Hyundai Engineering & Construction (000720.KS) will open the model house for "Hillstate Yangsan The Sky" in Mulgeum-eup, Yangsan, South Gyeongsang Province, on Thursday and begin sales, the company said Tuesday. It marks the first Hillstate-brand apartment that Hyundai E&C has introduced in Yangsan.
The project comprises two complexes with a total of 598 units, located in Gachon-ri (Complex 1) and Beomeo-ri (Complex 2) of Mulgeum-eup. Complex 1 consists of four buildings ranging from four basement levels to 20 stories above ground, with 299 units (exclusive areas of 68, 84 and 159㎡). Complex 2 consists of four buildings ranging from three basement levels to 20 stories above ground, with 299 units (exclusive areas of 84 and 159㎡). About 88% of all units are sized at 84㎡, applying a floor-plan focused on end users.
Mulgeum-eup, where the complex will be built, is an area that has experienced a supply gap. The Gachon-ri area has seen no new sales for about 10 years since 2015, and Yangsan's sales volume over the past five years has been concentrated in outlying areas. According to the Korea Real Estate Board, no move-in supply is scheduled in Yangsan from the second half of this year through the end of next year.
By contrast, development prospects continue to grow near the complex. The KTX Mulgeum Station is set to undergo facility improvement and expansion projects from November this year. The Pusan National University Southeast Region Medical Cluster, a bio lab hub project, and efforts to attract a UN international logistics center are also under way. The Yangsan Line (Nopo–Bukjeong), scheduled to open at the end of this year, is expected to serve as a metropolitan transportation network linking Busan and Yangsan.
Location is also cited as a strength. The complex offers excellent metropolitan accessibility through Jeungsan Station on Busan Subway Line 2, KTX Mulgeum Station, and the Mulgeum and Nam-Yangsan interchanges. Educational facilities are also in place, with elementary, middle and high schools including Seonam Elementary School, a cluster of private academies, and the Yangsan Municipal Central Library nearby. Living infrastructure such as Pusan National University Yangsan Hospital, large supermarkets and cultural facilities is also abundant.
In terms of product design, all units except penthouses feature a flat-type 4-bay layout, including a dressing room and a pantry (or alpha room). The ceiling height is designed at 2.4 meters (2.5 meters including the recessed ceiling). Community facilities such as a fitness center, an indoor golf practice range and a study lounge are provided, along with shuttle buses for each complex.
Sales terms include a 5% down payment (a fixed first installment of 5 million won), an interest-free interim payment benefit, and no resale restrictions as the area is non-regulated. Subscriptions will begin with special supply on the 22nd, followed by first-priority on the 23rd and second-priority on the 24th. Winners will be announced on the 30th for Complex 1 and on July 1 for Complex 2, with contracts to be signed on July 13–15.
"This is a complex equipped with location, development prospects and brand competitiveness," a Hyundai E&C official said. "As it is the first Hillstate in Yangsan, we have raised the level of product completeness."
