A 'Large Complex' Branded Apartment in a Town of 50,000... 'Hillstate Pyeongtaek Hwayang'

- The more households, the lower the management fees and the higher the house price increase rate
- Adjacent to National Road 38... Excellent external accessibility within the district including Pyeongtaek Port Industrial Complex, Godeok New Town, and Pyeongtaek Jije Station

[▲‘Hillstate Pyeongtaek Hwayang’ bird's-eye view (Image=Hyundai Engineering)]

Hyundai Engineering is scheduled to offer the ‘Hillstate Pyeongtaek Hwayang’ apartment for sale. It will be the first ‘Hillstate’ brand apartment in the Hwayang district, developed as a large complex with 1,571 households.

Generally, large apartment complexes have the advantage of lower maintenance fees and are favorable for securing price premiums. According to data from the Ministry of Land, Infrastructure and Transport’s ‘Apartment Management Information System,’ the common maintenance fees per square meter for apartments nationwide in September were ▲1,369 KRW/㎡ for 150?299 households ▲1,230 KRW for 300?499 households ▲1,163 KRW for 500?999 households ▲1,135 KRW for 1,000 or more households. The larger the number of households, the lower the maintenance fees.

The size of the complex also affected the average price. According to statistics, the average nationwide apartment sale price per pyeong (3.3㎡) by complex size was △under 300 households 18.51 million KRW △300?499 households 19.04 million KRW △500?699 households 19.54 million KRW △700?999 households 20.31 million KRW △1,000?1,499 households 22.61 million KRW △1,500 or more households 28.85 million KRW. The larger the complex, the higher the average sale price, with complexes of 1,500 or more households having the highest average sale price.

This has also made such complexes popular in the subscription market. According to Korea Real Estate Board’s Subscription Home, among the metropolitan area sales sites this year, the place with the highest number of applicants was ‘Hillstate Geomdan Well County (private)’ with a total of 37,076 applicants, which was planned as a large complex with 1,535 households. Also, ‘Jeil Punggyeongchae Geomdan II (Phase 2),’ which had 27,916 applicants, was a large complex with 1,734 households.

A sales official explained, “Large complexes with over 1,500 households are basically rare and often become landmarks in the area, so ‘Hillstate Pyeongtaek Hwayang’ is also generating high expectations,” adding, “Large apartment complexes tend to have lower common maintenance fees and higher average sale prices, so residents can expect a ‘tangible’ premium, making them very popular.”

Scheduled for supply in December, ‘Hillstate Pyeongtaek Hwayang’ will be built in the Hwayang district of Pyeongtaek City, Gyeonggi Province, consisting of 14 buildings from 2 basement floors to 31 floors above ground, with a total of 1,571 households ranging from 72 to 84㎡ in exclusive area. All households are mainly oriented south, and most are composed of the ‘Gukpyeong’ standard 84㎡ units.

The Hwayang district, where the complex is located, is a planned city expected to become a leading development axis for Pyeongtaek City along with the Godeok International New City upon completion. It is the largest private-led urban development project in Korea, planned on approximately 2.79 million square meters of land to accommodate about 20,000 households and over 50,000 people. Nearby is the ‘Pyeongtaekho Tourist Complex,’ where a lake meets the sea, raising expectations for transformation into a tourist city in the future.

‘Hillstate Pyeongtaek Hwayang’ is directly adjacent to National Road No. 38, a key local road, making it likely to have the best external access within the district. National Road No. 38 connects southern metropolitan areas such as Pyeongtaek and Anseong with industrial cities in the Chungcheong region like Dangjin and Asan.

This positions the apartment as the ‘gateway’ to the Hwayang district, increasing expectations for it to become a ‘regional landmark.’

There are also abundant transportation benefits nearby. Within a 4 km radius of the complex, ‘Anjung Station’ is planned to be built, where the Seohae Line (planned) and Poseung-Pyeongtaek Line (planned) will connect. In particular, the Seohae Line is planned to connect with the Gyeongbu High-Speed Line (KTX) in the future, enabling travel to Seoul Station in about 40 minutes. The nearby Poseung IC (planned) will also facilitate easy access to the Second Seohaean Expressway.

‘Hillstate Pyeongtaek Hwayang’ is currently operating a model house.