Table of Contents
Reconstruction of Hyundai Apartment in Geoje-dong / Decision on Maintenance Plan and Designation of Maintenance Area for Geoje District 4 Public Review Notice
- Area around 840 Geoje-dong, Yeonje-gu
The Yeonje-gu Office in Busan has announced the maintenance plan for the reconstruction of the Hyundai Apartment (Geoje District 4). This was publicized in Notice No. 2025-935, and the area in question is located around 840 Geoje-dong, Yeonje-gu. The area is approximately 32,414㎡.
| Number of Units | 618 Units (Total 6 Buildings) | Lowest/Highest Floors | 12 Floors / 15 Floors |
| Date of Approval | May 28, 1986 | Total Parking Spaces | 328 Spaces (0.53 Spaces per Unit) |
| Floor Area Ratio | - | Building Coverage Ratio | - |
| Builder | Hyundai Industrial Development | ||
| Heating | Individual Heating, City Gas | ||
| Management Office | 051-852-8071 | ||
| Address | 840 Geoje-dong, Yeonje-gu, Busan, 198 Geoje-daero, Yeonje-gu, Busan | ||
| Area | 89㎡, 103㎡ | ||
The Hyundai Apartment complex consists of 6 buildings and boasts a total of 618 units. The buildings are varied in height from 12 floors to a maximum of 15 floors. This complex was approved for use on May 28, 1986 and is an aging complex built by Hyundai Industrial Development.
It can accommodate a total of 328 parking spaces, with a ratio of 0.53 spaces per unit, and the heating system utilizes individual heating and city gas. The representative exclusive areas of this complex are 89㎡ and 103㎡, providing space suitable for various family structures.
The public review of the maintenance plan for Geoje District 4 will take place from August 20, 2025, to September 19, 2025, for 31 days. Residents will have the opportunity to submit their opinions to the Hyundai Apartment management office or the Architectural Department of Yeonje-gu Office.
The reconstruction of the Geoje District 3, namely the Gyeongnam Apartment, had its maintenance plan decision and area designation announced on July 2, 2025. This complex, which consists of 384 units completed in 1984, is expected to transform into a new apartment building with a maximum of 36 floors and a total of 573 units after reconstruction.
Although a more significant synergy effect could have been expected if integration with Geoje District 4 was pursued, unfortunately, the two areas are progressing independently, which is somewhat disappointing for local development. It is hoped that the changes in both districts will positively influence the local economy and residential environment in the future.
Recent analysis of the actual transaction prices of the Hyundai Apartment indicates that in June 2024, it was sold for around 410 million won for the 89㎡ (approximately 27 pyeong), and in July, it was sold for about 430 million won. These prices are relatively low compared to nearby new apartments or remodeled complexes. However, if expectations for reconstruction grow, there is a possibility of price increases. This suggests the need to closely monitor future market trends.
The Hyundai Apartment in Geoje-dong is located about a 6-7 minute walk from Geoje Station on Line 3 and Donghae Line, making transportation very convenient. In addition, there are various convenience facilities nearby, such as the Busan Medical Center, Homeplus Asiad branch, and E-Mart Yeonje branch, making it a pleasant place to live. Educational institutions such as kindergartens and elementary schools are also close by, making it suitable for family living.
If the maintenance project for Geoje District 4 is carried out, improvements in housing quality, resolution of parking space shortages, and expansion of infrastructure can be expected. Furthermore, if the reconstruction of the nearby Gyeongnam Apartment area proceeds, it is anticipated to have a positive impact on the overall maintenance projects in the region.
Public Notice No. 2025-935 from Yeonje-gu, Busan
Public Review Notice for Decision on Maintenance Plan and Designation of Maintenance Area for the Geoje District 4 Reconstruction Project
In accordance with Article 15 of the "Urban and Residential Environment Maintenance Act" and Article 13 of the Enforcement Decree of the same Act, we will hold a public review to collect residents' opinions regarding the decision on the maintenance plan and designation of the maintenance area for the Geoje District 4 Reconstruction Project, located around 840 Geoje-dong, Yeonje-gu, Busan. If you have any comments, please submit them during the public review period at the public review location.
