Table of Contents
Choeuphaneulchae Forest One / Redevelopment Project Prior Notice in Choeup 2 District
- Located at 681 Choeup-dong, Busanjin-gu, registration efficacy, completion of redevelopment, liquidation, setting up mortgage
The redevelopment project in Choeup 2 District, known as Choeuphaneulchae Forest One, has completed its prior notice on November 26, 2025. This has confirmed the legal ownership of the land and buildings allotted to the members and general buyers, and the project has practically entered its final stage. This change is expected to have a positive impact on local development.
Choeup 2 District spans an area of 28,506.3㎡, comprising 756 apartment units and 10 neighborhood facilities, forming a large-scale complex. This complex consists of 9 buildings ranging from 3 basement levels to 30 floors above ground.
The designation of the maintenance area was made in November 2006, and the approval for the management and distribution plan was completed in July 2018. Subsequently, the completion approval is scheduled for February 2025, meaning all procedures are set to be carried out over approximately 19 years.
The prior notice is one of the essential administrative procedures in the redevelopment project, officially informing members that ownership of the 'previous assets (existing land and buildings)' has legally transferred to the 'new assets (new apartments and land shares)'.
This process enables members to apply for registration for the newly constructed properties, and the association will be able to begin settlement work in earnest. At the same time, any mortgages or liens tied to the project will be settled, and general buyers will have the opportunity to secure stable property rights.
According to recent transaction data for Choeuphaneulchae Forest One, the price for apartments with a dedicated area of 79㎡ was reported as 500.6 million won. Properties in the 20-pyeong range traded around 510 million won, while those in the 30-pyeong range reached the mid-600 million won range.
Choeup-dong is known as a residential area with excellent educational districts, living convenience, and access to green spaces within Busanjin-gu. With the completion of the prior notice, the value of the complex is expected to stabilize further.
Choeup 2 District Housing Redevelopment Maintenance Project Association Notice No. 2025-2
Prior Notice for the Choeup 2 District Redevelopment Maintenance Project
1. In accordance with Article 83 of the Urban and Residential Environment Maintenance Act, this notice is issued regarding the approval of the completion of the Choeup 2 District redevelopment maintenance project (Notice No. 2025-26, 2025. 2. 12) by Busan Metropolitan City, intending to legally transfer ownership of land and buildings based on Articles 80(1) and 80(2) of the Urban and Residential Environment Maintenance Act.
2. Relevant documents are kept at the Choeup 2 District Housing Redevelopment Maintenance Project Association office (☎ 051-808-1844) and will be shown to interested parties.
November 26, 2025
Choeup 2 District Housing Redevelopment Maintenance Project Association
1. Type and Name of Maintenance Project: Choeup 2 District Redevelopment Maintenance Project
2. Location and Area of the Project
a. Location: 681 Choeup-dong, Busanjin-gu, Busan, along with 6 other parcels
(Previously: 556 Choeup-dong, Busanjin-gu, Busan, along with 179 parcels)
b. Maintenance area: 28,506.3㎡
c. Area of the prior notice: 28,506.3㎡, actual usable land area: 25,708.9㎡
3. Main office of the executor and name
a. Office: 124 Seongji-ro, Busanjin-gu, Busan, 3rd Floor (Choeup-dong)
b. Name: Choeup 2 District Housing Redevelopment Maintenance Project Association (Chairman: Kim Gang-seok)
4. Approval date of the management and distribution plan: July 4, 2018
5. Completion date: January 21, 2025
6. Date of completion notice: February 12, 2025
7. Contents of the prior notice
a. Land
| Category | Location | Land Type | Area (㎡) | Remarks |
| Total Maintenance Area | | | 28,506.3 | Land + Maintenance Infrastructure + Others |
| Total Area of the Prior Notice | | | 28,506.3 | Land + Maintenance Infrastructure + Others |
Land
Residential and Community Facility
| Location | Land Type | Area (㎡) | Remarks |
| 681 Choeup-dong | Land | 25,708.9 | Excluding the Choeup 2 District Housing Redevelopment Maintenance Project Association |
| Subtotal | | 25,708.9 | |
Maintenance Infrastructure
Road
| Location | Land Type | Area (㎡) | Remarks |
| 683 Choeup-dong (Urban Planning Road) | Road | 592.8 | Busanjin-gu, Busan |
| 685 Choeup-dong (Urban Planning Road) | Road | 1,450 | Busanjin-gu, Busan |
| 684 Choeup-dong (Road as Maintenance Infrastructure) | Road | 367 | Busanjin-gu, Busan |
| Subtotal | | 2,409.8 | |
Other
Excluded Usable Land
| Location | Land Type | Area (㎡) | Remarks |
| Choeup-dong 682 | Forest | 178.1 | Park Ji-won |
| Choeup-dong 686 | Forest | 58.5 | Park Ji-won |
| Choeup-dong 687 | Forest | 151 | Park Ji-won |
| Subtotal | | 387.6 | |
b. Building Facilities
| Category | Residential | Community Facilities | Remarks |
| Total area (㎡) | 113,357.1192 | 1,392.9908 | 114,750.1100 |
| Number of buildings | 9 buildings (including 1 rental) | 1 building | |
| Number of floors | 3 basement to 30 above ground | 1 to 2 above ground | |
| Number of units | 756 units | 10 units | |
Let's take a look at the number of stakeholders for the rights of the land and buildings for sale.
