Hyundai Engineering to Launch 'Hillstate Oryong' in Namak New Town, Jeonnam in November

42 Block 482 Households, 45 Block 348 Households Scale... All Units Composed of Exclusive Area 84㎡
Namaak New Town, Infrastructure Established from Public Institution Relocation... Emerging as a Core Residential Area in Jeonnam
Land Development Zone and Non-Regulated Premium Both Included, Expected Interest from Real Buyers and Investors

Hillsstate Oryong Perspective / Provided by Hyundai Engineering.

[Asia Economy Reporter Jo Gang-wook] Hyundai Engineering announced on the 28th that it plans to launch ‘Hillstate Oryong’ next month in the Oryong District of Namak New Town, Jeollanam-do, which is gaining attention as a new residential area. As the first ‘Hillstate’ brand in Muan and Mokpo, and a rare complex with the advantages of a housing site district and a non-regulated area, the company expects that it will attract significant interest from both investors and actual buyers.

Hillstate Oryong will be built in blocks 42 and 45 of the Oryong District in Namak New Town, Muan-gun, Jeollanam-do, consisting of 482 households in block 42 (from basement level 1 to 24 floors above ground) and 348 households in block 45 (from basement level 1 to 20 floors above ground). All units are exclusively 84㎡, which is highly preferred by actual buyers.

Both blocks consist of six types of 84㎡ units. The number of units by type in block 42 is ▲84㎡A(D) 119 units ▲84㎡B(D) 238 units ▲84㎡C(D) 125 units. In block 45, the distribution is ▲84㎡A(D) 265 units ▲84㎡B(D) 55 units ▲84㎡C(D) 28 units.

Namak New Town, which is being developed in three phases across Okam-dong in Mokpo City and Samhyang-eup and Illo-eup in Muan-gun, Jeollanam-do, is a large-scale housing site district with a development area of 14.6㎢. The first phase of the housing development project targets a planned population of approximately 83,000 across three districts: Namak, Okam, and Oryong. Along with residential development, public institutions such as the Jeollanam-do Provincial Government and Jeollanam-do Office of Education have relocated to Namak New Town, and various infrastructures are steadily being expanded, making it a core residential area in Jeollanam-do.

Among these, the Oryong District (District 2), where the complex will be located, is considered the last remaining opportunity to enter the first phase of Namak New Town development, as the Namak and Okam districts have already been completed. The sequentially developed Oryong District covers approximately 2.8 million square meters and is planned to accommodate 24,550 people, with completion expected in 2024.

In particular, Oryong District 1 has stabilized with the completion of move-ins this year and the infrastructure established within the district, fueling price increases. According to the Ministry of Land, Infrastructure and Transport’s actual transaction price data, the 84㎡ unit of ‘Oryong Edufore Prugio Phase 2 (moved in July 2020)’ was traded at 480 million KRW in October this year, rising by 35 million KRW from 445 million KRW in the previous month. This is nearly 200 million KRW above the original sale price of 291 million KRW. Notably, this complex had little price fluctuation before July last year, but after a significant jump to 385 million KRW in March this year, it has been on a steep upward trend.

Additionally, the complex boasts comprehensive infrastructure, which is highly valued in the housing market. The Namak-ro road runs through Namak New Town, allowing easy access throughout the area. The nearby Namak Junction connects to the Seohaean Expressway and Namhae Expressway, enabling quick travel to nearby cities such as Mokpo and Yeosu.

Living infrastructure is also solid. A commercial district is planned in front of the complex, making it convenient to use future lifestyle convenience facilities. Nearby are Lotte Outlet and Lotte Mart. It is possible to reach the Jeollanam-do Provincial Government, Jeollanam-do Office of Education, and Jeollanam-do Police Agency within 10 minutes by car, and residents can also access the infrastructure of the Mokpo Hadang District, including E-Mart Mokpo and Mokpo Central Bus Terminal. Furthermore, a complex cultural center is planned on the northern site of the complex.

With mountains and streams nearby, residents can enjoy a pleasant living environment. Mangmo Mountain surrounds block 45, creating a forest zone where residents can realize an eco-life by viewing the forest from their homes. The Namchang Stream flowing along the outskirts of the Oryong District, the Yeongsan River, and the surrounding waterfront parks are also easily accessible.

Excellent educational conditions for children are another highlight. Within the Oryong District, Jeilro Kindergarten, Haengbok Elementary School, and Haengbok Middle School are already operating. Nearby, school sites are planned for kindergartens as well as elementary, middle, and high schools, ensuring safe commuting conditions for children. Additionally, an ‘Academy Village’ where academies and educational facilities can be established is planned within the Oryong District.

The highly preferred ‘Hillstate’ brand value also stands out. Hillstate has secured the number one brand reputation index for 31 consecutive months in apartment brand evaluations conducted monthly by the Korea Corporate Reputation Research Institute, establishing a solid brand recognition. It has also been awarded first place in apartment brand rankings for two consecutive years (2019?2020) by real estate research firm Dr. Apartment and was named the best apartment brand in 2020 by Real Estate 114, cementing its position as a leading apartment brand in Korea.

Hillstate Oryong is also set to be a complex that matches the prestige of the ‘Hillstate’ brand. All units are primarily south-facing with ample distance between buildings to maximize natural light and ventilation. The lower floors (1st to 5th) feature a ceiling height of 2.7 meters, which is 40 cm higher than the standard floor, providing an open feeling and abundant sunlight. Additionally, the top floors include attic rooms designed as private spaces for various hobbies. Parking is designed to accommodate about 1.5 cars per household, ensuring ample parking space.

The reasonable sale price combined with the premium of being in a non-regulated area also draws attention. Namak New Town, where the complex is located, is a public housing site subject to a price ceiling system, so the sale price will be set reasonably compared to surrounding market prices. Moreover, as it is a non-regulated area, anyone aged 19 or older residing in Jeollanam-do or Gwangju who has held a subscription savings account for more than six months can apply regardless of household head or member status, and multi-homeowners can also apply, attracting interest from both actual buyers and investors.

A sales official said, “Namak New Town, where Hillstate Oryong is located, is becoming the center of residential life in Jeollanam-do, and especially the Oryong District, which is just beginning to be occupied, is planned to be developed more pleasantly compared to the Okam and Namak districts. There is a large waiting demand for this sale.” He added, “The first ‘Hillstate’ brand in the region, combined with the benefits of a housing site district and a non-regulated area, adds rarity, and inquiries for investment purposes are also coming from other regions.”