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Announcement of the Extension of the Deadline for the Yancheon Market Maintenance Project
The redevelopment and reconstruction are underway at Yeonsan-dong 364-1 in Yeonje-gu. I am curious about the progress according to Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act. I would like to share the related information and status.
The deadline for the Yancheon Market maintenance project area, located in Yeonsan-dong 364-1, Yeonje-gu, Busan, has been extended to January 25, 2027. This is based on the request for extension by more than 30% of landowners in accordance with Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act. The Busan Metropolitan City confirmed and announced this on October 15 as Notification No. 2025-401. This decision is considered an important measure reflecting the development in the area and the opinions of the residents.
Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act states that "if more than 30% of landowners request an extension before the expiration of the maintenance area release deadline, the mayor or district head may extend the deadline." Based on this provision, the Yancheon Market maintenance project has secured a legally permissible period for advancement until January 2027, escaping the crisis of area release.
The extension not only extends the deadline but also provides the administrative basis to continue the project by maintaining the legal effect of the maintenance area. Therefore, such legal measures are expected to enhance the stability of future maintenance projects and positively impact regional development.
The Yancheon Market maintenance project received conditional approval at the 11th Busan Metropolitan City Architecture and Traffic Committee held on August 26, 2025, entering the detailed design and construction phase. This project is planned to consist of two buildings, with a total floor area of 39,760㎡, ranging from 4 basement floors to 29 above-ground floors.
The total floor area is set at 39,760㎡, with a building coverage ratio of 57.85% and a floor area ratio of 489.71%. This building is designed as a mixed-use building, including 248 residential units, commercial facilities, and facilities for the elderly, with a maximum height of 93.62m.
The architectural review process presented several detailed conditions such as improving facade design, securing external stair space, adjusting fire truck parking space, adding solar panels, and enhancing traffic safety facilities. These conditions will contribute to enhancing the project's safety and efficiency.
The contractor has been decided to be Ssangyong Construction, selected at the general meeting in December 2022. The project's brand name is 'The Platinum', and the total construction cost amounts to approximately 83.4 billion won.
The site is located in front of The Sharp Park City in Yeonsan, and it is being carried out as a market maintenance-type redevelopment project aimed at the regeneration of the old downtown area where the market function has disappeared.
Currently, the area surrounding Yancheon Market is a mix of old commercial buildings and vacant stores. It is expected that through this maintenance project, it will transform into a modern complex urban area that combines commercial and residential functions. With the extension of the maintenance area release deadline, the legal status of the project is maintained, and the licensing and construction processes are expected to proceed in earnest.
Busan Metropolitan City Notification No. 2025-401
Announcement of the Extension of the Deadline for the Yancheon Market Maintenance Project
The deadline for the maintenance area of the Yancheon Market project in Yeonsan-dong 364-1, Yeonje-gu, is extended according to the regulations of Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act and announced in accordance with the provisions of the same Article, Paragraph 7.
October 15, 2025
Mayor of Busan Metropolitan City
1. Extension of the Maintenance Area Release Deadline
| District Name | Location | Area Size (㎡) | Extended Release Deadline | Remarks |
| Yancheon Market Maintenance Area | Yeonsan-dong 364-1, Yeonje-gu | 4,958.9 | Until January 25, 2027 | - |
2. Reason for the Extension of the Maintenance Area Release Deadline
- Based on Article 20, Paragraph 1, Subparagraph 2 of the Urban and Residential Environment Maintenance Act, the extension of the deadline for the maintenance area release is requested by more than 30% of landowners (members), and thus the deadline is extended.
3. Details are available at Busan Metropolitan City's Support for Small Businesses (☎051-888-4744) and Yeonje-gu Office's Job Economy Department (☎051-665-4475).
Classification
Notification
Institution Classification
City
Busan Metropolitan City
Notification Number
No. 2025-401
Title
Announcement of the Extension of the Maintenance Area Release Deadline for the Yancheon Market Maintenance Project
Date
October 22, 2025
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Frequently Asked Questions (FAQ)
Q. Until when has the deadline for the Yancheon Market Maintenance Project been extended?
The deadline for the Yancheon Market Maintenance Project has been extended until January 25, 2027.
The deadline for the Yancheon Market maintenance project area, currently underway in Yeonsan-dong 364-1, has been extended to January 25, 2027, based on requests for extension by more than 30% of landowners in accordance with Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act. Busan Metropolitan City announced this as Notification No. 2025-401 on October 15, 2025, which is considered an important measure to maintain the legal basis for project advancement.
Q. What does Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act stipulate?
The provision allows the extension of the maintenance area release deadline if more than 30% of landowners request it.
Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act specifies that if more than 30% of landowners request an extension before the expiration of the maintenance area release deadline, the mayor or district head may legally extend the deadline. Based on this, the Yancheon Market maintenance project can maintain its area until January 2027, which plays a crucial role in ensuring stability and sustainability in project advancement.
Q. What are the main design and construction plans for the Yancheon Market Maintenance Project?
There will be a mixed-use building from 4 basement floors to 29 above-ground floors, with a total floor area of 39,760㎡ and 248 residential units.
The Yancheon Market maintenance project is planned to consist of two buildings, with a total site area of 4,958.9㎡, from 4 basement floors to 29 above-ground floors. The total floor area is 39,760㎡ with a building coverage ratio of 57.85% and a floor area ratio of 489.71%. It is designed as a mixed-use facility including 248 residential units, commercial facilities, and facilities for the elderly, reflecting various conditions to improve safety and efficiency, such as enhancement of facade design, adjustment of fire truck parking, and addition of solar panels.
Q. Who is the contractor for the Yancheon Market Maintenance Project, and what is the total construction cost?
The contractor is Ssangyong Construction, and the total construction cost is approximately 83.4 billion won.
Ssangyong Construction has been selected as the contractor for the Yancheon Market maintenance project at the general meeting in December 2022. This project will be carried out under the brand name 'The Platinum', with a total construction cost of about 83.4 billion won. The site is located opposite the Yeonsan The Sharp Park City and aims to regenerate the previous market commercial area and create a modern mixed urban area.
Q. What are the expected regional development effects of this extension of the maintenance area release deadline?
Maintaining legal validity secures project stability and fosters revitalization of the old town and commercial districts.
The extension of the maintenance area release deadline goes beyond a mere extension of time; it maintains the legal effect of the maintenance project while providing a stable basis for advancement. As a result, the project will be able to proceed with the licensing and construction processes, positively influencing the transformation of the Yancheon Market area, which is currently mixed with old storefronts and vacant shops, into a modern mixed urban area. This is expected to contribute to the revitalization of the old town, improvement of residents’ living environment, and activation of the local economy.
