- Life lodging facilities record an average competition rate of 862 to 1... Complex commercial facilities expected to continue success
- Megabox, the only MX theater in Chungbuk, to open in the country's largest 'Hyundai City Outlet'
Last year, following the record-breaking sales competition of ‘Hillstate Cheongju Central,’ the highest ever among lifestyle lodging facilities in the Chungcheong region, the complex commercial facility within the complex, ‘Cheongju Central City,’ has recently been attracting significant attention from investors. This is because it is being introduced once again in a proven location, drawing focused interest from investors.
In August last year, Hyundai Engineering launched ‘Hillstate Cheongju Central’ in the Gagyeong-dong area of Cheongju, which caused an unprecedented sales frenzy in the Cheongju market. According to the developer, Cheongju Express Terminal Co., Ltd., over three weekdays of subscription, 138,000 applications were received for 160 units, resulting in an intense competition ratio of 862 to 1 on average.
Until now, high-priced residential products with large areas priced around 1 billion KRW had not performed well in the Cheongju sales market. However, the lifestyle lodging facility ‘Hillstate Cheongju Central’ showed a contrasting trend.
This is because it is located in a prime area of Cheongju that connects major regions nationwide, and it is being built as a super high-rise mammoth residential complex, giving it representativeness. Additionally, with Cheongju Express Terminal, Hyundai City Outlet, and Megabox installed within the complex, transportation, cultural, and commercial facilities are all integrated, enabling a ‘one-stop life,’ which is also considered a key factor for its sales success.
In particular, this location boasts a solid demand base and abundant foot traffic, making it the site for Chungbuk’s first MX theater, ‘Megabox.’ Despite the presence of several cinemas in Cheongju, the excellent location, along with guaranteed stability and profitability, appears to have led to large-scale investment.
Furthermore, Hyundai Department Store has decided to establish the country’s largest ‘Hyundai City Outlet’ here, which is known to be the only new store opening plan until 2025.
As expectations for the Cheongju Express Terminal complex development project rise, investor interest in the complex commercial facilities within the complex is also increasing.
The ‘Cheongju Central City’ complex commercial facility will be the largest of its kind in Cheongju, and with the express bus terminal and various anchor facilities (Hyundai City Outlet, Megabox) planned together, it is expected to exert strong customer attraction power.
Meanwhile, the terminal complex will include the express bus terminal along with retail and cultural facilities, lifestyle lodging facilities, and neighborhood living facilities. The building will be constructed from 7 basement floors to 49 above-ground floors, with a total floor area of 166,149㎡. The residential-commercial complex will be built from 6 basement floors to 49 above-ground floors (total floor area of 63,411㎡), including apartments and neighborhood living facilities.
The complex commercial facilities will include ‘Central Square’ in the terminal complex and ‘Hills Avenue Central’ in the residential-commercial complex.
In the terminal complex, ‘Hyundai City Outlet’ and ‘Megabox’ are planned to be tenants, which will further enhance customer attraction. On the 6th floor, a spacious plaza and garden called ‘Festival Garden’ will be created. This area will also provide spaces for exhibitions, events, and performances, allowing customers to enjoy both healing and cultural life without having to go far. Central Square will be established on the 6th and 7th floors, covering a total floor area of 8,786㎡.
The complex commercial facility in the residential-commercial complex, ‘Hills Avenue Central,’ will be built from the 1st to the 3rd floor above ground, with a total floor area of 10,830㎡. It can secure a stable demand base from the apartments within the complex. Moreover, a connecting passageway to Hyundai City Outlet will be provided, enabling users to easily move between complexes without going outside.
Notably, the pre-sale neighborhood living facilities within Cheongju Central City account for only 9% of the total floor area of the complex commercial facilities, making them highly scarce and expected to continuously attract investors.
The ‘Cheongju Central City’ complex commercial facilities are scheduled for pre-sale in July, with a sales promotion center to be established.
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