068 members, accounting for 41% of the total.
The housing supply will mainly consist of units of 59㎡ and 84㎡, with the 84㎡ unit type offering 1,408 apartments, providing various options for members.
The estimated ratio is 104.79%, with total income reaching 1.4347 trillion KRW and total project costs expected to amount to 1.1195 trillion KRW. These figures have received a positive evaluation for their excellent business feasibility.
The transportation conditions are very favorable. It is located 7 minutes on foot from the planned Geumsa Station on Line 4, providing significant advantages through easy access to Yangsan, Ulsan, and Haeundae via Geumsa Road and urban expressway.
In addition, as a large residential area close to Centum 2 district, it is expected that demand will increase due to its proximity to workplaces. Various green spaces such as Myeongjang Neighborhood Park and the developing Haeundae Arboretum also contribute to providing a pleasant living environment.
The planned floor area ratio is set at below 263%, and the building coverage ratio is set at below 50%. Each complex will have high-rise buildings up to 110m and 104m, expected to form a new skyline. In addition, 28,856㎡ of roads, parks, parking lots, and social welfare facilities are newly established or expanded, which will significantly improve the surrounding residential environment.
The actual transaction price of existing apartments in Geumsa-dong, based on a dedicated area of 59~84㎡, ranges from 150 million KRW to 200 million KRW, suggesting that once new developments are completed, the premium of the new large complexes is likely to lead the local market. Such changes are expected to have a positive impact on the local economy.
In conclusion, the Geumsa 1 area is the largest redevelopment project in Geumjeong-gu, based on a comprehensive transportation network, proximity to Centum 2 district, and a stable membership ratio. Future procedures will proceed in the order of establishing a promotion committee or organization, selecting a construction company, and approving the business implementation plan.
Busan Metropolitan City Notice No. 2025-301
Notice of the Decision on the Maintenance Plan and Designation of the Geumsa 1 Redevelopment Project
1. Regarding the Geumsa 1 redevelopment project maintenance area in the area of 26-1 Geumsa-dong, Geumjeong-gu, Busan, the decision regarding the maintenance plan and designation of the maintenance area is hereby announced in accordance with Article 16 of the Urban and Residential Environment Maintenance Act and the topographic map is announced according to Article 8 of the Basic Law on Land Use Regulation and Article 7 of its Enforcement Decree.
2. The related documents (land use can be viewed at “http://www.eum.go.kr”) are available for public viewing at the Urban Maintenance Division of Busan Metropolitan City (☏051-888-4232) and the Construction Division of Geumjeong-gu (☏051-519-4615).
July 30, 2025
Mayor of Busan Metropolitan City
I. Designation of the Maintenance Area and Decision on the Maintenance Plan
1. Maintenance area designation report for the redevelopment project
| Designation Type | Type of Project | Area Name | Location | Area (㎡) | Remarks |
| New | Redevelopment Project | Geumsa 1 Redevelopment Project Maintenance Area | Area of Geumsa-dong 26-1, Geumjeong-gu | 126,013 | - |
2. Redevelopment Project Maintenance Plan
○ Plan regarding land use
| Category | Name | Area (㎡) | Ratio (%) | Remarks | |
| Urban Management Plan Use District | Total | 126,013 | 100.0 | - | |
| Type 3 General Residential Area | 126,013 | 100.0 | Type 2 → Type 3 | ||
| Urban Management Plan Use District | - | - | - | - | |
| Residential Land and Maintenance Infrastructure (Urban Planning Facilities) | Total | 126,013 | 100.0 | - | |
| Residential Land | 97,157 | 77.1 | - | ||
| Apartment Land | 96,588 | 76.6 | - | ||
| Religious Land | 569 | 0.5 | - | ||
| Maintenance Infrastructure (Urban Planning Facilities) | 28,856 | 22.9 | - | ||
| Road | 15,843 | 12.6 | - | ||
| Park | 12,509 | 9.9 | 1 children's park, 1 small park | ||
| Social Welfare Facilities | 504 | 0.4 | - | ||
| Parking | (5,088) | - | (Duplicate decision under small park) | ||
○ Plan for changing land use zone
| Map Display Number | Location | Land Use District | Area (㎡) | Floor Area Ratio | Reason for Change | |
| Existing | Changed | |||||
| - | Area of Geumsa-dong 26-1, Geumjeong-gu | Type 2 General Residential Area | Type 3 General Residential Area | 126,013 | Below 300% | ⦁Change of land use district due to redevelopment project promotion considering development density |
○ Estimated Contribution Fees and Calculation Basis for Landowners
| Estimated Contribution Fee | Total Estimated Income | Total Estimated Project Cost | Total Estimated Value of Existing Assets | Estimated Ratio |
| 1,434,728,412 million KRW | 1,119,471,854 million KRW | 300,836,112 million KRW | 104.79% | |
| Basis for Calculation | ∙ Total Estimated Value of Existing Assets = Sum of Estimated Values of Existing Assets by Landowners. ∙ Estimated Ratio = (Total Estimated Income - Total Estimated Project Costs) / Total Estimated Value of Existing Assets. ∙ Contribution Fee per Landowner = Member's Offering Price - Right Value. | |||
※ The above estimated existing asset values and individual contribution fees may change according to future management and disposition plans
(Details on the estimated contribution fees and calculation basis are omitted)
○ Plans regarding the primary use, building coverage ratio, floor area ratio, and height of buildings
| Decision Type | District Division | Household or District Division | Location | Primary Use | Building Coverage Ratio (%) | Floor Area Ratio (%) | Height (m) | Remarks | |||||||||||
| Name | Area (㎡) | Name | Area (㎡) | ||||||||||||||||
| New | Geumsa 1 Redevelopment Project Maintenance Area | 126,013 | 1-1 | 50,338 | Area of Geumsa-dong 366 | Apartment and Community Facilities | 50% or below | 265% or below | 110m or below | ||||||||||
