Construction at Suyeong Bay Yacht Marina in Busan, South Korea, has been delayed, with completion now expected by late 2027. The project was originally scheduled to begin in May 2025 and be completed by December 2026. Work has not started as traffic and environmental assessments received conditional approval.
Busan Metropolitan Government and I’Park Marina Co., Ltd. are overseeing the project as part of a public-private partnership. As reported by Haps Korea Magazine, the developer will invest ₩158.4 billion (around $108 million USD) and operate the facilities for 30 years once redevelopment is completed.
Plans for the redevelopment include berthing areas, a club building, an exhibition hall, maintenance facilities, a swimming pool and commercial spaces. The marina’s capacity is planned to increase from 438 berths, with 299 at sea and 139 on land, to 567 berths, including 317 at sea and 250 on land.
In a report by Busan Ilbo, the traffic impact assessment received conditional approval in March, requiring revisions to parking operations, road expansion and the installation of electronic signage. The environmental impact assessment, which was conditionally approved in August, raised concerns from nearby residents about obstructed sea views.
The report also stated that issues such as dredging methods, flood management, night-time lighting and marine plankton monitoring still require further consideration. A public hearing is planned to collect community opinions, and further adjustments to road layouts and building designs are expected.
Offshore construction is now anticipated to last around 20 months, extended from the initially planned seven to eight months, to comply with the Serious Disaster Punishment Act and safety standards.
Located in Busan’s Haeundae District, the Suyeong Bay Yacht Marina was built to host yachting events during the 1986 Seoul Asian Games. Over time, its facilities have deteriorated, leading to repeated calls for modernisation.
Redevelopment discussions began in 2008 when a private investment proposal was submitted. The project was officially launched in 2014 with the signing of an implementation agreement between Busan City and I’Park Marina Co., Ltd. The project was not actively promoted due to differences in opinions over the location of a hotel within the site and the terms of the implementation agreement.
In 2016, the city revoked the developer’s designation to find a way forward for the stalled project. Following a lawsuit, the developer’s status was restored in 2018. In January 2025, Busan City and I’Park Marina Co., Ltd. signed a revised implementation agreement to resume the redevelopment.
