Table of Contents
Announcement of cooperative establishment for Jinju Bonghwang Apartment small-scale reconstruction project
This is information about the redevelopment and reconstruction project in the Gwangalli area of Busan.
Let’s take a look at the area of 3-15 Namcheon-dong and the current status.
This will be useful information for those interested in real estate investment.
The small-scale reconstruction project of Jinju Bonghwang Apartment targeting the old residential area in Namcheon-dong, Suyeong-gu, Busan is expected to progress in earnest as it has received approval for the establishment of the cooperative.
On January 28, 2026, the Busan Metropolitan City officially announced the establishment of the cooperative for the reconstruction project. This announcement has been registered as No. 2026-5 by the Busan Metropolitan City Suyeong-gu. Now, this project will move into a new phase.
This project is a small-scale reconstruction project conducted by integrating Jinju Apartment and Bonghwang Mansion located at 3-15 Namcheon-dong, Suyeong-gu, Busan. The total project area is 6,982㎡ and will be conducted in the form of a cooperative as per the 「Special Act on the Maintenance of Vacant Houses and Small Houses」. The name of the cooperative is Jinju Bonghwang Apartment Small-scale Reconstruction Maintenance Project Cooperative, and the cooperative office is located on the 5th floor of 107 Namcheon-dong Road.
Jinju Apartment and Bonghwang Mansion are located within the same complex. Jinju Apartment consists of 2 buildings completed in August 1986, with 5 floors and 90 households, with exclusive areas ranging from 77.39㎡ to 98.72㎡. On the other hand, Bonghwang Mansion is a single building completed in August 1984, consisting of 5 floors and 40 households, with exclusive areas ranging from 91.8㎡ to 92.07㎡. Both complexes have been seriously aged, making the improvement of residential environments a constant demand.
Looking at recent transaction trends, it has been confirmed that a unit of Jinju Apartment with an area of 84㎡ was traded at 530 million won on November 21, 2025. This price reflects a certain degree of expectations for reconstruction in Namcheon-dong. It is necessary to pay attention to how the value of the residential area and market response will change in the future.
Regarding the progress of the project, a general meeting was held on July 13, 2025, for the establishment of the small-scale reconstruction cooperative. Afterward, necessary administrative procedures were followed, and the announcement of the cooperative establishment was officially made.
Currently, the start and completion dates have not yet been determined, but it is reported that the cooperative is actively promoting the project with the goal of moving in by 2030.
Looking at the site conditions, it seems that the nearby Hyopjin Taeyang Apartment will have difficulty in reconstruction due to structural factors. This further highlights the unique value of Jinju Bonghwang Apartment. Especially after reconstruction, it will be possible to see Gwangandaegyo from units on the middle floors and higher. Accordingly, it is gaining attention as an apartment complex that can meet the demand for views in the Namcheon-dong area.
The small-scale reconstruction project of Jinju Bonghwang Apartment has entered a new phase by securing institutional stability through the approval of the cooperative establishment. This project is being noted as a reconstruction site that has both location and view competitiveness in an area densely populated with old low-rise apartments in Namcheon-dong.
However, due to the characteristics of small-scale reconstruction, the amount that cooperative members will have to bear is expected to be considerable. As the project implementation plan and construction plans become more concrete, it is expected to show a more prominent presence in the reconstruction markets of Namcheon-dong and Gwangalli. Such changes are likely to have a significant impact on future market trends.
Announcement No. 2026-5 by the Busan Metropolitan City Suyeong-gu
Announcement of cooperative establishment for Jinju Bonghwang Apartment small-scale reconstruction project
Regarding the establishment of the cooperative for the Jinju Bonghwang Apartment small-scale reconstruction project at 3-15 Namcheon-dong, Suyeong-gu, Busan, the establishment of the cooperative is approved as per Article 23, Paragraph 2 of the 「Special Act on the Maintenance of Vacant Houses and Small Houses」, and this is announced pursuant to Article 23, Paragraph 9 of the same law and Article 21-2 of the enforcement decree.
January 28, 2026
Mayor of Suyeong-gu, Busan
1. Type and name of the project
1. Type: Small-scale reconstruction project
2. Name: Jinju Bonghwang Apartment Small-scale Reconstruction Project
2. Location and area of the project execution zone
1. Location: 3-15 Namcheon-dong, Suyeong-gu, Busan
2. Area: 6,982.00㎡
3. Expected start and completion date of the project
1. Expected start date: TBD
2. Expected completion date: TBD
4. Name of the cooperative and location of the office
1. Cooperative name: Jinju Bonghwang Apartment Small-scale Reconstruction Maintenance Project Cooperative
2. Office location: 5th floor, 107 Namcheon-dong Road, Busan
(Namcheon-dong, Jinju Bonghwang Apartment Small-scale Reconstruction Project)
Classification
Announcement
Institution classification
District
Agency
Suyeong-gu
Announcement No.
