Table of Contents
Hyundai Apartment Reconstruction in Geoje-dong / Maintenance Plan Decision and Maintenance Area Designation Announcement for Geoje 4th District Reconstruction Project
- Geoje-dong 840, Yeonje-gu, area map, location, project feasibility, Busan reconstruction investment
The reconstruction project of Hyundai Apartment in Geoje-dong, Yeonje-gu, Busan has been designated as a maintenance area. The Busan City announced the 'Maintenance Plan Decision and Maintenance Area Designation for Geoje 4th Reconstruction Project' on April 1, 2026.
This announcement comes approximately 8 months after the public consultation and announcement of the maintenance plan scheduled for August 2025, marking a significant milestone in the actual progress of the project. It is interpreted as a sign of positive change for local residents.
The project area is located at 840 Geoje-dong, Yeonje-gu, covering approximately 32,414㎡. This project involves the reconstruction of the Hyundai Apartment completed in 1986. The current apartment consists of a maximum of 15 floors and provides only 0.53 parking spaces per unit, highlighting the urgent need for improvement in the residential environment.
According to the maintenance plan, approximately 90.7% of the total area will be used for residential land, while the remaining 9.3% will be comprised of infrastructure such as roads.
In terms of construction plans, the floor area ratio is set at a maximum of about 286% and the building height is limited to below 114m.
Additionally, road expansions and the establishment of new roads are included to improve traffic and pedestrian access.
The location conditions are very favorable. The Geoje Station on subway line 3 and Donghae line Geoje Station are within a 6-7 minute walk, making it a convenient double transportation hub. Additionally, various living infrastructures such as Busan Medical Center, E-Mart Yeonje branch, and Homeplus Asiad branch are located nearby. The availability of educational facilities in the vicinity also makes this area highly desirable for living.
The nearby Geoje 3rd district (Gyeongnam Apartments) was designated as a maintenance area in July 2025 and plans to transform into a new apartment complex with approximately 573 units. Although there will be no integrated efforts between the two districts, there is a high potential for them to develop into a key reconstruction belt in Yeonje-gu.
Mid-rise reconstruction carries the burden of project feasibility and risks due to rising construction costs. As it is currently in the early stages, securing project viability is expected to be a crucial factor in the upcoming association establishment and project approval process.
Announcement No. 2026-115 by Busan Metropolitan City
Announcement of the Maintenance Plan Decision and Maintenance Area Designation for Geoje 4th Reconstruction Project
1. The maintenance plan decision and area designation for the Geoje 4th reconstruction project in Geoje-dong 840, Yeonje-gu, Busan, is officially announced according to Article 16 of the Urban and Residential Environment Maintenance Act, and the topographical map is provided in accordance with Article 8 of the Land Use Regulation Act and Article 7 of its Enforcement Decree.
2. Related documents (land use "http://www.eum.go.kr" can be viewed) are available for public inspection at the Busan Metropolitan City Urban Maintenance Division (☏051-888-4242) and Yeonje-gu Building Division (☏051-665-5055).
April 1, 2026
The Mayor of Busan
I. Designation of the Maintenance Area and Maintenance Plan Decision
1. Record of the designation of the maintenance area for the reconstruction project
| Designation Type | Type of Project | Name of Area | Location | Area (㎡) | Remarks |
| New | Reconstruction Project | Maintenance Area for Geoje 4th Reconstruction Project | 840, Geoje-dong, Yeonje-gu, Busan | 32,414 |
2. Maintenance Plan for the Reconstruction Project
○ Plan regarding land use
| Type | Name | Area (㎡) | Ratio (%) | Remarks | |
| Urban Management Plan Use Area | Total | 32,414 | 100.0 | ||
| 3rd Class General Residential Area | 32,414 | 100.0 | |||
| Housing and Maintenance Infrastructure (Urban Planning Facility) | Total | 32,414 | 100.0 | ||
| Housing Land | 29,395 | 90.7 | |||
| Residential Land | 29,395 | 90.7 | |||
| Maintenance Infrastructure (Urban Planning Facility) | 3,019 | 9.3 | |||
| Road | 3,019 | 9.3 | |||
○ Plan for Changes in Use Areas (No Changes)
| Type | Area (㎡) | Composition Ratio (%) | Remarks | |||
| Existing | Changed | After Change | ||||
| Use Area | Total | 32,414 | - | 32,414 | 100.0 | |
| 3rd Class General Residential Area | 32,414 | - | 32,414 | 100.0 | ||
○ Estimated Contribution Amount and Calculation Basis by Land Owner
| Estimated Contribution Amount | Estimated Total Revenue | Estimated Total Project Cost | Estimated Total Asset Value | Estimated Proportional Rate |
| 606,053,500,000 won | 342,062,893,000 won | 256,417,957,000 won | 102.95% | |
| Calculation Basis | ∙ Estimated Total Asset Value = Sum of Estimated Total Assets by Land Owner ∙ Estimated Proportional Rate = (Estimated Total Revenue - Estimated Total Project Cost) / Estimated Total Asset Value ∙ Contribution by Land Owner = Member Sale Price - Right Value | |||
※ The above estimated total asset value and individual contribution amounts are subject to change based on future management and disposal plans.
