Busan Signs Agreement for Redevelopment of Suyoungman Yacht Marina

Busan, South Korea – The Busan Metropolitan Government has signed a revised implementation agreement with I-Park Marina Co., Ltd. to proceed with the redevelopment of the Suyeongman Bay Yachting Center. The signing ceremony, held today at City Hall’s International Protocol Room, marks a significant step in advancing the long-awaited project, which has faced delays since its initial agreement in 2014.

Following extensive discussions and adjustments between the city and the private developer, the project is now set to move forward, with construction scheduled to commence in May 2025 and completion anticipated by December 2026, when the facility is expected to become fully operational.

The redevelopment initiative aims to establish the Suyeongman Bay Yachting Center as a multi-functional marine cultural complex, catering to both residents and tourists. The project will introduce an open and accessible waterfront area, incorporating modern infrastructure while reflecting Busan’s identity as a leading maritime city.

The upgraded facility will include a 567-berth mooring area, accommodating 317 vessels at sea and 250 on land, alongside key amenities such as a convention center, yacht exhibition halls, a yacht club, maintenance facilities, a swimming pool, and commercial spaces. The project is expected to contribute to the local economy by attracting marine tourism and fostering growth in the maritime leisure industry.

The city has incorporated feedback from local residents and marine industry stakeholders into the redevelopment plan, with adjustments made to the facility’s scale and design to better align with community expectations.

Efforts have been made to ensure that operations at the yachting center, including boat rental services, will continue during the construction phase to minimize disruptions and maintain access for both tourists and residents.

To improve traffic flow and accessibility, the city has also announced plans to expand Haeundae Beach Road from six to eight lanes, a move aimed at mitigating potential congestion in the area.

With the revised agreement now in place, the city will proceed with administrative processes, including environmental impact assessments, transportation studies, and necessary permitting procedures. Public briefings and engagement efforts will also be carried out to ensure transparency and address community concerns throughout the project's implementation.

Mayor Park Heong-joon emphasized the strategic importance of the redevelopment, stating, “The revitalization of the Suyeongman Bay Yachting Center is a critical initiative for positioning Busan as a global marine tourism and leisure hub. We will continue to work closely with the private sector and local communities to ensure the project's success.”

The redevelopment of the Suyeongman Bay Yachting Center is expected to enhance Busan’s standing as a premier maritime destination, with potential benefits for tourism, economic development, and community engagement. As construction progresses, the city aims to balance modern amenities with the preservation of the area’s unique coastal character, contributing to Busan’s broader vision for sustainable urban development.