First, for the residential buildings, it is necessary to check the number of units supplied based on the area size.
| Category | 84A | 84A-1 | 59A | 59B | 29A |
| Dedicated Area (㎡) | 84.9624 | 84.9624 | 59.9424 | 59.9940 | 29.9450 |
| Category | 84A | 84A-1 | 59A | 59B | 29A | Remarks |
| Total | | | | | | 756 |
| Landowners | 208 | 110 | 1 | 88 | 10 | 681.8157 |
| Reserved Facilities | 7 | 2 | - | 3 | 2 | - |
| General Sale | 501 | 88 | - | 268 | 145 | 711.1751 |
| Rental | 40 | - | - | - | - | 40 |
2. Community Facilities
Supply Units of Community Facilities by Size (based on dedicated area) (Unit: ㎡)
| Dedicated Area (㎡) | 66.3376 | 63.2400 | 63.2024 | 66.3000 | 37.1845 | 110.7530 | 56.7825 | 44.8200 | 43.9900 | 73.7760 |
| Supply Total (Total 10 units) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Landowners | 1 | - | 1 | 1 | - | 1 | - | - | - | - |
| General Sale | - | 1 | - | - | 1 | - | 1 | 1 | 1 |
c. Types and Number of Rights Other Than the Transferred Ownership
| Category | Number |
| Mortgage Rights | 5 |
| Seizure | 4 |
| Subtotal | 9 |
Category
Notice
Agency Type
Other Agency
Agency
Choeup 2 District Housing Redevelopment Maintenance Project Association
Notice Number
No. 2025-2
Title
Prior Notice for Choeup 2 District Redevelopment Project
Date
November 26, 2025
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Frequently Asked Questions (FAQ)
Q. What is the prior notice for the Choeup 2 District redevelopment maintenance project?
The prior notice is the process by which the relevant authorities officially announce that member ownership has legally transferred from existing assets to new apartments.
The prior notice for the Choeup 2 District redevelopment maintenance project is the stage where the authorities officially announce that the ownership of the existing land and buildings allocated to members has legally transferred to the newly constructed apartments and land shares. This process allows members to apply for registration for the newly constructed properties, and the association can begin the settlement work. Furthermore, mortgages and lien rights are settled, ensuring the stability of general buyers' rights.
Q. What is the scale and structure of Choeuphaneulchae Forest One?
Choeuphaneulchae Forest One is a large complex consisting of 9 buildings, 756 apartment units, and 10 community facilities on a 28,506.3㎡ site in Choeup-dong, Busanjin-gu.
The Choeup 2 District redevelopment project covers approximately 28,506㎡ and consists of 756 apartment units and 10 community facilities. The complex consists of 9 buildings, ranging from 3 basement levels to 30 floors above ground, forming a large-scale residential complex. This configuration greatly enhances residential convenience and living infrastructure in Choeup-dong.
Q. When did the Choeup 2 District redevelopment project start and what are the main schedules?
The designation of the maintenance area was in 2006, the approval of the management and distribution plan was in 2018, and the completion approval is set for 2025, totaling approximately 19 years.
The Choeup 2 District redevelopment project was designated as a maintenance area in November 2006 and underwent various administrative procedures, receiving approval for the management and distribution plan in July 2018. The completion approval is scheduled for February 2025, marking the completion of the project after approximately 19 years of progressive steps. During this time, site maintenance and the construction of buildings have been finalized, and the prior notice has completed, effectively concluding the project.
Q. What will happen to the real estate value of Choeuphaneulchae Forest One after the completion of the prior notice?
Apartments of 79㎡ are trading around 500 million won, in the 20-pyeong range around 500 million won, and 30-pyeong units are priced in the mid-600 million won range.
Recent transaction data indicates that the price for apartments with a dedicated area of 79㎡ in Choeuphaneulchae Forest One is around 506 million won, 20-pyeong units trade at about 510 million won, and 30-pyeong units are quoted in the mid-600 million won range. Choeup-dong is regarded as a notable area with excellent educational districts, living convenience, and access to green spaces, and the completion of this prior notice is contributing positively to the stability and appreciation of the complex's rights.
Q. What is the location and area of the Choeup 2 District redevelopment project?
It is situated in the vicinity of 681 Choeup-dong, Busanjin-gu, covering an area of 28,506.3㎡.
The Choeup 2 District redevelopment project includes seven parcels, totaling approximately 28,506.3㎡, located at 681 Choeup-dong, Busanjin-gu, Busan. The actual usable land area amounts to approximately 25,708.9㎡, and the project area has been organized for the installation of residential buildings and community facilities. This location is assessed as a core site with excellent educational and residential environments within Busanjin-gu.
