Delay in MiJin EZBIA Private Rental Launch in Amnam-dong, Busan, Upcoming Sale
Announcement of the approval for changes in the housing construction project plan - Amnam-dong 2-93 and surrounding area
The public-supported private rental housing project in the Amnam-dong 2-93 area, Seo-gu, Busan is set to proceed in earnest. With the change of the project entity from MiJin Construction to Korea Land Trust, Korea Land Trust will promote the private rental project through its newly established Korea No. 51 Trust Management Real Estate Investment Company (Korea No. 51 Trust).
Korea Land Trust received business approval for Korea No. 51 Trust from the Ministry of Land, Infrastructure and Transport on the 27th of last month. This has laid the groundwork to actively proceed with the Busan Seo-gu Amnam-dong project.
This project involves a structure from 4 underground floors to 26 above ground, supplying a total of 442 units of public-supported private rental housing. A total of 47 billion won will be invested in this project.
According to the announcement of the approved housing construction project plan (amended) from last November, the project duration has been adjusted from November 2024 - September 2027 to February 28, 2025 - December 27, 2027. Consequently, there are some changes to the project schedule, but due to Korea Land Trust's active investment, it is expected that the project will progress smoothly in the first half of 2025.
The Amnam-dong public-supported private rental housing project aims to ensure residential stability and expand supply in Seo-gu, Busan. This project will operate on a private rental basis and will be offered to tenants who meet the actual residence requirements for a certain period. Especially, it is expected to help alleviate the housing burden on low-income households through public support benefits in Seo-gu, Busan.
Announcement No. 2025-9 of Seo-gu, Busan
Announcement of the approval of the housing construction project plan (changed)
Regarding the housing construction project in Amnam-dong 2-93 area, Seo-gu, Busan, the housing construction project plan (changed) has been approved under Article 15 of the Housing Act, and it is announced as follows in accordance with Article 15, Paragraph 6 of the same law.
Date: February 19, 2025
Seo-gu Mayor of Busan
1. Project Name: Housing Construction Project in Amnam-dong 2-93 Area
2. Name and Address of the Project Entity (Changed)
(Original)
○ Name: MiJin Construction Co., CEO Kim Jong-tak
○ Address: 321, Haeundae Beach Road, Haeundae-gu, Busan, 5th Floor, Room 501, Marine Tower
(Changed)
○ Name: Korea No. 51 Trust Management Real Estate Investment Trust, CEO Kwon Yong-ha
○ Address: 517, Yeongdong-daero, Gangnam-gu, Seoul, 26th Floor, 33rd Floor
3. Location, Area of Business Implementation, and Scale of Construction Housing
○ Location: Amnam-dong 2-93 and 28 other parcels, Seo-gu, Busan
○ Land area: 34,712㎡ (usable area 17,409㎡)
○ Scale of constructed housing
1) Building scale: 4 underground floors / 26 above ground floors, 442 units
2) Building area: 4,893.9116㎡
3) Total floor area: 66,057.0466㎡
4) Purpose: Apartment buildings and auxiliary facilities
4. Project Implementation Period (Changed)
(Original) November 30, 2024 – September 29, 2027
(Changed) February 28, 2025 – December 27, 2027
5. Major Changes: Change of project entity, change of project implementation period
6. No matters subject to the provisions of Article 19, Paragraph 1 of the Housing Act have changed
7. Any other inquiries: Seo-gu Architecture Department of Busan (☎ 051-240-4632)
Classification
Announcement
Institution Classification
Gu/Gun
Institution
Seo-gu
Announcement Number
No. 2025-9
Title
Announcement of the Approval of Housing Construction Project Plan (Changed)
Date
February 19, 2025
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