Table of Contents
- Redevelopment of Suyeong Bay Yacht Stadium Begins… A New Era for Busan’s Marine Leisure
- Background of the Suyeong Bay Yacht Stadium Redevelopment and its Significance
- Key Features and Core Facilities of the Redevelopment Project
- Linkage Effects with Haeundae and Marine City Developments
- Future Schedule and Implementation Plans
- Conclusion – A Landmark Opening the Future of Busan’s Marine Leisure
- Frequently Asked Questions (FAQ)
Redevelopment of Suyeong Bay Yacht Stadium Begins… A New Era for Busan’s Marine Leisure
The Busan Suyeong Bay Yacht Stadium officially commences construction on November 24, marking the start of substantial redevelopment for the first time in 40 years.
This project is a large-scale initiative aimed at elevating Busan's marine leisure industry to a new level, with a targeted completion by the end of 2027. The schedule has been slightly delayed from the originally planned start in May 2025 and completion at the end of 2026.
It is set to transform into a marine cultural complex equipped with the latest docking facilities, yacht exhibition hall, diverse cultural and commercial spaces, and citizen-friendly water areas. This change is raising expectations for the local community and the tourism industry.
Background of the Suyeong Bay Yacht Stadium Redevelopment and its Significance
Suyeong Bay has established itself as a crucial hub for domestic marine leisure, having been utilized as a yacht venue during the 1986 Asian Games and the 1988 Seoul Olympics. However, the facilities have deteriorated over the years, highlighting the need for redevelopment. This redevelopment is noteworthy as it marks the actual commencement of the project for the first time in 17 years since the private investment proposal in 2008.
Initially, the project faced several administrative procedures and public complaints due to its private investment nature (BTO), but collaboration between the city of Busan and the project implementers has improved the situation. The recent groundbreaking ceremony was attended by Mayor Park Hyung-joon and over 200 stakeholders, officially announcing the serious advancement of the project. The expectation is that Suyeong Bay will transform into a new appearance.
Key Features and Core Facilities of the Redevelopment Project
The redevelopment project of the Suyeong Bay Yacht Stadium is being carried out with a total project cost of 158.4 billion KRW, with I-Park Marina Co., Ltd. as the project operator. This project will be a private investment operation for 30 years after completion, covering a total area of 234,693 square meters, including land and sea spaces.
The primary aspects of this redevelopment include plans to expand the modern docking facilities to accommodate 567 vessels. This expansion will entail 317 vessels for marine and 250 vessels for land, fulfilling the demand for international-grade marinas.
A yacht exhibition hall and yacht clubhouse will also be newly established. These facilities are expected to serve as central hubs for the increasing demand for luxury yachts while promoting marine leisure culture.
Additionally, mixed cultural and commercial facilities will be introduced, providing shopping, exhibition, and dining services. This will create synergy with the nearby Marine City and Haeundae, contributing to the revitalization of the local economy.
Lastly, citizen-friendly water spaces will be established, transforming existing areas into open spaces where all citizens can enjoy leisure activities close to the sea.
These various components can be seen as a strategy to develop the Suyeong Bay Yacht Stadium into a comprehensive marine hub that integrates marine leisure, tourism, and culture.
Linkage Effects with Haeundae and Marine City Developments
The Suyeong Bay Yacht Stadium is located between Haeundae and Marine City, becoming a center of the city’s skyline and tourism flow. The expected effects of this redevelopment are numerous.
First, marine leisure tourism will become more upscale and diverse. Second, the tourism belt connecting Marine City and Centum City will be further strengthened. Third, the groundwork for hosting international yacht competitions will be established. Finally, job creation through the marine leisure industry is anticipated to invigorate the local economy.
In particular, in connection with Busan's strategy to become a 'global marine capital', this area is expected to play a vital role in positioning itself as a major marine leisure hub in Northeast Asia.
Future Schedule and Implementation Plans
The city of Busan is progressing with various procedures aiming for completion in October 2027. From 2023 to 2024, demand forecasts will be reassessed and changes to the implementation agreement will be pursued.
