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Approval Notice of Housing Construction Business Plan for 1360 Jwadong, Haeundae-gu
The 'Haeundae Jiweon The View' housing construction project currently underway at 1360 Jwadong, Haeundae-gu, has officially begun its administrative procedures. The Haeundae-gu Office announced that it approved the housing construction business plan for the site as of October 15, 2025.
This project comprises a total of 4 buildings from 2 basement floors to 29 floors above ground, with a scale of 534 households. The site area is 25,874㎡, and the total floor area is about 103,000㎡. Construction is scheduled to start in March 2026, with completion planned for March 2029.
The project will be executed by Jiweon CND Co., Ltd., represented by Park JaeBok. Jiweon CND is a member of the Jiweon Construction Group, and there is great anticipation for the projects to be undertaken in the future.
This land was previously owned by Samjeong Construction and was sold for 118 billion won in May 2024, transferring ownership to Jiweon CND. The purchase price represents a 561% increase compared to previous transactions, as Samjeong Construction had purchased the land for approximately 26.1 billion won in 2014, realizing a capital gain of 91.9 billion won after 11 years.
Samjeong Construction's financial condition is seriously deteriorating. As of the end of 2022, the total equity was 118.2 billion won, while the total liabilities reached 453.9 billion won, causing a debt ratio that exceeds 384%.
The combination of the real estate market recession, unsold units issue, and the financial burden has intensified the company's financial pressure. It is presumed that in response to this situation, they have decided to sell the land located in Jwadong, Haeundae to secure liquidity.
1360 Jwadong is a site designated as part of the Haeundae New City (Green City) land development project that started in 1986. At that time, it was only allowed to be used for multi-family housing, with buildings limited to 4 floors and a 100% floor area ratio applied. However, this area has remained undeveloped for a long time and is attracting a lot of attention as the last undeveloped land within Haeundae New City.
This site has sparked controversy over district unit planning and use changes. After Jiweon Construction acquired the land and development progressed quickly, the Haeundae Council passed a resolution opposing the "pinpoint use change" last October, calling for caution in the administrative process. Nevertheless, as a result, the housing construction business plan was ultimately approved this October.
The location conditions are very excellent. It is situated in the center of Haeundae New City, with good accessibility to Haeundae Station and Jangsan Station. Furthermore, various living convenience facilities such as large supermarkets, educational institutions, and medical facilities are accessible within walking distance. The newly constructed apartments of Jiweon The View, supplied based on the Jwadong New Town, are expected to have competitive selling prices and brand values.
Currently, the sale schedule and prices are not disclosed, but once the building permit process is complete, the sale schedule for 'Haeundae Jiweon The View' will be officially announced soon. This information will serve as an important reference for future investors and homebuyers.
Busan Metropolitan City Haeundae-gu Notice No. 2025-137
Approval Notice of Housing Construction Business Plan
The housing construction business plan for 1360 Jwadong, Haeundae-gu, Busan has been approved in accordance with Article 15, Paragraph 1 of the Housing Act, and hereby notified under Article 15, Paragraph 6 of the same law and Article 30, Paragraph 5 of the Enforcement Decree of the same law as follows:
October 15, 2025
Mayor of Haeundae-gu, Busan
1. Name of the Project
: Construction of Multi-Family Housing at 1360 Jwadong, Haeundae-gu
2. Name and Address of the Project Entity
a. Name : Jiweon CND Co., Ltd. (Representative: Park JaeBok)
b. Address : 500 Nakdong-daero, Saha-gu, Busan, 3rd floor (Hadan-dong, City Park)
3. Location and Area of the Project Site, and Size of Constructed Housing
a. Location : 1360 Jwadong, Haeundae-gu, Busan
b. Land Area : 25,874㎡
c. Building Area : 4,467.3354㎡
d. Total Floor Area : 103,251.3212㎡
e. Building Scale : 2 basement floors/29 floors above ground, 4 blocks, 534 households (apartments)
f. Use : Multi-family housing (apartments) and ancillary welfare facilities, neighborhood living facilities
4. Approval Date of the Business Plan :
October 2, 2025.