2026-5
Title
Announcement of cooperative establishment for Jinju Bonghwang Apartment small-scale reconstruction project
Date
January 28, 2026
#Busan Announcement, #Busan Public Notice, #Suyeong-gu Announcement, #Jinju Bonghwang Apartment, #Small-scale Reconstruction, #Cooperative Establishment Approval, #Namcheon-dong Reconstruction, #Busan Reconstruction, #Gwangalli Real Estate, #Namcheon-dong Apartment, #Busan Maintenance Project, #Suyeong-gu Reconstruction, #Busan Small-scale Reconstruction, #View of Gwangandaegyo, #Namcheon-dong Development, #Busan Real Estate, #Reconstruction Progress, #Busan Redevelopment and Reconstruction, #Gwangalli Investment, #Namcheon-dong Investment, #Busan Housing Maintenance, #Old Apartment Reconstruction, #Busan Urban Maintenance, #Reconstruction Announcement, #Busan Housing Market, #Suyeong-gu Real Estate, #Namcheon-dong Small-scale Reconstruction, #Gwangalli Reconstruction, #Busan Maintenance Law
Frequently Asked Questions (FAQ)
Q. When was the cooperative establishment announcement for the Jinju Bonghwang Apartment small-scale reconstruction project made?
The cooperative establishment was announced on January 28, 2026, in Suyeong-gu, Busan.
On January 28, 2026, the Busan Metropolitan City officially announced the establishment of the cooperative for the small-scale reconstruction project of Jinju Bonghwang Apartment in Namcheon-dong, Suyeong-gu. This announcement is registered as No. 2026-5 by the Busan Metropolitan City Suyeong-gu and was an important procedure to secure the institutional stability of the project, laying the foundation for the active promotion of the project.
Q. Where is the project area and the cooperative office of the Jinju Bonghwang Apartment small-scale reconstruction project located?
The project area is 3-15 Namcheon-dong, Suyeong-gu, and the cooperative office is on the 5th floor of 107 Namcheon-dong Road.
The reconstruction project area of Jinju Bonghwang Apartment is located at 3-15 Namcheon-dong, Suyeong-gu, Busan, and is a small-scale reconstruction project merging Jinju Apartment and Bonghwang Mansion, covering an area of approximately 6,982㎡. The cooperative office is located on the 5th floor of 107 Namcheon-dong Road, where cooperative activities and management work are conducted.
Q. What is the condition and composition of Jinju Apartment and Bonghwang Mansion?
Both complexes were completed in the 1980s and have aged significantly, comprising 90 households in Jinju and 40 in Bonghwang.
Jinju Apartment consists of 90 households with 2 buildings and 5 floors, completed in August 1986, with various exclusive areas ranging from 77.39㎡ to 98.72㎡. Bonghwang Mansion is a single building with 5 floors and 40 households, completed in August 1984, with exclusive areas around 91.8㎡ to 92.07㎡. Both complexes have been severely aged, and there has long been a need to improve the residential environment and for reconstruction.
Q. When is the expected start and completion date of the reconstruction project?
Currently, the expected start and completion dates are undetermined, with the goal of moving in by 2030.
The small-scale reconstruction project of Jinju Bonghwang Apartment has completed its general meeting and cooperative establishment approval, but the start and completion dates are yet to be determined. Inside the cooperative, it is actively pursued with the aim of moving in by 2030, and specific schedules will be disclosed in the future as the project implementation and construction plans are finalized.
Q. How is the location and prospective value of this reconstruction project evaluated?
It is capable of viewing Gwangandaegyo, and its value is highly evaluated due to the reconstruction difficulty of nearby complexes.
The Jinju Bonghwang Apartment reconstruction project possesses unique value due to the difficulty of nearby complexes like Hyopjin Taeyang Apartment to undergo reconstruction due to structural reasons. Especially upon completion of reconstruction, a view of Gwangandaegyo will be possible from units on the middle floors and higher, which is expected to satisfy the preference for views within the region. This is anticipated to serve as an important competitive edge in the future real estate markets of Namcheon-dong and Gwangalli.
Q. What impact will the reconstruction project have on local redevelopment and the real estate market?
It is expected to increase market value and raise investor interest as it will improve the old residential areas of Namcheon-dong.
The Jinju Bonghwang Apartment small-scale reconstruction project will bring about significant changes in the redevelopment market of Suyeong-gu while improving the residential environment in a densely populated area of old low-rise apartments. Following the establishment approval of the cooperative, it is expected that the value of real estate in Namcheon-dong and Gwangalli will rise, stimulating buying sentiments, which will positively impact the revitalization of the local reconstruction market and expand future investment opportunities.
