Designation of the Agent for Dongnae Station Samchang Small-Scale Redevelopment Project
- Area of 1441-10, Oncheon-dong, Dongnae-gu
The Dongnae Station Samchang small-scale redevelopment project in the area of 1441-10, Oncheon-dong, Dongnae-gu, has officially begun. The agent was officially designated on April 2, 2025, and construction is scheduled to start in March 2025. The target completion date is September 2030.
However, there have been instances where the decisions to initiate agency in other areas' redevelopment projects were canceled, so it is essential to closely monitor whether this project will proceed smoothly through to construction and completion.
The project has been rapidly progressing since receiving approval for the establishment of the association in May 2024. The project implementer is the Dongnae Station Samchang Small-Scale Redevelopment Association, and the project agent is Shin Young Real Estate Trust.
Shin Young Real Estate Trust will sign a land trust contract with the association and will carry out construction permits and administrative tasks. Additionally, it will play various roles such as managing fund execution and sales management, aiding in the smooth progression of the project. This process is expected to positively affect regional development.
The project site spans approximately 3,232.1㎡, which is small overall but has very high development potential as it is located in the urban core area of Dongnae Station. Notably, it features excellent walking accessibility to Dongnae Station on subway line 1 and is close to various convenience facilities, including Lotte Department Store, Dongnae Market, Oncheoncheon River, and Dongnae Middle and High Schools. These factors greatly enhance its attractiveness as a residential area.
Currently, information regarding the number of units or construction companies has not been disclosed; however, with the impending construction start date, the announcement of the architectural plans and project implementation plan approval is expected soon. As Shin Young Real Estate Trust, headquartered in Yeouido, Seoul, is participating as the agent, stable project advancement is anticipated.
Recently, small-scale redevelopment projects have gained attention as types of maintenance with high profitability and feasibility in relation to the government’s urban regeneration and housing supply policies. The Dongnae Station Samchang project is also proceeding rapidly in line with this trend. If construction begins in the future, it is expected to contribute significantly to the improvement of the residential environment around Dongnae Station and the enhancement of local value.
Announcement No. 2025-36 of Dongnae-gu, Busan Metropolitan City
Designation of the agent for the Dongnae Station Samchang small-scale redevelopment project
Concerning the Dongnae Station Samchang small-scale redevelopment project located at 1441-10, Oncheon-dong, Dongnae-gu, an agent is designated pursuant to Article 28 of the "Urban and Residential Environment Maintenance Act," and this is announced in accordance with Article 22, Paragraph 1 of the same law's enforcement decree.
April 2, 2025
Mayor of Dongnae-gu, Busan Metropolitan City
1. Type and name of the maintenance project
a. Type: Small-scale redevelopment maintenance project
b. Name: Dongnae Station Samchang small-scale redevelopment maintenance project
2. Name and address of the project implementer
a. Corporation's name: Dongnae Station Samchang Small-Scale Redevelopment Association
b. Name and address of the representative: Son Tae-hoon [1441-10 Oncheon-dong, Dongnae-gu, Busan, Da-dong 103]
c. Location of the main office: 211-1, Yeogobuk-ro, 2nd floor, Dongnae-gu, Busan
3. Location and area of the project implementation zone
a. Location: Area of 1441-10, Oncheon-dong, Dongnae-gu, Busan
b. Area: 3,232.1㎡
4. Scheduled start and completion dates of the maintenance project
a. Scheduled start date: March 2025
b. Scheduled completion date: September 2030
5. Date of decision to designate the project agent: March 27, 2025
6. Project agent
a. Project agent: Shin Young Real Estate Trust [CEO Park Soon-min]
b. Address: 16, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul, 8th floor (Yeouido-dong)
7. Responsibilities of the agent
a. Signing of trust contracts for the maintenance project land with the association and its members, and assuming the trust
b. Management of administrative tasks related to obtaining permits (including project implementation permits and changes, etc.) according to architectural plans
c. Procurement materials and project management according to construction contracts, supporting administrative work in agreements with authorities, and performing trust services
d. Performing sales tasks and managing funds received for sales
e. Supporting borrowing of funds and managing the execution of project trust funds
f. Execution and management of funds for maintenance project expenses (including construction payments, etc.)
g. Establishing and amending management and disposal plans for the project association
h. Other activities conducted in the name of the project agent within the scope as prescribed by the "Urban and Residential Environment Maintenance Act Enforcement Decree" Article 22, Paragraph 3, according to the Urban Maintenance Act, its enforcement decree, trust contracts, and this contract.
Division
Announcement
Agency Division
District
Agency
Dongnae-gu
Announcement Number
2025-36
Title
Designation of the agent for the Dongnae Station Samchang small-scale redevelopment project
Date
2025-04-02
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