Sihyeong Station Samjeong Green Core Forest, Notice of Ownership Transfer Before the Small-Scale Reconstruction Project of Sehwa Apartment
- 2404 Yeonsan-dong, Yeonje-gu, and one other site
Sihyeong Station Samjeong Green Core Forest, located at 1507-1 Yeonsan-dong, Yeonje-gu, Busan, is a newly developed residential complex through the small-scale reconstruction of Sehwa Apartment. This complex consists of two buildings with 3 basement floors and 22 above-ground floors, with a total of 160 units, divided into 128 apartment units and 32 urban living houses.
Having received construction approval in May 2023, the ownership transfer notice took place on March 12, 2025, approximately two years after residents began to move in. Although this is considered a relatively long period for a small-scale reconstruction, the relatively smooth process of selling and completing the project from the early stages is a positive factor.
This residential complex is expected to contribute to improving the residential environment in the area. Providing a pleasant and stable living space for residents is a primary goal of this project.
This complex has a very attractive location. Major administrative institutions such as Busan City Hall are close by, fulfilling its function as an administrative center. Additionally, Sihyeong Station on the subway and Geojehaemaji Station on the Donghae Line are accessible on foot, making transportation very convenient. The movement through Gyeongbu Expressway via Jungang-daero and across Busan is also smooth, resulting in excellent location conditions.
In the sale conducted in 2020, the competition ratio for the 84.21㎡ type was very high at 106.50 to 1. This is interpreted as being due to the short resale restriction of 6 months and the sale price being several million won cheaper than the surrounding market price. These factors seem to have provided significant appeal to investors.
As of March 2025, the sale price of Sihyeong Station Samjeong Green Core Forest near the station ranges from 360 million won to 540 million won depending on the size, with the average price per pyeong being 15.28 million won. This can be considered quite a competitive figure compared to the average price in Yeonje-gu, Busan.
This excellent location and reasonable sale price are expected to play important roles in the future increase in local value. In particular, with large apartment complexes and various living convenience facilities located nearby, residential satisfaction is also expected to be high. These factors will further enhance the attractiveness for future investment.
Notice No. 2025-1 of Sehwa Apartment Small-Scale Reconstruction Maintenance Project Association
Notice of Ownership Transfer of the Sehwa Apartment Small-Scale Reconstruction Project
1. In accordance with Article 39 of the 「Act on the Maintenance of Vacant Houses and Small-Scale Housing」 and Article 36 of the Enforcement Decree of the same Act, the construction approval notice for the "Sehwa Apartment Small-Scale Reconstruction Project" approved by the Busan Metropolitan City Yeonje-gu with Notice No. 2023-36 (2023.05.03.) is hereby made public as the matter of ownership transfer based on the provisions of the same Law, Article 40, Paragraphs 1 and 2.
2. Relevant documents are kept at the office of the Sehwa Apartment Small-Scale Reconstruction Maintenance Project Association and are shown to interested parties.
March 12, 2025
Chairman of the Sehwa Apartment Reconstruction Maintenance Project Association, Lee Seok-cheol
- Notice Contents -
1. Type and Name of the Maintenance Project: Sehwa Apartment Small-Scale Reconstruction Project
2. Location and Area of the Project District
1) Location: 2404 Yeonsan-dong, Yeonje-gu, Busan and one other site
Previous: Area around 1507-1 Yeonsan-dong, Yeonje-gu, Busan
2) Maintenance District Area: 4,272.7㎡
3) Notice Area of Transfer: 4,272.7㎡, Actual Land Area: 4,272.7㎡
3. Principal Office of the Contractor and Name
1) Office: 82 Geojecheon-ro, Yeonje-gu, Busan, Commercial Building 218 (Yeonsan-dong)
2) Name: Sehwa Apartment Reconstruction Maintenance Project Association (Chairman: Lee Seok-cheol)
4. Date of Approval of the Management Plan (Initial): 2017.02.17.
5. Date of Approval of the Management Plan (Final): 2025.02.21.
6. Date of Completion Approval and Construction Completion Notice: 2023.05.03.
7. Details of the Transfer Notice
1) Land
| Category | Location | Land Number | Land Type | Area (㎡) | Remarks |
| Total Notice Area | | | | 4,272.7 | |
| Multi-family Housing, Urban Living Housing, Neighborhood Living Facilities | Yeonsan-dong | 2404 | Large | 3,634.4 | Sehwa Apartment Reconstruction Maintenance Project Association and 72 others |
| Neighborhood Living Facilities | Yeonsan-dong | 2405 | Road | 638.3 | |
2) Building Facilities
| Category | Multi-family Housing | Urban Living Housing | Neighborhood Living Facilities | Total |
| Total Area (㎡) | 19,297.0394 | 1,964.5288 | 4,099.5487 | 25,361.1169 |
| Floors | 3 Basement to 22 Floors Above Ground | | | |
| Number of Units | 128 Units | 32 Units | 47 Units | 207 |
3) Disposal Plan by Land or Building Facilities
(Disposal Plan by Size of Multi-family Housing)
| Target Supply | Exclusive Area | Contract Area | Total | Association Member Sale | General Sale | Reserved Land |
| A(59) | 59.9777 | 121.3339 | 32 | 32 | 0 | - |
| B(76) | 76.6660 | 148.3228 | 40 | 23 | 17 | - |
| C(84) | 84.9989 | 168.5499 | 27 | 5 | 22 | - |
| D(84) | 84.2131 | 168.7303 | 2 | 0 | 2 | - |
| E(84) | 84.9719 | 170.1161 | 27 | 7 | 20 | - |
| Total | | | 128 | 67 | 61 | - |
(Disposal Plan by Size of Urban Living Housing)
| Target Supply | Exclusive Area | Contract Area | Total | Association Member Sale | General Sale | Reserved Land |
| Studio A | 19.5380 | 36.1923 | 8 | - | 8 | - |
| Two-room A | 34.9512 | 64.7438 | 8 | - | 8 | - |
| Two-room B | 35.2600 | 65.3158 | 8 | - | 8 | - |
| Two-room C | 42.8168 | 79.3142 | 8 | - | 8 | - |
| Total | | | 32 | - | 32 | - |
(Disposal Plan for Neighborhood Facilities)
| Category | Total Contract Area | 101 and 102 Buildings Ground Floor (Units 101-127) | 101 and 102 Buildings Second Floor (Units 201-220) | Remarks |
| Neighborhood Living Facilities (Commercial) Member Sale | 51.3497 | 51.3497 | - | 1 person (Ground Floor Unit 101) |
| Neighborhood Living Facilities (Commercial) General Sale | 4,048.1990 | 1,884.4827 | 2,163.7163 | Remaining after Member Sale |
| Total | 4,099.5487 | 1,935.8324 | 2,163.7163 | |
4) Types and Number of Rights Besides the Established Owners
| Category | Total | Mortgage | Seizure | Provisional Seizure | Provisional Registration | Provisional Disposal | Others |
| Number | 60 | 60 | - | - | - | - | - |
Category
Notice
Organization Classification
Other Organizations
Organization
Sehwa Apartment Small-Scale Reconstruction Maintenance Project Association
Notice Announcement Number
No. 2025-1
Title
Notice of Ownership Transfer for the Sehwa Apartment Small-Scale Reconstruction Project
Date
2025-03-12
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