Table of Contents
Chowon Apartment Reconstruction Project / Yeongju 1 Zone Reconstruction Maintenance Zone Deadline Extension Notice
- 2 Yeongju-dong, Jung-gu, 1064-1 Choryang-dong, Dong-gu, progress, location, feasibility
The deadline for the Yeongju 1 Reconstruction Maintenance Zone, specifically the Chowon Apartment Reconstruction Project located at 2 Yeongju-dong, Jung-gu, and 1064-1 Choryang-dong, Dong-gu, has been extended.
The city of Busan announced on May 27, 2026, through a notice that the deadline for this zone will be extended to May 30, 2028. This area covers a total of 13,758㎡ and was designated as a maintenance zone after the maintenance plan was established in April 2021, receiving approval for association establishment in May 2023.
It is expected that the progress of the reconstruction project will become smoother.
The request for this extension came because more than 30% of the association members requested the extension of the maintenance zone deadline.
If the follow-up procedures are not completed within the specified period, the zone can be subject to release. With this notice, the Yeongju 1 Zone can avoid immediate release and secure time to continue the project.
Thus, the association now has the opportunity to prepare for the next stages such as project implementation plan approval, selection of construction companies, and re-evaluation of feasibility. This is expected to positively impact the future project progress.
However, it is difficult to evaluate the outlook for the project positively.
The Yeongju 1 Zone is located in the old city center of Busan and requires improvement of the residential environment, but it is not highly preferred in the market.
Considering the recent rise in construction costs and financial burdens, as well as the overall atmosphere of the Busan real estate market, there is a possibility that the amount burdened by association members may increase.
This notice is more about buying time while maintaining the status of the maintenance zone rather than the project officially starting.
The future progress will depend on adjustments to the project costs, securing construction companies, and the recovery of the real estate market.
Busan Metropolitan City Notice No. 2026-189
Notice on the Extension of the Yeongju 1 Reconstruction Maintenance Zone Deadline
In accordance with Article 20, Paragraph 6 of the Urban and Residential Environment Maintenance Act, the deadline for the Yeongju 1 Reconstruction Maintenance Zone located in Yeongju-dong 2, Jung-gu, and Choryang-dong 1064-1, Dong-gu is extended, and is hereby announced according to Paragraph 7 of the same article.
May 27, 2026
Mayor of Busan Metropolitan City
1. Extension of Maintenance Zone Release Deadline
| Zone Name | Location | Zone Area (㎡) | Deadline Extension for Maintenance Zone Release | Remarks |
| Yeongju 1 Reconstruction Maintenance Zone | 2 Yeongju-dong, Jung-gu, and 1064-1 Choryang-dong, Dong-gu | 13,758 | Until May 30, 2028 | - |
※ In accordance with Article 20, Paragraph 1, Subparagraph 2 (l) of the Urban and Residential Environment Maintenance Act, from the specified period plus two years.
2. Reasons for Extension of Maintenance Zone Release Deadline
- More than 30% of the association members requested an extension of the maintenance zone release deadline as per Article 20, Paragraph 1, Subparagraph 2 (l) prior to the expiration of the deadline, in order to ensure planned maintenance of the residential environment.
3. For further details, contact the Urban Maintenance Division of Busan Metropolitan City (051-888-4241) or the Regeneration and Construction Division of Jung-gu (051-600-4604) for related documents.
Classification
Notice
Agency Classification
City
Agency
Busan Metropolitan City
Notice Number
2026-189
Title
Notice on the Extension of the Yeongju 1 Reconstruction Maintenance Zone Deadline
Date
2026-05-27
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Frequently Asked Questions (FAQ)
Q. Until when has the deadline for the Yeongju 1 Zone Reconstruction Maintenance Zone been extended?
The deadline for the Yeongju 1 Zone Reconstruction Maintenance Zone has been extended to May 30, 2028.
The Busan Metropolitan City confirmed the extension of the Yeongju 1 Zone Reconstruction Maintenance Zone deadline to May 30, 2028, through a notice dated May 27, 2026, extending the deadline by two years from the original. This extension was made based on the request of more than 30% of the association members in accordance with the Urban and Residential Environment Maintenance Act. Therefore, the area will not be released and will maintain its status as a maintenance zone, allowing for smoother progress of the reconstruction project.
Q. What is the background of the extension of the Yeongju 1 Zone Maintenance Zone release deadline?
More than 30% of the association members requested an extension of the release deadline.
This extension is a response to the official request from more than 30% of the association members for an extension of the maintenance zone release deadline. If follow-up procedures are not completed within the designated timeframe, a zone can be released, so this action aims to secure time for the association to continue the project. As a result, the association now has the opportunity to prepare for next steps, including project implementation plan approval, selection of construction contractors, and reevaluation of feasibility.
Q. What is the current progress of the Yeongju 1 Zone Reconstruction Project?
The maintenance plan has been established, the maintenance zone has been designated, and the association establishment approval has been completed.
The Yeongju 1 Zone established its maintenance plan in April 2021 and was designated as a maintenance zone in the same year. Subsequently, in May 2023, it received approval for the establishment of an association, and the legal procedures necessary for promoting the reconstruction project have been carried out sequentially. However, the actual execution of the project has not yet officially started, and with this extension, the focus can now be shifted to preparation work for advancing the project.
Q. What are the prospects and main challenges of the Yeongju 1 Zone Reconstruction Project?
The project outlook is cautious, with rising construction costs and market uncertainty as challenges.
The Yeongju 1 Zone is located in the old city center of Busan, requiring improvement in its residential environment, yet it is not highly preferred in the market. Due to the recent increase in construction costs and financial burdens, along with the uncertainty in the Busan real estate market, there are concerns that the burden of contributions by association members may increase. These factors can pose challenges to project promotion, and the speed of future project progress will largely depend on adjustments to project costs, securing construction companies, and the recovery of the real estate market.
Q. What are the main points of this Busan Metropolitan City notice?
The notice extends the deadline for the Yeongju 1 Reconstruction Maintenance Zone by two years.
Busan Metropolitan City Notice No. 2026-189 contains information extending the deadline for the Yeongju 1 Zone Reconstruction Maintenance Zone located at 2 Yeongju-dong, Jung-gu, and 1064-1 Choryang-dong, to May 30, 2028, by two years, in accordance with Article 20 of the Urban and Residential Environment Maintenance Law. Consequently, the status of the maintenance zone is maintained, and related documents are available at the Urban Maintenance Division of Busan City and the Regeneration and Construction Division of Jung-gu for further inquiries.