As more people seek to enjoy leisure activities in everyday settings such as parks rather than long-distance travel due to COVID-19, there is growing interest among consumers in residential spaces near large parks.
According to the report "COVID-19 Changes the Future of Travel" released by the Gyeonggi Research Institute last May, a leisure culture that involves spending time frequently in nearby places such as parks and waterfront areas, rather than time- and cost-consuming travel, is expected to spread.
The reason for this outlook is the analysis that reduced work and commuting time due to telecommuting and online learning has created conditions that allow people to enjoy leisure activities around their living areas during short breaks. Additionally, the trend of recognizing travel as part of leisure after COVID-19 and the increasing value placed on pursuing small but certain happiness are also cited as reasons.
This change in travel patterns after COVID-19 is also expected to influence preferences for residential spaces. Having a large park or waterfront nearby not only ensures a pleasant living environment but also provides convenient access to various facilities such as walking trails and exercise equipment.
Due to these changes, recently, not only apartments but also income-generating real estate such as officetels and residential lodging facilities located in eco-friendly areas are gaining popularity.
For example, the ‘Dongtan The Sharp Centumpolis’ officetel, launched in May last year in Dongtan 2 New City, Hwaseong-si, Gyeonggi-do, highlighted its advantage of unobstructed lake views and green premium due to its proximity to Dongtan Lake Park. Despite its large scale of 1,122 units, it recorded an average competition rate of 12.34 to 1 and a peak of 123 to 1 in the first priority subscription. Two years ago, the residential lodging facility ‘Ungcheon Xi The Suite’ supplied in the Ungcheon district of Yeosu, Jeollanam-do, located right next to Yi Sun-sin Park, which is 1.5 times the size of Yeouido Park, showed an average competition rate of 35.6 to 1 in the first priority subscription due to its pleasant living environment.
Meanwhile, an eco-friendly lodging facility adjacent to a large park is scheduled to be supplied in Songdo International City, Incheon, attracting significant attention from consumers.
‘Hillstate Songdo Stay Edition,’ a residential lodging facility constructed by Hyundai Engineering & Construction and developed by Korea Asset Trust (entrusted to Korea Asset Development), is the main project, with its model house opening on the 20th. The complex will be located at 29-12 Songdo-dong, Yeonsu-gu, Incheon Metropolitan City (C8-1BL), consisting of two buildings with 608 units from four basement floors to 44 floors above ground. It will be supplied as a residential lodging facility with a rare value in Songdo New City, offering medium to small units with exclusive areas ranging from 77 to 191㎡, expected to attract strong demand.
- Equipped with excellent infrastructure including rapid transportation networks, pleasant natural environment, and abundant living and educational facilities
Songdo, where the complex is located, has seen its population surge from about 2,000 in 2003 to 160,000 recently, and with many future development plans, it is regarded as a highly preferred residential area. Additionally, about 10,000 units of the Hillstate brand are planned near districts 6 and 8, and once completed, the area is expected to become a branded town, generating high expectations.
Hillstate Songdo Stay Edition offers excellent accessibility not only to adjacent areas but also to Seoul and the metropolitan area through superior transportation networks. The complex is situated near the International Business District Station on Subway Line 1 and provides easy access via the Second Gyeongin Expressway and the planned Metropolitan Area 2nd Ring Expressway. Furthermore, the completion of the GTX-B line is expected to further increase the area's value.
The complex also provides access to excellent living and educational infrastructure. Large malls such as Costco, Homeplus, Lotte Mart, and Hyundai Premium Outlet are located nearby, with E-Land Mall (planned), Shinsegae Mall (planned), and Lotte Mall (planned) also set to open. Moreover, various educational facilities including Yeonsong Elementary School, Sinjeong Elementary School, Yeonsong High School, Chadwick International School Songdo, and Incheon Global Campus are situated around the complex, offering an outstanding environment for children's education.
The area enjoys a pleasant park environment with large parks such as Central Park, which is about twice the size of Yeouido Park, and Moonlight Festival Park. In addition, residents will be able to enjoy the ocean life atmosphere through Songdo Waterfront Lake (planned), a landmark facility in Songdo, and the Aamdo Coastal Park.
- Hyundai Engineering & Construction introduces an ‘all-inclusive house’ with excellent interior and exterior design and concierge services
Hyundai Engineering & Construction plans to supply the residential lodging facility with a luxurious design differentiated from apartments by partially applying the ‘Art Deco style,’ a luxurious artistic style popular worldwide in the 1920s, to the exterior, and featuring modern interior design inside.
Inspired by New York service residences, the project will introduce a new concept lifestyle space that includes various spaces and communities that make life special, attracting consumer interest.
First, the ‘Concierge House’ located on the first basement floor will include a lobby lounge, reception desk, rental safe, wine library, book lounge, refrigerated parcel storage, individual storage, and mailboxes. On the third floor, additional community spaces will be provided. The healing space ‘Bath House’ will feature facilities such as sauna, shower rooms, dry sauna, indoor pool, and kids pool. The leisure and social community space ‘Club House’ will include a club lounge, golf club, putting garden, therapy garden, fitness club, stretching zone, and GX room, serving as a place for communication. Additionally, the third floor will house the ‘Common House,’ which can be used as a cafeteria and business lounge.
The landscaping space ‘Green House’ planned on the fourth floor is designed to evoke the atmosphere of a New York service residence rooftop garden, allowing residents to enjoy a leisurely rest and experience greenery life while nurturing nature within the complex.
Moreover, various hotel-style services suitable for community facilities will be offered for a fee. These include car sharing, on-demand car washing, moving and organizing services, housekeeping, dry cleaning, and secondhand goods purchasing services. Yacht rentals, art rentals, and flower subscription services will also support residents' high-level hobbies and leisure activities. Additionally, Hillstate Songdo Stay Edition will operate a dedicated app for residents to maximize convenience. Residents can easily use functions such as guidance, reservation, notifications, and payments related to community facilities and services.
- Residential lodging facilities benefiting from high-intensity regulations, increasing expectations for ‘Hillstate Songdo Stay Edition’
Hillstate Songdo Stay Edition is supplied as a residential lodging facility, which is relatively free from investment regulations compared to apartments. It allows subscription nationwide without a separate subscription savings account, and ownership and sales can be conducted through individual registration like apartments. Also, unlike apartments, which are considered housing when holding pre-sale rights under recently strengthened regulations, pre-sale rights for residential lodging facilities are not included in the housing count.
Furthermore, while the June 17 real estate measures banned the resale of pre-sale rights in all areas of Incheon including Songdo, Hillstate Songdo Stay Edition allows resale after contract, making it expected to benefit from this regulation.
In addition, the commercial facility ‘Hills Avenue Songdo Stay Edition,’ which impresses visitors with its luxury, is scheduled to be supplied simultaneously, further attracting consumer interest.
The model house for ‘Hillstate Songdo Stay Edition,’ opening on the 20th, will operate by prior reservation through the internet homepage and a representative phone number to prevent COVID-19 infection. Visits to the model house will be conducted in sessions during the open period, with entry limited to 40 pre-registered visitors per session.
Reservations can be made for up to one accompanying person, but infants, elderly, and pets are not allowed. Reservations can be made by date and time through the official website and inquiry phone.
Meanwhile, the ‘Hillstate Songdo Stay Edition’ model house is located at 177-1 Songdo-dong, Yeonsu-gu, Incheon Metropolitan City.
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