○ Plans regarding the main use, building coverage ratio, floor area ratio, and height of buildings
| Category | Area Division | Land Division | Location | Main Use | Building Coverage Ratio (%) | Floor Area Ratio (%) | Height (m) | Remarks | ||||||||||||||||||
| Name | Area (㎡) | Name | Area (㎡) | |||||||||||||||||||||||
| New Establishment | Geoje 4th Reconstruction Project Maintenance Area | 32,414 | 1-1 | 26,132 | 840 Geoje-dong, Yeonje-gu | Residential and Auxiliary Facilities | 30% or less | 300% or less | Below 114m | - | ||||||||||||||||
| 2-1 | 3,263 | Geoje-dong 491-23, Yeonje-gu | Residential and Auxiliary Facilities | 30% or less | 167% or less | Below 114m | - | |||||||||||||||||||
| Housing Scale and Construction Ratio | ⦁ Not applicable | |||||||||||||||||||||||||
| Matters Related to the Construction of Rental Housing | ⦁ Not applicable | |||||||||||||||||||||||||
| Application of Floor Area Ratio Relaxation Standards | ⦁ Application of evaluation standards and floor area ratio relaxation standards as stated in the "2030 Busan Metropolitan City Urban and Residential Environment Maintenance Basic Plan" ⦁ Standard floor area ratio calculation: 260% (development inducement zone) | |||||||||||||||||||||||||
| Category | Evaluation Standard Score | ⇨ | Evaluation Standard Points | Land Use | Standard Floor Area Ratio | |||||||||||||||||||||
| Geoje 4th District | 96 points | Above 80 points | Development Inducement | 260% | ||||||||||||||||||||||
| ⦁ Calculation of Floor Area Ratio Relaxation (Incentives) ▸ Public Interest Elements Incentive (when providing public facilities) : 20%- 1.5 × (1,919㎡ ÷ 29,395㎡) × 300% = 29.4%- Maximum public interest element incentive as per "Urban and Residential Environment Maintenance Basic Plan": 20%▸ Non-public interest element incentives - Local Economic Vitalization Incentive: Designer 5%- Sustainable Communal Housing: 5%⦁ Allowed Floor Area Ratio: 260% + 20% + 10% = 290%⦁ Planned Floor Area Ratio: 286%※ [(26,132㎡×300%)+(3,263㎡×167%)]÷(26,132㎡+3,263㎡)=285.3% | ||||||||||||||||||||||||||
Category
Notice
Agency Type
City
Agency
Busan Metropolitan City
Notice/Announcement Number
No. 2026-115
Title
Announcement of Maintenance Plan Decision and Maintenance Area Designation for Geoje 4th Reconstruction Project
Date
April 1, 2026
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Frequently Asked Questions (FAQ)
Q. When was the maintenance area designation for the reconstruction project of the Hyundai Apartment in Geoje-dong decided?
The Busan city announced the decision on the maintenance plan and area designation for the Geoje 4th district reconstruction project on April 1, 2026.
The decision on the maintenance plan and area designation for the Geoje 4th district reconstruction project was officially announced by the Busan Metropolitan City on April 1, 2026. This announcement came about 8 months after the public consultation and announcement in August 2025, marking an important stage in the actual commencement of the project. It signals a positive sign for both local residents and investors.
Q. What is the target area for the Geoje 4th district reconstruction project?
It is located in Geoje-dong, Yeonje-gu, Busan, covering approximately 32,414㎡.
The target area is located in Geoje-dong, Yeonje-gu, Busan, and spans approximately 32,414㎡. This site has the Hyundai Apartment, completed in 1986, which currently stands at a maximum of 15 floors and has only 0.53 parking spaces per unit, indicating a pressing need for improvement in the living environment. The reconstruction is expected to significantly improve the residential environment and infrastructure.
Q. What are the main plans for the reconstruction project?
The plan includes a building coverage ratio of below 30%, a maximum floor area ratio of 286%, and a height limit of 114m.
According to the maintenance plan for the Geoje 4th district reconstruction project, about 90.7% of the total land will be utilized for residential purposes and 9.3% will be allocated for roads and infrastructure. Buildings will be planned with a floor coverage ratio below 30%, a maximum floor area ratio of about 286%, and a height limit of below 114m. Additionally, road widening and the establishment of new roads will enhance transportation and pedestrian facilities.
Q. What are the location and transportation conditions of the Geoje 4th district?
It is 6-7 minutes on foot from Geoje Station on line 3 and Donghae line Geoje Station, making it a convenient double transportation hub.
The Geoje 4th district boasts excellent location conditions. It is only a 6-7 minute walk from Geoje Station on subway line 3 and Donghae line Geoje Station, making it a convenient double transportation hub. Various amenities such as the Busan Medical Center, E-Mart Yeonje branch, and Homeplus Asiad branch are close by. The availability of educational facilities also adds to the area's high desirability for residential living.
Q. What is the relationship between the Geoje 4th district reconstruction project and the nearby Geoje 3rd district?
The Geoje 3rd district has already been designated as a maintenance area, and there are no plans for joint development between the two districts.
Geoje 3rd district (Gyeongnam Apartments) was designated as a maintenance area in July 2025 and plans to be transformed into approximately 573 new units. While there are no joint projects planned between the Geoje 4th and 3rd districts, both areas are adjacent and have a high potential to develop into a major reconstruction belt within Yeonje-gu. This is expected to increase the overall value of the area and improve the living environment.
Q. What are the project viability and risks of the Geoje 4th district reconstruction project?
As a mid-rise reconstruction project, the rising construction costs and securing project feasibility are important challenges.
The Geoje 4th district is a mid-rise reconstruction project that faces the risk of rising construction costs impacting project viability. Currently in the early stages, securing project feasibility will be a key factor in the upcoming association establishment and project permitting process. Therefore, both investors and members need to conduct careful evaluations, and effective cost management and plan execution will be essential in the practical advancement of the project.