Busan Buam Designated as First Urban Complex Project Area Outside Capital Region... 1,400 Housing Units to be Supplied

Including 900 Public Housing Units for Youth Housing Stability

Location map of Busan Buam, designated as an urban public housing complex district.
[Photo by Ministry of Land, Infrastructure and Transport]

[Asia Economy Reporter Cha Wanyong] The Ministry of Land, Infrastructure and Transport announced on the 7th that the area around 458-4 Buam 3-dong, Busanjin-gu, Busan (Busan Buam) will be designated as an urban public housing complex district.

The Busan Buam district is adjacent to Donghae Line Bujeon Station and Line 2 Buam Station, and is located near the intersection of urban expressways connected to the Jungang Expressway and Namhae 2nd Expressway Branch.

Until now, residents had independently pursued private redevelopment projects, but due to difficulties such as the steep slopes under Baekyangsan Mountain, the area was removed from the maintenance zone (June 2010), accelerating its aging.

In response, residents promoted a private proposal integrated contest, and in October last year, it was selected as a candidate site for the urban public housing complex project (urban complex project). After consultations with local governments and reviews by the Central Urban Planning Committee and Central Land Expropriation Committee, it was designated as a complex district about one year after being selected as a candidate site.

In the future, the Busan Buam district will be transformed into a premium residential complex of about 1,400 households harmonizing with the surrounding Baekyangsan Mountain. Through a design competition, terrace apartments utilizing the sloped terrain will be introduced, and infrastructure such as roads and parks that local residents can use together will also be created in accordance with the characteristics of the terrain.

Through the urban complex project, landowners will be compensated in kind with newly built apartments at discounted prices similar to redevelopment association member pre-sale rights to promote resettlement. Additionally, about 900 households will be supplied as public housing in sharing-type, selective-type, and general-type to provide diverse housing options.

In particular, since the Busan Buam district development is led by public enterprises, it is analyzed that original residents will be able to receive newly built apartments at prices about 30% lower than private redevelopment projects. For a 59㎡ unit, approximately 370 million KRW is expected, and for an 84㎡ unit, about 500 million KRW. The average household contribution is also estimated to decrease significantly to around 140 million KRW, reducing the residents' burden substantially.

Including the Busan Buam district, there are currently a total of nine urban public housing complex districts nationwide, among which the Bucheon Wonmi district has recently completed its design competition last month, and the project is gaining momentum. The Ministry of Land, Infrastructure and Transport plans to promptly conduct design competitions for other districts including Busan Buam in cooperation with local governments, and from next year, proceed smoothly with subsequent procedures such as contractor selection and approval of complex project plans.

Park Jaesoon, head of the Public Housing Promotion Team at the Ministry of Land, Infrastructure and Transport, said, “The public sector’s role is important to revitalize the maintenance of aging local residential areas where private development is difficult due to poor profitability,” and added, “We will strive to stabilize housing for youth and low-income groups through plans such as supplying 500,000 public housing units.”

This content was produced with the assistance of AI translation services.