Table of Contents
- Results of the 5th Busan City Architectural Review Committee in 2025
- Seodaesin Block 4 Residential Redevelopment Project, Area of 662 Seodaesin-dong 3-ga, Seo-gu
- Development Project for the MBC Site in Minrak-dong, Area of 316-2 Minrak-dong, Suyeong-gu
- Development Project for the Mega Mart Site in Namcheon-dong, Area of 545-2 Namcheon-dong, Suyeong-gu
- Construction of the Busan Lotte Tower, Area of 20-1 Jungang-dong 7-ga, Jung-gu
Results of the 5th Busan City Architectural Review Committee in 2025
The results of the major reviews were announced at the 5th Busan Metropolitan City Architectural Review Committee held on April 17, 2025.
In this review, the redevelopment project for the Seodaesin Block 4 residential area in Seodaesin-dong 3-ga, Seo-gu was conditionally approved, along with the development of the Minrakdong MBC site located at 316-2 Minrak-dong, Suyeong-gu, the Mega Mart site in Namcheon-dong at 545-2, and the construction of the Busan Lotte Tower at 20-1 Jungang-dong 7-ga, Jung-gu, all of which were passed with conditional approvals. Consequently, these projects are expected to advance to the next stage.
As many projects have already begun construction, it is anticipated that their progress will not be significantly affected. Looking at the locations of each development project: the redevelopment project for Seodaesin Block 4 is to be carried out in the area of 662 Seodaesin-dong 3-ga, the Minrakdong MBC site development project in 316-2 Minrak-dong, and the Namcheon Mega Mart site development project in 545-2 Namcheon-dong. Finally, the construction of the Busan Lotte Tower is planned to take place at 20-1 Jungang-dong 7-ga.
These developments are expected to contribute to urban regeneration and economic revitalization in the Busan area.
Seodaesin Block 4 Residential Redevelopment Project, Area of 662 Seodaesin-dong 3-ga, Seo-gu
The Seodaesin Block 4 Residential Redevelopment Project has officially entered the distribution and construction procedures, aiming for completion by the end of 2028. On April 17, the review from the Busan Metropolitan City Architectural Review Committee was conditionally approved, and the design and construction plans are in the final adjustment stage. During this review, specific standards were provided to ensure structural safety and construction reliability, including conditional requirements such as seismic detailing reinforcement, improvements to the transfer beam design, and redundancy in waterproofing works for underground floors.
These measures will act as important factors for the successful progress of the project.
The developer of this project is the Seodaesin Block 4 Residential Redevelopment Maintenance Project Association. The site is located at 662 Seodaesin-dong 3-ga, Seo-gu, Busan, with a total area of 21,481㎡. This area is classified as a 3rd class general residential area.
The new building will consist of 3 underground floors and 27 above-ground floors, providing a total of 542 households in 7 buildings, of which 260 units will be set for general sale. The building area has been established at 4,112.08㎡, with a coverage ratio of 19.14% and a floor area ratio of 265.09%, summing up to a total floor area of 84,445.82㎡.
The contractor will be HJ Construction, and the project will be marketed under the name 'Seodaesin Haemoro Central 2nd Phase.' This development is expected to improve the residential environment in the region and expand housing supply.
The Seodaesin Block 4 redevelopment project smoothly proceeded with major permits and business plan establishment, starting with a lottery for association members' unit numbers in May 2024. Subsequently, on September 6 of the same year, the implementation plan worth 269.4 billion won was officially disclosed, completing the legal process.
In April 2025, a notice for recruiting supervisors was announced, and the administrative procedures for construction have reached the final stages. Construction is set to begin in June 2025 and will proceed for a total of 39 months, concluding in August 2028. This is expected to greatly contribute to regional development.
The schedule for general sales is becoming more defined. Following a preview of sales in May 2025, formal applications are planned for the second half of the year. The expected price for association members is around 9.8 million won per pyeong, and the general sale price is anticipated to be above 20 million won.
To enhance credibility, the association is transparently disclosing various related documents such as minutes from general meetings, response to complaints, and security contracts on the integrated website for Busan's maintenance projects.
Additionally, a 164-household joint housing project is set to be constructed in the surrounding area of 687-14 Seodaesin-dong 3-ga in Seo-gu. It is expected that these development activities will have a positive impact on the local real estate market.
The residential redevelopment project in Seodaesin Block 4, Seo-gu, Busan is a large-scale endeavor to modernize the deteriorated residential area. This project is expected to provide local residents with better living environments and living conditions.
