[Asia Economy Reporter Yuri Kim] Hyundai Engineering announced on the 14th that it is currently conducting official contracts for the residential officetel "Hillstate Jigeum Defore" being built in Jigeum District, Dasan-dong, Namyangju-si, Gyeonggi Province.
This complex consists of 840 units from basement level 4 to ground level 10, and received 2,403 applications during the subscription period. The units range from 47 to 58㎡ (exclusive area). The most popular was the 55㎡ C-type in the third group, which recorded a competition rate of 50.5 to 1 in the resident priority application.
The company cited the differentiated specialized design, reasonable sale price, and relatively fewer regulations as the reasons for the high competition rate. This officetel is designed as a rare two-room unit and provides attic space in every unit, solving the storage space shortage problem typical of existing officetels. Approximately 28% of the total 840 units, or 242 units, also feature terraces.
The sale price starts at around 340 million KRW for the 55㎡ A2 type. The company explained that this is about 150 million KRW lower than the supply price of nearby complexes’ 54㎡ units.
Hillstate Jigeum Defore is a residential officetel, allowing anyone aged 19 or older to apply without a subscription savings account or a financial plan. There are no restrictions on re-winning, and loan-related regulations are relatively less strict compared to apartments.
A sales official said, "As the government’s high-intensity regulations continue, demand is focusing on residential alternative products like residential officetels, which are relatively free from regulations. Hillstate Jigeum Defore seems to have attracted much interest due to its reasonable price, location, product, and brand."
Meanwhile, a commercial facility called "Hills Avenue Jigeum Defore" will be located from basement level 1 to ground level 3 of this officetel. The model house is located at 330 Mangwoo-ro, Jungnang-gu, Seoul.
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