Table of Contents
Bid announcement for public property designation sale of Minrak-dong 110-23 (formerly Cheonggu Mart site)
The old Cheonggu Mart site in Minrak-dong, Suyeong-gu, Busan has begun new development after 27 years. The city of Busan has announced a public bidding for the sale of designated public property for the area, specifically for Minrak-dong 110-23 (6,105㎡).
This location offers beautiful views of Gwangalli Beach and Gwangandaegyo Bridge, which has long been neglected and seen as an eyesore in the city. Now is the time to expect new changes.
The site was originally contracted for development as a large discount store themed park by Cheonggu Finance in 1999, but the contract was terminated due to the Cheonggu incident in 2000. Since then, various development proposals including urban theme parks have been suggested, but were canceled due to inconsistencies in conditions, leaving the land vacant for 27 years.
The turning point for change came when a private operator proposed the country's first Disney experience facility last year. In response, the city of Busan adjusted the district plan from 'sales facilities' to 'cultural and assembly facilities 70%, neighborhood living facilities 30%'. The Busan City Council approved the sale of public property last March and added conditions such as special clauses for breaches of contract, parking facility requirements, and usage for designated purposes for 10 years.
These measures are expected to contribute significantly to the revitalization of the area.
According to this announcement, the estimated sale price is set at approximately 540.1 billion won. Bidding is scheduled to be conducted via the OnBid system of the Korea Asset Management Corporation from August 20 to September 18. The opening of bids will take place on September 19, and the highest bidder will be selected.
The successful bidder must submit a business plan that includes cultural and assembly facilities, such as a performance hall or exhibition center, and is required to use the property for the designated purpose for 10 years upon contract signing. Those wishing to participate in the bidding must prepare carefully considering these factors.
Similar to the failed case of the Marvel experience center that opened in the North Port, concerns are being raised about the operation of the Disney experience facility. In particular, after the 10-year specified usage requirement ends, there is a possibility of switching to other uses, raising concerns about long-term utilization. This aspect could significantly influence the future operational direction.
The city of Busan is planning to create a new tourism hub connecting the Minrak Waterfront Park, Haeundae, and Gwangalli. Notably, in 2023, Minrak Waterfront Park was designated as a zone with restricted development, causing difficulties for the local commercial area. Additionally, if an experience facility based on a global IP is established, it is expected to positively impact the stagnating local businesses.
This project is anticipated to be an important test to create a cultural landmark that can represent the Gwangalli area, rather than a simple sale of land. If this development is successful, it could make a significant contribution to Busan's tourism industry.
Busan Metropolitan City Notice No. 2025-2670
Minrak-dong 110-23 (formerly Cheonggu Mart site)
Bid announcement for public property designation sale
In accordance with Article 29 (Method of Contract) and Article 36 (Sale of General Property) of the Act on the Management of Public Property and Goods, as well as Article 26 (Method of Contract) and Article 37-3 (Sale with Designated Use) of the same law’s Enforcement Decree, the public property designation sale is hereby announced as follows. All bidders must verify the land use plan and related documents for the specified land before participating in the bidding.
2025. 8. 20.
Mayor of Busan Metropolitan City
1. Items subject to bidding
A. Indication of Sale Property
| Indication of Property | Zoning | Estimated Price (won) | Remarks | ||||
| Category | Location | Lot Number | Land Use Type | Area (㎡) | |||
| Land | Minrak-dong, Suyeong-gu | 110-23 | Site | 6,105 | Semi-residential area, general landscape district unit plan area | 54,012,152,700 won | |
B. Designated Use: More than 70% cultural and assembly facilities (including performance halls and exhibition halls), less than 30% neighborhood living facilities (including retail stores, cafes, general restaurants, general business facilities).
Duration of Use: Must be used for the designated purpose for more than 10 years.
2. Bidding and opening date/time and location
A. Bid announcement date: 2025. 8. 20. (Wed) 10:00
B.
Bidding period: 2025. 8. 20. (Wed) 10:00 ~ 2025. 9. 18. (Thu) 16:00
C. Submission location for bids: Korea Asset Management Corporation electronic asset disposal system
D. Opening date and time:
2025. 9. 19. (Fri) 10:00
E. Opening location: PC of Busan Metropolitan City Urban Infrastructure Development Department’s bidding execution officer
3. Preparations before participating in the bidding
A. Those wishing to participate in the bidding must become members of “OnBid (https://www.onbid.co.kr)” and register a certificate issued by an electronic signature authentication provider (hereinafter referred to as “certificate”) in OnBid.
1) In the case of individuals, proxy bidding is not allowed, and corporations must register as members using their corporate name.
B. Those wishing to participate in the bidding must familiarize themselves with the confirmation of the bidding object, bidding announcement conditions, general contract conditions, OnBid terms of use, and all matters necessary for participation in the bidding, and any disadvantages arising from neglecting to do so will be the responsibility of the bidder.
