Announcement of Designation of Gwang-an-dong Buhung·Bugwang Small-scale Reconstruction Project Agent
- Suyeong-gu, Gwang-an-dong 491-3 area, Shinyoung Real Estate Trust
The small-scale reconstruction project in Gwang-an-dong, Suyeong-gu, Busan, is officially starting. Shinyoung Real Estate Trust Co. has been designated as the agent for this project.
The reconstruction will be conducted on a site of 3,573.5㎡ in the area of 491-3, Gwang-an-dong, and is scheduled to begin construction in February 2025, with completion planned for July 2030. This area received approval for the establishment of a small-scale reconstruction project association in February 2023.
This project is expected to greatly contribute to improving the local residential environment.
Located within walking distance of Suyeong Station on Busan Subway Line 2, this area has garnered attention for its station area positioning. Nearby, there are various educational facilities including Suyeong Elementary, Hoam Elementary, Suyeong Middle School, and Dong-A Middle School, providing an excellent residential environment.
Additionally, with abundant living infrastructure such as administrative welfare centers, public health centers, banks, hospitals, and Gwang-an Market, a more convenient living environment is anticipated.
This reconstruction project will be conducted on a project scale of 3,573.5㎡, including the Gwang-an-dong Buhung 4th Apartment and adjacent land. A floor area ratio of 868.61% will be applied, resulting in new residential buildings and neighborhood living facilities from 5 underground floors to 37 above-ground floors.
The area is primarily commercial, and plans to utilize its high floor area ratio to construct high-rise apartments are in place. This is expected to improve the residential environment in Suyeong-gu and positively impact the rise in real estate values.
As the project agent, Shinyoung Real Estate Trust is responsible for key tasks such as building permit and project execution approvals, financing for construction, and sales management. They will actively support the project's progress.
In the future, it is expected to derive optimal design proposals by reflecting the opinions of association members and stakeholders. Through this process, it seems highly likely to establish itself as a representative residential landmark in Suyeong-gu.
Announcement No. 2025-13 of Busan Metropolitan City Suyeong-gu
Announcement of Designation of Project Agent for Gwang-an-dong Buhung·Bugwang Small-scale Reconstruction Project
For the small-scale reconstruction project in Gwang-an-dong, Suyeong-gu, Busan, concerning the area of 491-3, Gwang-an-dong, this is to announce the designation of the project agent according to Article 56 of the Act on Special Cases Concerning Empty Houses and Small-Scale Housing Maintenance, Article 28 of the Urban and Residential Environment Maintenance Act, and Article 22 of the enforcement decree of the same act.
Date: February 19, 2025
Mayor of Suyeong-gu, Busan
1. Type and name of maintenance project
○ Type: Small-scale reconstruction project
○ Name: Gwang-an-dong Buhung·Bugwang Small-scale Reconstruction Project
2. Name and address of the project executor
○ Name of corporation: Gwang-an-dong Buhung Bugwang Small-scale Reconstruction Project Association
○ Name and address of the representative: Kwon Tae-hyun [13, Gwangil-ro 9beon-gil, Suyeong-gu, Busan, 602ho (Gwang-an-dong, Buhung 4th Apartment)]
○ Location of the main office: 621, Suyeong-ro, Suyeong-gu, Busan, 2nd floor, 2-3-1ho (Gwang-an-dong)
3. Location and area of the maintenance zone
○ Location: Area of 491-3, Gwang-an-dong, Suyeong-gu, Busan
○ Area: 3,573.5㎡
4. Scheduled start and completion dates of the project
○ Scheduled start date: February 2025
○ Scheduled completion date: July 2030
5. Date of decision for the project agent: February 11, 2025
6. Project Agent
○ Project agent: Shinyoung Real Estate Trust Co. (CEO: Park Soon-moon)
○ Address: 16, International Financial Road 8-gil, Yeongdeungpo-gu, Seoul, 8th floor (Yeouido)
7. Duties of the project agent
○ Conclusion of a trust contract for the maintenance project land with the project executing entity (association and land owner) and assumption of trust business.
○ Cooperation with authorities for building permits according to architectural plans (including project execution approvals and changes).
○ Management of contractor financing and administrative support for public works completion plans, as well as execution of trust tasks.
○ Performance of sales work and management of funds such as sales proceeds.
○ Support for fund borrowing and management and execution of the trustee's funds.
○ Execution and management of project costs (including construction funds).
○ Coordination of the establishment and modification of the management and disposal plan of the project association.
○ Other duties of the project agent as specified by the Housing Maintenance Act for Small Scale Housing and Urban Maintenance Law, enforcement decree, trust pact, and agreement from the date of the project agent's designation to the day of completion announcement of the project.
Classification
Announcement
Agency type
District
Agency
Suyeong-gu
Announcement number
No. 2025-13
Title
Announcement of Designation of Project Agent for Gwang-an-dong Buhung·Bugwang Small-scale Reconstruction Project
Date
February 19, 2025
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