5. Project Implementation Period
: March 2, 2026 ~ March 30, 2029.
6. Matters subject to the notification under Article 19, Paragraph 1 of the Housing Act
a. Construction permit, etc. under Article 11 of the Building Act
7. Other Inquiries
: Building Department of Haeundae-gu Office (☏051-749-4602). End.
Category
Notification
Institution Category
District
Institution
Haeundae-gu
Notification and Announcement Number
No. 2025-137
Title
Approval Notice of Housing Construction Business Plan
Date
2025-10-15
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Frequently Asked Questions (FAQ)
Q. When was the housing construction business plan for 1360 Jwadong, Haeundae-gu approved?
The Haeundae-gu Office approved the housing construction business plan for Jwadong 1360 on October 15, 2025.
The Haeundae-gu Office officially approved the housing construction business plan for the multi-family housing construction at 1360 Jwadong on October 15, 2025. This project will be carried out under the name 'Haeundae Jiweon The View,' and alongside the approval of the business plan, administrative procedures such as building permits will also be progressed.
Q. What is the scale and construction plan of the Haeundae Jiweon The View apartments?
Jiweon The View consists of 4 blocks with 2 basement floors, 29 floors above ground, and 534 households.
The 'Haeundae Jiweon The View,' being constructed at 1360 Jwadong, Haeundae-gu, is a multi-family housing complex composed of 4 blocks, with 2 basement floors and 29 stories, totaling 534 households. The site area is 25,874㎡, with a total floor area of approximately 103,251㎡. Construction is planned to commence in March 2026 and complete by March 2029.
Q. Who is the executing company for this project, and who is the representative?
Jiweon CND Co., Ltd. is the executing company, and the representative is Park JaeBok.
This project is being executed by Jiweon CND Co., Ltd., and the representative is Park JaeBok. Jiweon CND is known to be a member of the Jiweon Construction Group and plans to focus on supplying new housing in Haeundae-gu through this project.
Q. What is the reason for Samjeong Construction's sale of the Haeundae Jwadong site, and what is its financial situation?
They sold the site in May 2024 to secure liquidity due to financial difficulties.
As of 2022, Samjeong Construction is in a serious financial situation, with a debt ratio exceeding 384%. The combination of real estate market downturns, unsold units, and financial burdens has increased their financial pressure, prompting them to sell the 1360 Jwadong site for 118 billion won in May 2024 to secure liquidity. This site had been purchased for 26.1 billion won in 2014, yielding a significant capital gain after 11 years.
Q. What was the previous use and development status of the Haeundae Jwadong 1360 site?
It was previously designated for multi-family housing and has remained undeveloped for a long period.
Designated for multi-family housing during the Haeundae New City (Green City) land development project launched in 1986, the site was intended for buildings not exceeding 4 floors and a 100% floor area ratio. However, it remained unchanged for an extended period, making it the last undeveloped site within Haeundae New City. Following the acquisition by Jiweon CND, there was controversy regarding land use changes and development, but the approval of the housing construction business plan marks the start of full-scale development.
Q. How are the location conditions and living convenience facilities for Haeundae Jiweon The View?
It is located in the heart of Haeundae New City, with excellent transportation and living infrastructure.
The Jiweon The View complex is situated in the center of Haeundae New City and offers good accessibility to Haeundae Station and Jangsan Station. Additionally, various living convenience facilities such as large supermarkets, educational institutions, and medical facilities are available within walking distance, resulting in high residential satisfaction. Being a brand new apartment, it is expected to have competitive selling prices and values.
Q. When will the sale schedule and price information be announced?
The official sale schedule and prices will be announced after the building permit is completed.
The sale schedule and price information is not currently disclosed; however, once the building permit process is finalized, the official sale schedule and pricing for 'Haeundae Jiweon The View' will be announced. This information will become an essential reference for future investors and homebuyers.
