Despite Regulations, Hot Busan... 6,020 Housing Units Scheduled for Redevelopment and Reconstruction Projects This Year

Perspective View of Choeup Haneulchae Forest One

[Asia Economy Reporter Ryu Tae-min] A large volume of housing units will be released in Busan Metropolitan City through urban maintenance projects such as redevelopment and reconstruction by the end of the year.

According to real estate information company Real Estate Info on the 15th, the scheduled supply of redevelopment and reconstruction housing units in Busan until December this year is 9 complexes, totaling 11,965 households. Among them, the general supply excluding union members' shares is 6,020 households.

By region, the general supply is ▲Dongnae-gu with 2,819 households, the highest, followed by ▲Busanjin-gu with 1,788 households, ▲Suyeong-gu with 571 households, ▲Haeundae-gu with 541 households, ▲Buk-gu with 157 households, and ▲Nam-gu with 114 households.

Urban maintenance project sites are located in the original downtown areas where infrastructure is already established, unlike land development districts or new town development projects, and often have prime locations called "golden spots," making them popular among demanders. In particular, since Busan was designated as a regulated area, the market has shown intensified selection between good and bad properties, with a concentration on “smart single homes.” Therefore, the subscription demand for redevelopment and reconstruction apartments, which are scarce in the original downtown areas with limited new land supply, is expected to be even greater.

Kwon Il, head of the research team at Real Estate Info, said, “The Busan real estate market seemed to be in a wait-and-see mode due to government regulations earlier this year, but unlike the low supply at the beginning of the year, the supply volume is expected to continue steadily until the end of the year, attracting attention.” He added, “With the reduction of overheated subscription trends and many prime units coming out through redevelopment, it will be a good opportunity for actual buyers to secure their own homes.”

Representative supply complexes include “Choeup Haneulchae Forest One,” redeveloped by Kolon Global in Choeup 2 District, Busanjin-gu, this month. It consists of 9 buildings from 3 basement floors to a maximum of 30 floors, totaling 756 households, of which 499 households with exclusive areas of 59㎡ and 84㎡ are for general sale. Around Choeup 2 District, about 10,000 households are expected to be supplied through redevelopment and reconstruction, so the future value due to residential environment improvement in the area is highly evaluated. Residents can conveniently use established infrastructure such as transportation, education, and daily life from the moment they move in, and there is abundant green space such as Choyeon Neighborhood Park right next to the complex.

In the same month, Hanwha Construction plans to supply “Hanwha Forena Busan Deokcheon 2nd Phase,” a reconstruction project in Deokcheon 2 District, Buk-gu. It consists of 8 buildings from 2 basement floors to a maximum of 26 floors, with 795 households of exclusive areas ranging from 59 to 84㎡, of which 157 households are for general sale. It offers convenient access to Sudeung Station on Busan Subway Line 3, and nearby living and educational infrastructure is well developed.

Additionally, in July, SK Construction plans to supply 1,237 households through redevelopment of Gwang-an 2 District, and in August, Joongheung Construction plans about 129 households through a small-scale reconstruction of Sambu Royal.