Busan City’s Private-Public Partnership Aged Housing Improvement Project Selected as an Excellent Case by the National Balanced Development Committee

4.2 Billion KRW Invested, ‘Siyaksaemteo Saetteulmaeul’ Excellent Project Completion Ceremony Held

Over 100 Attendees Including Ministry of Land, Balance Committee, City, District Office, Sponsor Companies, and Resident Representatives

On the 24th at 2 p.m., Busan City held a completion ceremony for the ‘Siyaksaemteo Village Saetteul Village,’ which was selected as an excellent case of the public-private partnership type old housing improvement project, at the Seodaesin 4-dong Community Service Center in Seo-gu.

Officials taking a commemorative photo after the completion ceremony of the 'Public-Private Partnership Aged Housing Improvement Project'.

The completion ceremony was held to commemorate the completion of the Siyaksaemteo Village Saetteul Village in Seo-gu, selected as an excellent case of the Ministry of Land, Infrastructure and Transport (hereinafter referred to as MOLIT) Saetteul Village public-private partnership type old housing improvement project. About 100 people, including representatives from MOLIT, the Balanced Development Committee, Busan City, Seo-gu, resident representatives, and sponsoring companies, attended the event.

‘Public-Private Partnership Aged Housing Improvement Project’ Plan (Draft).

The ‘public-private partnership type old housing improvement project’ is a project selected through a public contest by MOLIT targeting Saetteul Village project sites nationwide where basic living conditions have not been secured. The project is implemented through the combined efforts of MOLIT, Busan City, Seo-gu Office, and sponsoring companies. The Siyaksaemteo Village Saetteul Village project in Seodaesin 4-dong was selected in 2022.

The Siyaksaemteo Saetteul Village project involved a total project cost of 4.2 billion KRW (2.9 billion KRW from the national government and 1.3 billion KRW from local government). It was promoted as an ‘old housing maintenance and living infrastructure improvement support project’ to enhance the living infrastructure for residents of Seodaesin 4-dong, including safety assurance, installation of living and sanitation infrastructure, reinforcement of dangerous stone retaining walls, installation of city gas, maintenance of walkways, creation of vegetable gardens, and construction of shared facilities.

Kim Bong-cheol, Director of the Architecture and Housing Bureau of Busan City, stated, “Through improving the surrounding environment for Busan citizens, we will continue to promote the Saetteul Village project linked with the 15-minute city concept so that neighbors can enjoy themselves and residents can raise their quality of life to enjoy happiness in a clean and safe environment.”