Hyundai Engineering Launches Leasing for 'Hyundai Terra Tower Gwangmyeong' Knowledge Industry Center and Commercial Facilities

[Asia Economy Reporter Yuri Kim] Hyundai Engineering announced on the 13th that it has opened the promotional center for the 'Hyundai Terra Tower Gwangmyeong' knowledge industry center and commercial facilities, supplied in the Haan-dong area of Gwangmyeong-si, Gyeonggi Province, and has begun full-scale sales.

Hyundai Terra Tower Gwangmyeong is being developed in the area of 303, 303-2~4, Haan-dong, Gwangmyeong-si. The total floor area is approximately 99,000㎡, with a scale of 5 basement floors to 16 above-ground floors. Commercial facilities will be located from the 1st basement floor to the 2nd floor above ground.

A sales official stated, "Hyundai Terra Tower Gwangmyeong is a non-regulated real estate product with fewer restrictions. Tax benefits such as a 50% reduction in acquisition tax and a 37.5% reduction in property tax are also provided," adding, "The complex also offers financial benefits such as a 10% down payment and 40% interest-free intermediate payments, reducing the initial burden, so a lot of interest is expected."

Right in front of the project site, the new Ucheguk Sageori Station (planned) is being promoted, and it is close to Doksan Station on Subway Line 1 and Cheolsan Station on Line 7. The Gangnam Circular Expressway, Seohaean Expressway, 2nd Gyeongin Expressway, Gwangmyeong-Suwon Expressway, and KTX Gwangmyeong Station are nearby, making travel to Seoul metropolitan area and nationwide convenient. The Incheon Line 2 Doksan Extension (planned), Gwangmyeong-Seoul Private Expressway (planned), and Western Arterial Road undergrounding (planned) are also announced in the vicinity.

Nearby, the Gurumsan District Urban Development Project, which will include about 5,100 households, and the Haan 2 District Development Project, which will create about 5,400 households, are underway. Additionally, the Gwangmyeong-Siheung Technovalley (scheduled for 2024) is being developed in the Gahak-dong area of Gwangmyeong-si and the Nongok and Mujinae-dong areas of Siheung-si. A sales official predicted, "Once these are completed, the complex's demand base and business conditions will improve further."

The complex features 746 parking spaces and introduces a drive-in system on the 3rd and 4th floors above ground. Various floor plans are applied to allow customized occupancy. It also plans to implement an Internet of Things (IoT) system that can be remotely controlled and managed, system air conditioners with individual heating and cooling, and a design to reduce management costs using geothermal power generation.

Meanwhile, the commercial facilities being developed together will be composed of a 'European Street Shopping Area' that enhances accessibility and visibility. The inclusion of a kids cafe and hospital is under consideration. A sales official said, "Since it is a prime location near the planned Ucheguk Sageori Station and is expected to form a commercial district frequented 365 days a year by employees of tenant companies and residents of nearby residential complexes, expectations are high."

The promotional center for the Hyundai Terra Tower Gwangmyeong knowledge industry center is located at 201, 130 Digital-ro, Geumcheon-gu, Seoul. The promotional center for the commercial facilities is located at 102, 28 Iljik-ro, Gwangmyeong-si, Gyeonggi Province.