Table of Contents
Namgang Mansion street housing redevelopment project change approval and topographical map announcement
- Gwang-an-dong 165-10, Suyeong-gu, location, site, zoning map, boundary, progress, construction company
The Namgang Mansion street housing redevelopment project, currently underway in Gwang-an-dong, Suyeong-gu, Busan, is officially progressing by expanding its project area through change approval of the project establishment. The city of Busan officially announced on July 30, 2025, the change of project area, which is expected to accelerate the redevelopment process.
According to the recently announced notice, the project area of the Namgang Mansion street housing redevelopment project has increased from the previous 990.70㎡ to 1,324.6㎡. This reflects an increase of 333.9㎡ compared to the construction company bidding announcement in September 2024, resulting from modified plans during the permitting process. Such changes are expected to significantly impact the progress of the project.
The project is set to include a mixed development of multi-family housing, officetel, and community living facilities from 2 underground floors to 27 above-ground floors at 165-10 Gwang-an-dong. According to the announcement, the expected start of construction is in April 2027, with a target completion date in August 2030.
Currently, the construction company has not yet been determined, and a bidding announcement is expected in September 2024. Related procedures will be carried out sequentially afterwards. This project is anticipated to contribute to local development.
The currently underway business site is excellently located near Gwangalli Beach and Minrak waterfront park. Additionally, to ensure convenient transportation, Gwang-an Station and Minrak Station are within walking distance.
The real estate prices around Gwangalli are over 40 million KRW per 3.3㎡, and if it transforms into a high-end residential facility, there is a high possibility of a significant premium being generated.
This business announcement can be seen as an important stepping stone for the full-fledged business promotion as part of the area expansion and permitting process.
Announcement No. 2025-77 by Suyeong-gu, Busan
Namgang Mansion street housing redevelopment project change approval and topographical map announcement
Regarding the "Namgang Mansion street housing redevelopment project" in Gwang-an-dong, Suyeong-gu, Busan, the project establishment change approval has been granted in accordance with Article 23, paragraph 5 of the Act on Special Provisions for the Management of Empty Houses and Small-Scale Housing, and this is officially announced in accordance with Article 23, paragraph 9 of the same law and Article 21-2 of the Enforcement Decree of the same law.
July 30, 2025
Mayor of Suyeong-gu, Busan
1. Type and Name of the Project
a. Type: Street housing redevelopment project
b. Name: Namgang Mansion street housing redevelopment project
2. Location and Area of the Project Execution Zone
a. Location: Gwang-an-dong 165-10, Suyeong-gu
b. Area: 1,324.6㎡
3. Expected Start and Completion Dates of the Project
a. Expected Start Date: April 2027
b. Expected Completion Date: August 2030
4. Name of the Association and Office Location
a. Name of the Association: Namgang Mansion street housing redevelopment project association
b. Office Location: 58, Gwang-an-ro 22beon-gil, 1st floor, Suyeong-gu, Busan
5. Changes: Change in the area of the project execution zone
Classification
Announcement
Institution Classification
District
Institution
Suyeong-gu
Announcement Number
No. 2025-77
Title
Namgang Mansion street housing redevelopment project change approval and topographical map announcement
Date
2025-07-30
#NamgangMansion, #NamgangMansion street housing redevelopment project, #street housing redevelopment project, #Suyeong-gu redevelopment, #Gwang-an-dong redevelopment, #Suyeong-gu real estate, #Gwangalli real estate, #Busan redevelopment, #street housing maintenance, #construction company selection, #bidding announcement, #multi-family housing, #officetel, #community living facilities, #Gwang-an Station, #Geumgyeonsan Station, #Gwang-an Xi, #Gwangalli Beach, #Busan reconstruction, #Busan investment, #redevelopment progress, #Busan housing prices, #housing market trends, #Busan real estate prices, #Busan apartments, #redevelopment units, #2025 Busan, #Suyeong-gu maintenance project, #Busan construction company selection, #real estate news
Frequently Asked Questions (FAQ)
Q. What is the content of the change approval for the Namgang Mansion street housing redevelopment project?
The Namgang Mansion street housing redevelopment project has been approved for change, expanding the project area to 1,324.6㎡.
The city of Busan approved the change of project establishment for the Namgang Mansion street housing redevelopment project in Gwang-an-dong 165-10 on July 30, 2025. The changed project area has increased from 990.70㎡ to 1,324.6㎡, reflecting revised plans during the permitting process. This approval is expected to be an important turning point for the smooth progression of the project.
Q. What are the location and site conditions of the Namgang Mansion street housing redevelopment project?
The project site is located at 165-10 Gwang-an-dong, Suyeong-gu, near Gwangalli Beach and Minrak Waterfront Park.
The Namgang Mansion street housing redevelopment project is located at 165-10 Gwang-an-dong, Suyeong-gu, and is situated near Gwangalli Beach and Minrak Waterfront Park, making the location very excellent. In terms of transportation, Gwang-an Station and Minrak Station are within walking distance for convenient travel. These excellent site conditions increase the potential for rising property values and transformation into high-end residential facilities.
Q. What are the main components of the project and when are construction and completion expected?
It consists of multi-family housing and officetel from underground level 2 to 27 above ground, with construction expected in April 2027 and completion in August 2030.
The Namgang Mansion street housing redevelopment project will proceed as a mixed development including multi-family housing, officetel, and community living facilities from underground level 2 to 27 above ground. According to the notice from Busan City, the expected start of construction is in April 2027, with a target completion date in August 2030. The project will be carried out progressively, enhancing the residential environment and convenience facilities in the area upon completion.
Q. What is the current status of the construction company selection for the Namgang Mansion street housing redevelopment project?
The construction company has not yet been selected, and the bidding announcement is scheduled for September 2024.
The construction company for the Namgang Mansion street housing redevelopment project has not yet been determined. A bidding announcement is expected in September 2024, and relevant procedures will be carried out sequentially afterward. The construction company selection process is an important step in promoting the project, and once a suitable construction company is selected, preparations for the commencement will begin in earnest.
Q. What impact will the recent change approval and announcement have on the project?
This change approval and announcement pave the way for project promotion by facilitating the expansion of the project area and related procedures.
The change approval and topographical map announcement for the Namgang Mansion street housing redevelopment project formalizes the expansion of the project area to 1,324.6㎡, completing the permitting process and laying the groundwork for substantial project promotion. This announcement is expected to accelerate project progress and have a positive effect on regional redevelopment. Furthermore, it will likely play a positive role in forming premiums in the real estate market.