Developer
:
Seodaesin Block 4 Residential Redevelopment Maintenance Project Association
Site Conditions
:
Site Location
: 662 Seodaesin-dong 3-ga, Seo-gu, Busan
Site Area
: 21,481㎡
Use District
: 3rd Class General Residential Area
Building Conditions
:
Building Area
: 4,112.08㎡
Coverage Ratio
: 19.14%
Number of Floors
: 3 underground / 27 above ground
Main Use
: Apartment
Structure
: Reinforced Concrete
Number of Buildings
: 7 buildings
Maximum Height
: 77.9m
Floor Area Ratio
: 265.09%
Total Floor Area
: 84,445.82㎡
Development Project for the MBC Site in Minrak-dong, Area of 316-2 Minrak-dong, Suyeong-gu
The development project for the former Busan MBC site located at 316-2 Minrak-dong, Suyeong-gu, has passed the architectural review and is preparing to commence construction. This project is overseen by High Art E&C, a subsidiary of Kumkang Housing, with Kumkang Housing handling the construction.
During the 5th Busan Metropolitan City Architectural Review Committee meeting held on April 17, 2025, the Minrakdong MBC site development project was conditionally approved, completing the review process.
This project’s housing construction plan was approved in May 2024, and a declaration of the topographic map related to urban management planning has also proceeded. It is anticipated that this development will bring about positive changes to the local area.
This project consists of a total of 366 housing units in 4 buildings, from 6 underground floors to 27 above ground, along with some commercial facilities. The total floor area is about 121,627㎡ with a maximum height of 84.3m. The coverage ratio is 14.55% and the floor area ratio is 249.95%, planning to develop into a mixed-use complex that harmoniously integrates residential and commercial elements.
The site is designated as a 2nd class general residential area and natural green area, occupying a total area of approximately 29,483㎡. These factors are expected to positively impact regional development.
The architectural committee recently conducted a thorough examination of structural safety, construction feasibility, and response capability to complaints during the review. In the structural design section, it was necessary to examine the specific arrangement of rebar to ensure flexibility, review punching on flat slabs, and analyze inter-story displacement under wind and seismic loads.
In the construction plan, specifying materials to prevent condensation, submitting a waterproof plan for the rooftop, and measures to solve complaints related to low-vibration blasting were presented as essential conditions. Additionally, precise construction methods related to rock excavation were proposed as further guidance. Through this meticulous review process, safer and more efficient construction is expected to be achieved.
At the end of February 2025, an important turning point for the project will arrive. Under the supervision of KB Securities, project financing (PF) worth about 230 billion won has been successfully concluded through the Asset-Backed Short-Term Bonds (ABSTB) method. This allows full payment for the land and secures funds necessary for construction.
This PF involves KB Securities, IBK Investment & Securities, and the National Bank participating as the main creditors, and recently iM Securities strengthened stability by acquiring some bonds from the National Bank. This process will play a significant role in laying the groundwork for the project.
The goal is to undergo general sales in the second half of 2025, with the overall project schedule planning to begin construction in June 2025 and complete in July 2029. This project will have a construction period of about 39 months, and the administrative and on-site preparations are nearing completion. Therefore, full-scale construction is expected to commence soon.
This development project is set to be developed into a premium complex tailored to the high-end housing demand in Minrak-dong, resulting in improved local living environments and revitalization of commercial areas.
Developer
:
High Art E&C Co., Ltd.
Site Conditions
:
Site Location
: Area of 316-2 Minrak-dong, Suyeong-gu, Busan
Site Area
: 29,483㎡
Use District
: 2nd Class General Residential Area, Natural Greenery Area
Building Conditions
:
Building Area
: 4,288.4591㎡
Coverage Ratio
: 14.55%
Number of Floors
: 6 underground / 27 above ground
Main Use
: Apartment
Structure
: Reinforced Concrete
Number of Buildings
: 4 buildings
Maximum Height
: 84.3m
Floor Area Ratio
: 249.95%
Total Floor Area
: 121,627.1098㎡
Development Project for the Mega Mart Site in Namcheon-dong, Area of 545-2 Namcheon-dong, Suyeong-gu
The large-scale residential and commercial development project at the 'Mega Mart site' located at 545-2 Namcheon-dong, Suyeong-gu, has officially commenced. Cube Gwang-an PFV is in charge of this project, which passed the architectural review conducted on April 17, 2025, at the 5th Busan Metropolitan City Architectural Review Committee, thereby finalizing the design plan.
This project is currently aiming for general sales in the second half of 2025, and preparations to begin construction in the first half of the year are underway. This development is expected to have a positive impact on the local economy.
The large residential and commercial complex Namcheon Summit Prugio, being constructed by Daewoo Construction, will span from 4 underground floors to 39 above ground, consisting of 5 buildings and 845 households along with community facilities. The site area is approximately 30,035㎡, with a coverage ratio of 29.18% and a floor area ratio of 499.63%, designed to reach a maximum height of 117.8m.
The total floor area will reach over 240,000㎡. Namcheon Prugio Summit received approval for the housing construction business plan in September 2024, and the urban management plans and related implementation drawings have been disclosed. It is expected to greatly improve the local living environment.