| 2-1 | 46,250 | Area of Geumsa-dong 27-7 | 50% or below | 263% or below | 104m or below | ||||||||||||||
| 1-2 | 504 | Area of Geumsa-dong 59-17 | Social Welfare Facilities | 50% or below | 240% or below | 20m or below | |||||||||||||
| 1-3 | 569 | Area of Geumsa-dong 131-11 | Religious Facilities | 50% or below | 240% or below | 20m or below | |||||||||||||
| Scale of Housing and Construction Rate | ⦁More than 40% of the total number of housing units must be constructed with areas below 85㎡ | ||||||||||||||||||
| Matters Regarding Construction of Rental Housing | ⦁At least 10% of the total number of housing units or 7% of the total floor area must be constructed as rental housing. ⦁At least 30% of the total rental housing units or more than 5% of the total number of housing units must be constructed as rental housing with residential area of 40㎡ or less | ||||||||||||||||||
| Application of Floor Area Ratio Relaxation Criteria | ⦁Application of basic ratio evaluation criteria and floor area ratio relaxation standards according to the "Busan Metropolitan City Urban and Residential Environment Basic Plan". ⦁Standard Floor Area Ratio Calculation: 240% (Residential Redevelopment District) | ||||||||||||||||||
| Category | Evaluation Criteria Score | ⇨ | Evaluation Criteria Points | Land Use | Standard Floor Area Ratio | ||||||||||||||
| Geumsa 1 Area | 56 points | 50~80 points | Residential Redevelopment | 240% | |||||||||||||||
| ⦁Application of Floor Area Ratio Relaxation: ▸ Calculation of incentives when providing public facility sites- 1.5 × (Provided Area ÷ Total Area after Provision) × α% (for Type 2 General Residential Area at 200%)- 1.5 × (1,227.5 ÷ 97,157) × 200% = 3.9% ▸ Economic revitalization incentive: 9%- Participation rate of local subcontractors 50% or more: 4%- Rate of participation of local designers 50% or more: 5% ▸ Sustainable apartments: 5% ▸Green building certification and energy efficiency certification: 9% [Green building excellent grade (3%), Energy efficiency grade 1++ (6%)]. ⇨ Total relaxable floor area ratio: 3.9% + 9% + 5% + 9% = 26.9%. ⇨ Allowed floor area ratio: 240% + 26.9% = 266.9%. ⇨ Planned floor area ratio: below 263% (to plan at an appropriate density considering surrounding conditions). | |||||||||||||||||||
According to the notice issued by Busan Metropolitan City, the maintenance plan for the Geumsa 1 redevelopment project has been finalized, and the maintenance area has been designated. This notice was announced on July 30, 2025, and the notice number is No. 2025-301. This is evaluated as an important measure for local development and improvement of the residential environment.
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Frequently Asked Questions (FAQ)
Q. What are the main contents of the Geumsa 1 Redevelopment Project?
Geumsa 1 area is located in Geumsa-dong, Geumjeong-gu, Busan, and is a large-scale redevelopment project with decisions on the maintenance plan and designation completed on July 30, 2025.
The Geumsa 1 redevelopment project (formerly Seogeumsa14 area) is a large apartment complex project covering a total area of 126,013㎡. Among the total number of 2,894 units, there are approximately 1,068 members, accounting for 41%. The residential options are diverse, focusing on sizes of 59㎡ and 84㎡. The maintenance plan applies a floor area ratio of below 263% and a building coverage ratio of below 50%, with high-rise buildings anticipated to be built up to 110m. The total project cost is about 1.1195 trillion KRW, with total income peaking at 1.4347 trillion KRW, indicating high business feasibility expected to contribute to local economic revitalization.
Q. What about the location and transportation of the Geumsa 1 area?
Geumsa 1 area is a 7-minute walk from the planned Geumsa Station on Line 4 and conveniently accessible to Yangsan, Ulsan, and Haeundae through major roads.
The Geumsa 1 area boasts excellent transportation infrastructure. It is conveniently located close to the planned Geumsa Station on Line 4, making public transportation easy, while Geumsa Road and urban expressways provide easy and speedy access to nearby cities. Moreover, its proximity to Centum 2 area contributes to high demand from residents due to close access to workplaces. Additionally, nearby green spaces like Myeongjang Neighborhood Park and Haeundae Arboretum enhance the living environment significantly.
Q. What are the business feasibility and economic expectations of the Geumsa 1 redevelopment project?
The Geumsa 1 redevelopment project has an estimated ratio of 104.79%, with total income of about 1.4347 trillion KRW and total project costs of 1.1195 trillion KRW, making it a highly feasible project.
Geumsa 1 area is assessed to have high investment value based on its high ratio and stable membership ratio. The large amounts of total income and project costs are expected to generate significant economic ripple effects, as the premium from the new large apartment complex will likely boost the transaction prices of surrounding existing apartments. Additionally, the improvement of the residential environment through the expansion of social welfare facilities, roads, and parks is anticipated to increase real estate values long-term.
Q. What are the future promotion schedules for the Geumsa 1 redevelopment project?
Future procedures will proceed in the order of establishing a promotion committee and organization, selecting a construction company, and approving the business implementation plan.
The Geumsa 1 area will establish a promotion committee or organization after completing the maintenance plan decision and area designation notice. This will be followed by the establishment and approval processes for the project implementation plan, including the selection of a construction company while collecting opinions from residents and administrative processes. Once these stages are completed, construction will commence, positioning the project as the largest redevelopment endeavor in Geumjeong-gu.