Hyundai Engineering & Construction said on the 29th that it is changing the contract terms for "Hillstate Hoeryong Station Park View," a complex it supplied in Howon-dong, Uijeongbu, Gyeonggi Province. The move aims to lower the initial financial burden on genuine homebuyers amid continued high interest rate pressures.
Hillstate Hoeryong Station Park View is being built in the area of 281-21 Howon-dong, Uijeongbu. It is a large complex of 12 buildings ranging from three basement levels to 33 above-ground floors, with a total of 1,816 units of 39 to 84 square meters in exclusive area. Of these, 674 units of 59 and 84 square meters are for general sale.
The biggest change concerns the down payment. While down payments for apartment sales are typically set at 10% of the sale price, the complex has applied a fixed down payment of 5 million won. For 84-square-meter units, the interim payment is 25 million won, meaning the initial funds needed before move-in amount to about 30 million won.
The balance payment burden has also been reduced. Up to 200 million won of the balance can be paid up to 18 months after move-in without incurring interest. However, this benefit is provided when conditions are met.
The sale price for 84-square-meter units ranges from the high 700 million won range to the low 800 million won range. According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, actual transaction prices for 84-square-meter units in Seoul's Nowon-gu exceeded 1.4 billion won this year. Dobong-gu surpassed 1.1 billion won, and Gangbuk-gu surpassed 1.2 billion won.
In terms of location, accessibility to Seoul is cited as a strength. The straight-line distance to the Seoul border is about 3 kilometers. From Hoeryong Station on Subway Line 1 and the Uijeongbu Light Rail Transit, it takes two stops to reach Dobongsan Station in Seoul. The Great Train Express (GTX)-C line is being pursued at Uijeongbu Station, one stop away.
Because Uijeongbu is a non-regulated zone, the loan-to-value (LTV) ratio can be applied up to 70%. It is also not subject to heavier acquisition taxes for multi-home owners or actual residency requirements.
Move-ins began in April, and first-come, first-served contracts are currently underway. Anyone aged 19 or older can sign a contract regardless of their region of residence. The model house is located at 314-7 Howon-dong, Uijeongbu.
