Table of Contents
Expected sale of Hoban Summit Central Bay / Announcement of the management disposal plan (amendment) approval for the redevelopment project of Zone 3
- Located at 659 Choryang-dong, Dong-gu, construction begins in March, marketing schedule, number of households, expected sale price, North Port redevelopment
The redevelopment project of Zone 3 in Choryang-dong, Dong-gu, Busan has completed the approval for the management disposal plan (amendment) and has begun preparations for marketing.
According to the Announcement No. 2026-9 by Dong-gu, Busan, this project received the management disposal plan (amendment) approval on February 6, 2026, based on the "Law on Urban and Residential Environment Maintenance", with some modifications made compared to the previously announced announcement (No. 2022-89).
This has attracted the attention of local residents and investors.
The project site has an area of 17,455.6㎡, divided into 15,171.3㎡ for building facilities and 2,284.3㎡ for maintenance infrastructure. The building plan consists of 5 blocks ranging from 3 underground floors to 24 above-ground floors, including a total of 432 households, consisting of 22 rental units and 236 general sale units.
The builder is Hoban Construction, and the name of the complex has been decided as 'Hoban Summit Central Bay'. The demolition of existing buildings has already been completed and construction is scheduled to begin in March 2026. Marketing is planned for the third quarter of 2026.
The household composition based on exclusive area includes 22 units of 39A, 86 units of 59A, 48 units of 59B, 48 units of 70A, 187 units of 84A, and 41 units of 84B, primarily consisting of small to medium-sized units. The number of members in the cooperative is approximately 177, and the proportionality ratio according to the management disposal criteria is 103%.
The final construction cost is expected to be around 6.54 million won per pyeong, and the cooperative sale price for the 84㎡ type is estimated to be about 563.6 million won (about 16.1 million won per pyeong). The general sale price for the 84 type is expected to be in the range of 700 million won. This information is anticipated to have a significant impact on the future real estate market flow.
Zone 3 is located close to the Busan North Port redevelopment area. This area plans to feature an opera house, waterfront park, and various cultural and commercial facilities, making it easily accessible on foot. Its potential as a residential complex also seems high. Furthermore, the North Port area has a shortage of new apartment supply, making it significant in terms of rarity.
The transportation infrastructure is very excellent.
Located near Choryang Station on Busan's Line 1 subway, it offers great accessibility to the city center. In addition, various convenience facilities such as Lotte Department Store, Hyundai Department Store, and Dong-A University Hospital are nearby.
Educational institutions such as Dongil Central Elementary School, Busan Middle School, and Busan High School are also close by, making it a highly preferred residential area within the old downtown.
The redevelopment of Zone 3 will be a medium-scale complex with about 400 households, showcasing excellent locational value and traffic accessibility due to its connection with the North Port redevelopment. Thanks to these factors, a positive response in the future sales market is expected.
With the completion of the management disposal plan (amendment) approval, the details for construction commencement and marketing are now being specified. Therefore, it is highly likely to stand out as a major marketing volume in Busan's old downtown in the second half of 2026.
Continuous redevelopment is also taking place in nearby areas, increasing the possibility of expansion in the region.
Announcement No. 2026-9 by Dong-gu, Busan
Announcement of the approval of management disposal plan (amendment) for the redevelopment project of Zone 3
About the redevelopment project of Zone 3 at 659 Choryang-dong, Dong-gu, Busan, announced under Dong-gu Announcement No. 2022-89, the management disposal plan (amendment) is approved in accordance with Article 74(1) of the "Law on Urban and Residential Environment Maintenance", and is announced as follows pursuant to Article 78(4) of the same law.
February 11, 2026
Director of Dong-gu, Busan
1. Type and name of the maintenance project
a. Type: Redevelopment project
b. Name: Redevelopment project of Zone 3
2. Location and area of the maintenance zone
a. Location: 659 Choryang-dong, Dong-gu, Busan
b. Area: 17,455.6㎡
3. Name (title) and address of the project executor
a. Executor: Choryang Zone 3 Housing Redevelopment Maintenance Business Association (Chairman Park Jeong-ho)
b. Address: 19 Honggok-ro, Dong-gu, Busan (Choryang-dong)
4. Date of approval of the management disposal plan (amendment): February 6, 2026
5. Main points of the management disposal plan approval
a. Land use plan
| Total (㎡) | Land for building facilities (㎡) | Maintenance infrastructure (㎡) | |||
| Subtotal | Multi-family housing | Neighborhood living facilities | Subtotal | Roads | |
| 17,455.6 | 15,171.3 | 15,020.15 | 151.15 | 2,284.3 | 2,284.3 |
b. Scale of land and buildings, etc. Construction plan
| Category | Land area (㎡) | Number of buildings | Number of floors | Number of households | Total floor area (㎡) | Remarks | |
| Total | 15,171.30 | 5 | 3 underground floors ~ 24 above floors | 432 | 68,759.3694 | ||
| Multi-family housing | Subtotal | 15,020.15 | 5 | 3 underground floors ~ 24 above floors | 432 | 68,335.4094 | |
