Approval Announcement for the Change of Association Establishment (2nd) for Idong Daeyoung Apartment Small-scale Reconstruction Project
- Yeonji-dong, Busanjin-gu, 172
The 'Idong Daeyoung Apartment Small-scale Reconstruction Project' in Yeonji-dong, Busanjin-gu, has made further progress as it received approval for the change of association establishment (2nd) from the Busanjin-gu office on February 26, 2025.
However, there are concerns that the contributions that members have to bear may increase due to the rise in construction costs and sales prices. This raises doubts about whether the project can proceed smoothly.
The current project, being carried out on a 3,418㎡ site located at 172 Yeonji-dong, Busanjin-gu, aims to supply 220 apartments in a 36-story building with 6 basement floors and 30 officetels. The construction company is Joongheung Construction, which was selected in September 2023 with a contract amount of 107.1 billion won.
In this project, the 117 units of Idong Daeyoung are all 33-pyeong-sized, and as it is located in a commercial area, there is potential to double the number of units through reconstruction. For this reason, the commercial viability of this project is considered better than that of others.
Small-scale reconstruction projects have the advantage of faster progress compared to large-scale reconstructions, but they also have structural limitations due to the smaller number of members, which increases the burden of contributions. Particularly, construction material prices and labor costs have recently risen significantly, leading to greater than expected construction costs.
Additionally, the deteriorating sales market is creating conditions that make it difficult to increase general sales prices sufficiently, indicating that there is a possibility that members will bear additional costs. These circumstances are expected to have a significant impact on the future progress of the project, and members will need to respond cautiously.
Busanjin-gu is expected to improve the local living environment and create a new landmark through this reconstruction. However, it seems that the biggest challenge during the project will be resolving the cost issues.
To minimize the burden on members and ensure smooth project progress, careful financial planning and effective measures will be necessary. Only with such preparations can successful project execution be deemed possible.
Announcement No. 2025-34, Busan Metropolitan City Busanjin-gu
Approval Announcement for the Change of Association Establishment (2nd) for the Idong Daeyoung Apartment Small-scale Reconstruction Project
In relation to the "Idong Daeyoung Apartment Small-scale Reconstruction Project" located in Yeonji-dong, 172, Busan Metropolitan City Busanjin-gu, I hereby approve the change of association establishment (2nd) pursuant to Article 23(5) of the Special Act on Maintenance of Vacant Houses and Small-scale Housing and announce it in accordance with Article 21-2 of the Enforcement Decree of the same Act.
February 26, 2025
The Mayor of Busan Metropolitan City Busanjin-gu
Type and Title of the Project
| Type of Project | Project Title |
| Small-scale Reconstruction Project | Idong Daeyoung Apartment Small-scale Reconstruction Project |
Location and Area of the Project Implementation Zone
| Location of the Project Implementation Zone | Area of the Project Implementation Zone |
| Yeonji-dong, 172, Busanjin-gu | 3,418㎡ |
Scheduled Start Date and Scheduled Completion Date of the Project
| Scheduled Start Date | Scheduled Completion Date |
| TBD | TBD |
Name of the Association and Office Location
| Name of the Association | Office Location |
| Idong Daeyoung Apartment Small-scale Reconstruction Maintenance Association | 235 Dongpyeong-ro 15, 2nd floor, Busanjin-gu |
Changes: Changes in association regulations, delegates, and members
Classification
Announcement
Agency Classification
Gu-gun
Agency
Busanjin-gu
Announcement Number
No. 2025-34
Title
Approval Announcement for the Change of Association Establishment (2nd) for the Idong Daeyoung Apartment Small-scale Reconstruction Project
Date
2025-02-26
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