4. Qualifications to participate in the bidding
A.
1. Those who submitted a business plan that conforms to the designated use as per Item B of the bidding announcement before the bidding deadline
1) Required contents:
❶
Introduction of individual and corporate entities,
❷
Business purpose,
❸
Business overview
❹
Architectural plan
❺
Business promotion plan
❻
Required funds and funding plan
※ Bidders may include additional information beyond the required contents if necessary; refer to Attachment 1 for the business plan format.
2) Submission deadline:
Valid until 2025. 9. 18. (Thu) 16:00
3) Submission method:
Only postal and in-person submissions are allowed.
4) Submission location: Busan Metropolitan City Urban Infrastructure Development Department, 1001 Jungang-daero, Yeonje-gu, Busan
※ The business plan should be submitted in two copies bound on the left side on A4 size paper.
B.
16. Other important notes: Individuals who submitted the integrity pledge form before the bidding deadline.
※ Refer to Attachment 2 for the integrity contract compliance pledge.
C. Those who have registered as users (members) on “OnBid” and have completed registration with a certificate issued by an accredited certification agency (the certificate must be one usable for electronic bidding)
D. Those who do not fall under the provisions of Article 31 (Restrictions on the Qualifications of Bidders) of the Local Government Contracts Act and Article 92 (Restrictions on the Qualifications of Bidders for Disqualified Persons) of the Enforcement Decree
E. Those who are not subject to the reasons specified in Article 4 (Restrictions on Bidder Qualifications) of the “OnBid” electronic asset disposal system for the highest bidder
Category
Announcement
Agency Type
City
Organization
Busan Metropolitan City
Announcement Number
No. 2025-2670
Title
Bid announcement for public property designation sale of Minrak-dong 110-23 (formerly Cheonggu Mart site)
Date
2025-08-20
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Frequently Asked Questions (FAQ)
Q. What is the overview of the sale of the Minrak-dong 110-23 site?
The old Cheonggu Mart site in Minrak-dong, Suyeong-gu, Busan will be sold through public bidding for 540.1 billion won.
The city of Busan has announced the public property designation sale bidding for the old Cheonggu Mart site located at Minrak-dong 110-23 (6,105㎡). The site has excellent views of Gwangalli Beach and Gwangandaegyo Bridge, and has been left vacant for 27 years. The estimated sale price is approximately 540.1 billion won, and the bidding will be conducted through the Korea Asset Management Corporation's OnBid system from August 20 to September 18, 2025.
Q. What are the designated use and usage period after the sale of the site?
At least 70% for cultural and assembly facilities and less than 30% for neighborhood living facilities, with a mandatory use for 10 years.
The city of Busan has adjusted the site to more than 70% for cultural and assembly facilities (including performance halls, exhibition halls) and less than 30% for type 2 neighborhood living facilities (such as retail stores, cafes). After the sale, the successful bidder must use the property for the designated purpose for at least 10 years and submit a business plan that includes performance halls or exhibition centers. This measure is taken to ensure local revitalization and sustainable development.
Q. What preparations are necessary to participate in the bidding?
Membership registration on OnBid, certificate registration, business plan submission, and understanding of related announcements and conditions are required.
Bidders must sign up as members on OnBid (https://www.onbid.co.kr) and register a certificate issued by an electronic signature authentication agency. Individuals cannot bid by proxy, and corporations must register under their corporate name. Additionally, before participating in the bidding, they must familiarize themselves with the land use plan and bidding conditions and submit the business plan by September 18 to the Urban Infrastructure Development Department of Busan Metropolitan City. Submitting an integrity contract pledge is also mandatory.
Q. What is the development plan for the site and the background for the project management?
The development project aims to attract cultural facilities based on the proposal for the first Disney experience facility in Korea.
The site has been neglected for 27 years after the contract for developing a large discount store by Cheonggu Finance in 1999, but recently a private operator proposed Korea's first Disney experience facility, changing the direction. The city of Busan has changed its district plan to focus on cultural and assembly facilities, and the Busan City Council is seeking revitalization by approving the sale plan. This project is regarded as an important opportunity to establish a cultural landmark representing Gwangalli and a tourism hub for Busan.
Q. What are the concerns regarding the long-term operation and utilization of this project?
There exists uncertainty about long-term utilization due to the possibility of changing to other uses after 10 years of designated use.
Unlike the previous failure of the Marvel experience center, there are concerns raised about the success potential of the Disney experience facility. In particular, there is a possibility of transitioning to other uses after the 10 years of designated use, which makes the long-term direction of utilization uncertain. This aspect serves as an important variable that investors and the local community must consider in relation to property sale and utilization, and ensuring operational stability remains a challenge.