Date: August 20, 2025
Mayor of Yeonje-gu, Busan
1. Public Review Period: August 20, 2025 - September 19, 2025 (31 days)
2. Public Review Locations: Office of the Geojedong District 4 Reconstruction Preparation Committee
[198 Geoje-daero, Yeonje-gu (2nd Floor of Hyundai Apartment Management Office, Geoje-dong) ☎ 010-8001-5690]
Architectural Department of Yeonje-gu Office
[2 Yeonje-ro, Yeonje-gu (Yeonsan-dong) ☎ 051-665-5055]
3. Public Review Content
a. Designation of the maintenance area record
| Designation Type | Type of Project | Name of Area | Location | Area (㎡) |
| New | Reconstruction Project | Geoje District 4 Reconstruction Maintenance Area | Area around 840 Geoje-dong, Yeonje-gu | 32,414 |
b. Maintenance Plan (Draft): Refer to the public review documents
4. Public Review Documents: Available at the public review location
5. Submission Method and Location for Opinions: Submit in writing to the Yeonje-gu Office Architectural Department during the public review period
Type
Announcement
Organization Type
District
Agency
Yeonje-gu
Notice Number
No. 2025-935
Title
Public Review Notice for Decision on Maintenance Plan and Designation of Maintenance Area for the Geoje District 4 Reconstruction Project
Date
2025-08-20
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Frequently Asked Questions (FAQ)
Q. What is the target area for the reconstruction project of Hyundai Apartment in Geoje-dong?
The target area for reconstruction is Geoje District 4 around 840, Geoje-dong, Yeonje-gu, Busan.
The reconstruction of Hyundai Apartment in Geoje-dong is being carried out in Geoje District 4, located at 840 Geoje-dong, Yeonje-gu, Busan, covering a total area of approximately 32,414㎡. The public review process for the decision on the maintenance plan and area designation is currently underway to gather resident opinions. Documents can be reviewed, and opinions can be submitted through the Yeonje-gu Office and the office of the Geoje District 4 Preparation Committee.
Q. What are the main contents of the current plans for the reconstruction project of the Hyundai Apartment?
It involves the reconstruction of 6 buildings with a total of 618 units, planned from 12 floors in low-rise to a maximum of 15 floors.
The Hyundai Apartment complex consists of a total of 618 units distributed across 6 buildings, currently built from 12 floors to a maximum of 15 floors. It is an aging complex completed in 1986 and constructed by Hyundai Industrial Development. It has a total of 328 parking spaces, with a ratio of 0.53 spaces per unit. The primary goals of this maintenance plan include improving housing quality, expanding parking space, and enhancing infrastructure. Residents can submit their feedback during the public review period from August 20, 2025, to September 19, 2025.
Q. How is the transportation and surrounding convenience facilities status of the Hyundai Apartment in Geoje-dong?
It is located about a 6–7 minute walk from Geoje Station on Line 3 and Donghae Line, with good access to medical facilities, large supermarkets, and educational environments.
The Hyundai Apartment in Geoje-dong is located approximately a 6-7 minute walk from Geoje Station on Line 3 and Donghae Line, providing excellent transportation access. Additionally, it is conveniently located near facilities such as the Busan Medical Center, Homeplus Asiad branch, and E-Mart Yeonje branch, making life comfortable. Educational institutions, including kindergartens and elementary schools, are also nearby, making it suitable for family living as well as for various residents.
Q. How are the Hyundai Apartment and the reconstruction project of Geoje District 3 progressing?
Geoje District 4 is currently undergoing an independent public review, while Geoje District 3 has had its maintenance plan designated as of July 2025.
The reconstruction of the Hyundai Apartment in Geoje District 4 is currently undergoing a public review and collection of resident opinions on the maintenance plan from August 20, 2025, to September 19, 2025. In contrast, Geoje District 3 (Gyeongnam Apartment) had its maintenance plan and area designation announced on July 2, 2025, officially commencing the reconstruction project. The two districts are proceeding independently, and while a unified approach has not been undertaken, it is expected that each project will contribute to improvements in the local living environment and economic revitalization.
Q. What are the recent actual transaction prices of the Hyundai Apartment and what impact do reconstruction expectations have?
In June 2024, it was approximately 410 million won, and in July about 430 million won, which is undervalued but has the potential for increases due to reconstruction expectations.
The actual transaction price of the Hyundai Apartment for the 89㎡ unit was approximately 410 million won in June 2024 and about 430 million won in July, which is relatively low compared to new complexes in nearby areas. This is attributed to its status as an aging apartment complex; however, news regarding the advancement of the reconstruction project has heightened expectations from investors and residents. The enhanced living environment and potential value increases post-reconstruction suggest that there may be upward price pressure in the real estate market in the future.