A new implementation agreement is set to be signed in January 2025, and from March to August, reviews regarding overall design, traffic, environment, architecture, and landscape will be completed. After that, construction is scheduled to begin in November 2025, with a target completion date by the end of 2027.
After completion, it is planned to operate as an 'open marine cultural complex' through the hosting of international yacht competitions, expansion of marine leisure education and experience programs, and connections with the MICE industry.
Conclusion – A Landmark Opening the Future of Busan’s Marine Leisure
The redevelopment of the Suyeong Bay Yacht Stadium is a project that will lead to significant changes in Busan's marine leisure industry, beyond merely improving facilities.
Through the integration of the latest marina and commercial facilities, along with water-friendly spaces, a natural connection will be established with the tourism areas of Haeundae and Marine City. This is expected to have positive impacts on various aspects such as the local economy, tourism industry, and urban landscape.
After completion in 2027, Suyeong Bay Yacht Stadium is expected to become a representative marine attraction of Busan and develop into an international marine leisure hub.
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Frequently Asked Questions (FAQ)
Q. When will the Suyeong Bay Yacht Stadium redevelopment start and when is it scheduled for completion?
The Suyeong Bay Yacht Stadium will start construction on November 24, 2023, and is expected to be completed by the end of 2027.
The Suyeong Bay Yacht Stadium redevelopment is a large-scale project that is being fully redeveloped after 40 years. Initially planned for construction in May 2025 and completion at the end of 2026, the timeline has been slightly delayed to officially begin on November 24, 2023. Completion is underway with a target between October and December 2027, and procedures for design, review, and agreement processes are aligning with this schedule.
Q. What are the main facilities and core content of this redevelopment project?
A total of 567 modern docking facilities, yacht exhibition hall, yacht clubhouse, mixed cultural and commercial facilities, and citizen-friendly water spaces will be created.
The redevelopment project will expand modern docking facilities to accommodate a total of 567 vessels, with 317 for marine and 250 for land. Additionally, a yacht exhibition hall and clubhouse will be newly established, serving as a central hub for marine leisure culture. Mixed cultural and commercial facilities for shopping, exhibitions, and dining will be introduced, creating an open water-friendly space for all generations to enjoy marine culture up close.
Q. What linkage effects can be expected from the Suyeong Bay Yacht Stadium redevelopment with the Haeundae and Marine City developments?
It is expected to create seamless connections with the Haeundae and Marine City tourist areas, enhancing upscale marine leisure tourism and revitalizing the local economy.
The Suyeong Bay Yacht Stadium is located at the city center between Haeundae and Marine City, strengthening the tourist belt between this area after redevelopment. Upscale marine leisure tourism will diversify, and the foundation for hosting international yacht competitions will be laid, expected to let Busan’s marine leisure industry and tourism grow together. Additionally, it will greatly contribute to local economic revitalization and job creation.
Q. What significance does the Suyeong Bay Yacht Stadium redevelopment have for Busan's marine leisure industry?
It is a key project that will elevate Busan’s marine leisure industry to a new level and establish it as a hub for marine leisure in Northeast Asia.
Since the facilities of the Suyeong Bay Yacht Stadium have decreased in utilization due to aging since the 1980s Asian Games and Olympics, this redevelopment will transform it into an international marine cultural hub equipped with the latest marinas and mixed-use culture facilities. Kicking off 17 years after the private investment proposal in 2008, this project will also align with Busan's strategy of becoming a ’global marine capital', enhancing its status as a center for marine leisure in Northeast Asia.
Q. What are the plan and schedule for advancing the redevelopment project?
Demand forecasting and agreement adjustments will occur from 2023-2024, a design review in 2025 followed by construction in November, with completion slated for 2027.
Busan City is currently working on revising demand forecasting and implementation agreement details from 2023 to 2024. After signing a new implementation agreement in January 2025, reviews for overall design, traffic, environment, and other aspects will be completed from March to August. The construction is scheduled to commence in November 2025, targeting completion by the end of 2027, with further plans for hosting international yacht competitions and expanding various marine leisure programs post-completion.