Hyundai E&C slashes upfront costs at Uijeongbu apartment complex to W30m

Hyundai E&C announced Thursday that it is revising the contract terms for Hillstate Hoeryongnyeok Parkview, an apartment complex in Uijeongbu, Gyeonggi Province, to ease the financial burden on end-users amid high inflation, high oil prices and high interest rates. The standout feature of the new terms is that buyers can sign a move-in contract for a standard-sized unit with an initial outlay of just 30 million won ($20,500).

Hillstate Hoeryongnyeok Parkview is located in Howon-dong, Uijeongbu, and comprises 12 buildings ranging from three basement floors to 33 above-ground floors, with a total of 1,816 units spanning 39 to 84 square meters (exclusive use area). Of these, 674 units in the mid- to small-sized 59 and 84 square meter types are available for general pre-sale.

While apartment pre-sales typically require a deposit equal to 10 percent of the pre-sale price, this complex applies a flat deposit of 5 million won. The interim payment for an 84-square-meter unit is set at 25 million won, meaning buyers need only 30 million won in upfront funds before move-in.

A portion of the balance payment is offered on an interest-free deferral basis, reducing the burden of having to raise a large lump sum at once. Up to 200 million won of the balance can be paid as late as 18 months after move-in without incurring any additional interest. The balance deferral benefit is available subject to conditions being met, and the revised terms are expected to accelerate contract signings.

Pre-sale prices for 84-square-meter units are set in the late 700 million won to early 800 million won range. The complex is considered competitively priced compared with major developments in Nowon-gu, Dobong-gu and Gangbuk-gu in northeastern Seoul. According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, actual transaction prices for 84-square-meter units in Nowon-gu this year have exceeded 1.4 billion won, while those in Dobong-gu have surpassed 1.1 billion won and Gangbuk-gu 1.2 billion won.

Against this backdrop, Hillstate Hoeryongnyeok Parkview is expected to serve as an alternative residential option, sitting roughly 3 kilometers in a straight line from the Seoul city boundary. Residents can reach Seoul — specifically Dobongsan Station — in just two stops via Seoul Subway Line 1 or the Uijeongbu Light Rail Transit from the nearby Hoeryongnyeok Station. Major business districts in Seoul, including City Hall and Gangnam-gu Office, are accessible within about 40 minutes. One stop from Hoeryongnyeok, Uijeongbu Station is slated to become a stop on the planned GTX-C line, which would further improve access to Gangnam.

The fact that Uijeongbu falls outside any regulated zone is another point of interest for prospective buyers.

On June 30, the Ministry of Land, Infrastructure and Transport designated Dongtan-gu in Hwaseong, Giheung-gu in Yongin and Guri as speculative overheating districts and adjustment target areas. Within speculative overheating districts, the loan-to-value ratio for households without a home — including those selling an existing property as a condition of purchase — is capped at 40 percent, and homeowners are in principle barred from taking out new loans to buy additional properties. In adjustment target areas, heavier acquisition tax rates apply to multi-home buyers, capital gains tax surcharges kick in, and a two-year owner-occupancy requirement is imposed as a condition for the one-household, one-home capital gains tax exemption, among a range of financial and tax measures.

The new designations are expected to push buying demand toward adjacent unregulated areas. In such areas, the loan-to-value ratio can reach up to 70 percent, and buyers are not subject to acquisition tax or capital gains tax surcharges, nor to owner-occupancy requirements.

The complex has also been drawing positive reviews since move-ins began in April. It is the first Hillstate-branded apartment Hyundai E&C has introduced in Howon-dong, Uijeongbu, and features a differentiated product design.

"Howon-dong has one of the highest proportions of aging apartment buildings within Uijeongbu, which makes the differentiated quality of Hillstate Hoeryongnyeok Parkview stand out even more," a pre-sale official said. "The revised contract terms lower the initial financial burden, and combined with the complex's Seoul accessibility and the advantages of being in an unregulated area, we are consistently receiving inquiries from prospective buyers in Nowon-gu, Dobong-gu, Gangbuk-gu and neighboring areas."

Hillstate Hoeryongnyeok Parkview is currently accepting contracts on a first-come, first-served basis. Anyone aged 19 or older is eligible to sign a contract regardless of place of residence. Multi-home owners may also apply, and buyers can choose their preferred building and unit number directly. Move-in is available immediately upon signing.

The model house is located in Howon-dong, Uijeongbu, Gyeonggi Province.

Meanwhile, Hyundai E&C recorded urban redevelopment project orders of 7.69 trillion won in the first half of this year.