During this review, structural safety, construction feasibility, and environmental impacts were emphasized. Throughout this process, detailed supplementary points regarding seismic specifications for transfer columns and beams, strategies for maintaining flexibility, analysis of inter-story displacement under wind loads, and safety standards for underground facilities were presented, allowing the overall design to be approved with minimal changes. The design was conducted by the A&U Design Group Architectural Office.
An important milestone in the project was the signing of a 900 billion won PF loan agreement on August 23, 2024. This loan was arranged through an agreement with a consortium of 23 financial institutions, including NongHyup Bank, Shinhan Bank, Saemaul Geumgo, and JB Woori Capital. This loan is structured in Tranche A (60 billion won), Tranche B (20 billion won), and Tranche C (10 billion won), using the Asset-Backed Short-Term Bonds (ABSTB) method. Furthermore, Daewoo Construction has accepted responsibility for construction completion and commencement conditions, enhancing the project's stability.
Construction is scheduled to start in the first quarter of 2025, with a total construction period set at 52 months, aiming for completion in August 2028. Sales are expected to occur in the second half of 2025, with estimated prices of approximately 40 million won per pyeong for exclusive areas. It is regarded as one of the last locations with a view of the Gwangandaegyo Bridge, and it is expected to achieve the highest performance in both pricing and demand in Busan.
This project is likely to become a new landmark in Namcheon-dong, Suyeong-gu, going beyond simply providing housing supply. It is anticipated to positively influence the revitalization of local business districts and improve the living environment.
Developer
:
Cube Gwang-an PFV Co., Ltd.
Site Conditions
:
Site Location
: Areas of 545-2 Namcheon-dong and two other lots (545, 545-4, 545-5)
Site Area
: 30,035㎡
Use District
: Semi-residential area, max height restricted area by roadway
Building Conditions
:
Building Area
: 8,763.5870㎡
Coverage Ratio
: 29.18%
Number of Floors
: 5 underground / 40 above ground
Main Use
: Apartment
Structure
: Reinforced Concrete
Number of Buildings
: 5 buildings
Maximum Height
: 117.8m
Floor Area Ratio
: 499.63%
Total Floor Area
: 240,838.1135㎡
Construction of the Busan Lotte Tower, Area of 20-1 Jungang-dong 7-ga, Jung-gu
The Busan Lotte Tower development project being carried out at the former Busan City Hall site located in Jungang-dong 7-ga has conditionally passed the architectural review on April 17, 2025, at the 5th Busan Metropolitan City Architectural Review Committee. In this review, various elements such as seismic performance, wind environment analysis, structural safety, and improvements in construction feasibility tailored to the characteristics of the super high-rise building were thoroughly discussed. These aspects are expected to play a crucial role in the upcoming construction process.
Lotte Shopping Co., Ltd. and another entity are acting as the developers for this project, which aims at the construction of a large complex retail facility. The total site area reaches 40,054.9㎡, designed to have 7 underground floors and 67 above-ground floors. This building is projected to reach a maximum height of 345m, with a total area of approximately 450,000㎡. The coverage ratio is set at 58.30%, with a floor area ratio of 652.2%, composed of 4 buildings using steel frames and reinforced concrete.
During this architectural review, it was conditioned that a third-party seismic performance review report must be submitted before the construction of the first 10 above-ground floors begins. Numerous technical details regarding wind environment application, verifying the crack stiffness of core walls, enhancing the performance designs for the lower floors, and reinforcing structural members were also reviewed. To ensure construction feasibility and safety, guidelines such as pre-sanding and shorting tests during steel frame bolting, using flame retardant materials, and precision construction management were presented. These measures will act as essential elements for the successful advancement of the project.
After receiving the initial construction permit in 2000, the Busan Lotte Tower has undergone numerous groundbreaking ceremonies for an extended period, but actual construction only began in August 2023. Currently, the low-rise construction is actively being carried out, and as of March 2024, construction has reached the 5th floor, with the overall progress at about 5%. If future design changes are approved, construction is expected to be accelerated.
According to the amended design, the original height of 510m has been revised to 342.5m (69 floors), where a multiplex shopping mall will be located in the lower section, office spaces and banquet halls in the midsection, and hotel rooms and an observation deck in the upper section. The Busan Lotte Tower is expected to make a significant contribution to regional development as a complex space with various facilities.
Currently, Lotte Shopping is carrying out several reviews to enhance hotel and office spaces. Procedures such as fire reviews, integrated building reviews, traffic modification reviews, and preliminary disaster impact assessments have been completed.
Once the design modification approvals are obtained, the plan is to complete the project by 2028. Upon completion, the Busan Lotte Tower is expected to be acknowledged as a top-notch complex cultural facility not only serving as a local landmark but also on a national level.
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