| Sale | 14,563,6677 | 4 | 3 underground floors ~ 24 above floors | 410 | 66,327.6650 | ||
| Rental | 456.4823 | 1 | 3 underground floors ~ 11 above floors | 22 | 2,007.7442 | ||
| Neighborhood living facilities | 151.15 | 1 | 1st floor ~ 2nd floor | 11 | 423.96 | ||
d. Scale and plan of sale or withheld land
| Supply Plan | Target Supply | Number of units supplied by housing size (based on exclusive area) (㎡/unit) | Neighborhood living facility area (㎡) | ||||||
| Total | 39A(39.9910) | 59A(59.9445) | 59B(59.9942) | 70A(70.9993) | 84A(84.9763) | 84B(84.9778) | |||
| Total | 432 | 22 | 86 | 48 | 48 | 187 | 41 | 423.9600 | |
| Landowners | 170 | - | 26 | 5 | 12 | 86 | 41 | 423.9600 | |
| Withheld Facilities | 4 | - | 1 | 1 | 1 | 1 | - | - | |
| General sale | 236 | - | 59 | 42 | 35 | 100 | - | - | |
| Rental | 22 | 22 | - | - | - | - | - | - | |
e. Specifications of newly installed or removed maintenance infrastructure (urban planning facilities)
| New | Purpose of Abolishment | |||||||
| Type | Name | Scale (㎡) | Installation Cost | Type | Name | Scale (㎡) | Public Land (㎡) | Free Transfer (㎡) |
| Road | Small Road 1-2 | 7.6 | 16,751,000 | Road | 3,284.2 | 3,284.2 | 919 | |
| Road | Road | 2,276.7 | 4,971,766,000 | |||||
f. Scheduled demolition date of existing buildings: Completed
Classification
Announcement
Institution Classification
District
Institution
Dong-gu
Announcement Number
No. 2026-9
Title
Announcement of the approval of management disposal plan (amendment) for the redevelopment project of Zone 3
Date
February 11, 2026
#Busan Announcement, #Dong-gu Announcement, #Zone 3, #Redevelopment of Zone 3, #Management Disposal Approval, #Management Disposal Amendment Approval, #Hoban Construction, #Hoban Summit Central Bay, #Busan Redevelopment, #Choryang-dong Redevelopment, #North Port Redevelopment, #Busan North Port, #Choryang Station, #Busan Subway Line 1, #Busan Marketing, #Expected Marketing in Busan, #Construction in March, #Marketing in the third quarter of 2026, #236 General Sale Units, #Total 432 Units, #Proportionality 103, #Sale Price for 84 Type, #654,000 Won per Pyeong Construction Cost, #Dong-gu Maintenance Project, #Busan Old City Development, #659 Choryang-dong, #Maintenance Infrastructure, #Busan Urban Maintenance, #Busan Apartment Sale
Frequently Asked Questions (FAQ)
Q. What are the key details of the redevelopment project of Zone 3?
The redevelopment project is underway in the area of 659 Choryang-dong, Dong-gu, Busan, consisting of 432 households.
The redevelopment project of Zone 3 will be developed on a site of 17,455.6㎡ in Choryang-dong, Dong-gu, Busan, with 5 buildings ranging from 3 underground floors to 24 above ground floors, totaling 432 households (22 rental units, 236 general sale units). The project received management disposal plan (amendment) approval on February 6, 2026, and Hoban Construction has been selected as the builder. The demolition of existing buildings has been completed, and construction is planned to commence in March 2026, with marketing expected in the third quarter.
Q. What is the composition and scale of the units for sale at Hoban Summit Central Bay?
There are a total of 432 units, mainly consisting of small to medium-sized units with exclusive areas ranging from 39 to 84㎡.
The total of 432 units is composed of 22 rental units and 236 general sale units. By exclusive area, it includes 22 units of type 39A, 86 units of 59A, 48 units of 59B, 48 units of 70A, 187 units of 84A, and 41 units of 84B, focusing primarily on small to medium-sized units. There are about 177 cooperative members, and the proportionality ratio according to the management disposal criteria is 103%.
Q. What is the expected sale price?
The sale price for the cooperative 84㎡ unit is approximately 563.6 million won, and the general sale price is estimated to be in the 700 million won range.
The construction cost is estimated to be around 6.54 million won per pyeong, and the sale price for the cooperative 84㎡ unit is expected to be about 563.6 million won (approximately 16.1 million won per pyeong). The general sale price for the 84 type is projected to reach the 700 million won range, which may influence the nearby real estate market.
Q. What is the location and transportation environment of Zone 3 like?
It is located near Choryang Station on Busan Subway Line 1, with excellent living and educational infrastructure.
Zone 3 is located close to the Busan North Port redevelopment area and is adjacent to cultural and commercial facilities such as an opera house and waterfront park, which enhances its location. Transportation is facilitated by Choryang Station on Busan's Line 1 subway, providing excellent access to the city center, while various daily convenience facilities like Lotte and Hyundai Department Stores, as well as Dong-A University Hospital, are nearby. Educational institutions such as Dongil Central Elementary School, Busan Middle School, and Busan High School are also in close proximity, making it highly preferred as a residential area in the old downtown.
Q. What are the current progress and future schedule of the redevelopment project?
The management disposal plan amendment was completed in February 2026, construction is scheduled for March, and marketing is anticipated in the third quarter.
The redevelopment project received management disposal plan (amendment) approval on February 6, 2026, with plans for construction in March. Marketing is scheduled for the third quarter of 2026, and significant preparations for marketing are underway. It is closely tied to the North Port redevelopment and is expected to become a key sales volume in the old downtown.
