Rising Pre-Sale Prices Drive Demand for Homeownership... Hyundai Engineering to Launch 'Hillstate Sokcho' Pre-Sale in July

As raw material prices and labor costs rise, making apartment sale price increases inevitable, homebuyers planning to purchase their own homes are paying attention to newly launched apartment complexes. This is because the anxiety that prices will continue to rise not only in the second half of this year but also next year is spreading, creating the perception that now is the right time to buy a home.

According to data from Real Estate R114, sale prices have significantly increased over the past two years. In 2021, the nationwide sale price per 3.3㎡ was 13.05 million KRW, which rose by 2.17 million KRW to 15.22 million KRW in 2022. This year also recorded a large increase. The average sale price up to June 2023 was 17.83 million KRW, up 2.07 million KRW from the previous year.

The increasing possibility of interest rate cuts is another reason why homebuyers are interested in new apartment complexes. In fact, the Bank of Korea recently held the base interest rate steady for three consecutive times, fueling expectations that rates may fall. The interest rate level outlook index dropped by 9 points in one month, from 114p to 105p. This index exceeds 100 when more respondents expect interest rates to rise in six months than those expecting a decline.

Industry experts say, “Since last year, continuous interest rate hikes and rising sale prices have made homebuyers feel burdened about applying for housing, but recently, as the possibility of interest rate cuts increases, interest in new apartment complexes is rising. Demand is expected to concentrate on prime apartments with strong locations in Gangnam, reputable brands, scenic views, and specialized designs.”

Meanwhile, Hyundai Engineering plans to launch ‘Hillstate Sokcho’ in July in Geumho-dong, Sokcho-si, Gangwon Special Self-Governing Province. The complex will consist of 11 buildings ranging from 3 basement floors to 25 above-ground floors, with a total of 925 units of 84㎡ and 104㎡ exclusive areas.

‘Hillstate Sokcho’ offers a healing space for leisure time with Yeongnang Lake and Yeongnang Lake Park walking trails located within 500 meters radius. Additionally, Cheongcho Lake, one of the representative lakes of the East Coast, is within 1 km of the complex.

Moreover, within 2 km radius of the complex is Deungdae Beach. To the west of the complex lies Seoraksan Mountain. As a result, some units in the complex offer multi-views of Yeongnang Lake, Cheongcho Lake, the East Sea, Seoraksan Mountain, and Ulsan Rock.

Located in Geumho-dong, the center of Sokcho, various living infrastructures are conveniently accessible. Within 1 km radius are Sokcho Central Traditional Market and Seorak Rodeo Street, the main commercial areas, making them easy to use. Nearby are also E-Mart, Sokcho City Hall, Sokcho Medical Center, Chuncheon District Prosecutor’s Office Sokcho Branch, and Sokcho Culture and Arts Center, providing various residential conveniences. In front of the complex are Jungang Elementary School and Sokcho Haerang Middle School, ensuring safe commuting for children. Additionally, Sokcho Elementary School and Seorak Middle School are located within 1 km radius.

The complex also boasts excellent transportation conditions. Sokcho Intercity Bus Terminal is within 750 meters radius, allowing convenient travel to other regions. Sokcho Port International Passenger Terminal and Sokcho Port International Cruise Terminal are nearby. Furthermore, National Route 7 and Provincial Route 56 around the complex facilitate easy local travel, and various circular bus routes will pass in front of the complex.

There are abundant nearby transportation development benefits. Within 3 km radius, the Chuncheon?Sokcho East-West High-Speed Railway (scheduled to open in 2027) connecting Seoul, Chuncheon, and Sokcho is under development, which is expected to greatly improve access to Seoul. According to the Ministry of Land, Infrastructure and Transport, once the line opens, it will take only 1 hour and 39 minutes to reach Seoul Yongsan from Sokcho without transfers via KTX-Eum.

Additionally, a development project for the Sokcho station area is planned on approximately 720,000㎡ of land in nearby Nohak-dong and Joyang-dong, targeting completion by 2030, raising expectations. It is the largest among the six station area developments along the Chuncheon?Sokcho East-West High-Speed Railway and is expected to include a complex transfer center (planned) linking city public transportation systems and a seafood food cluster (planned), creating mini new town-level infrastructure.

The product quality befitting a large-scale complex constructed by Hyundai Engineering, a major domestic construction company, is also highly anticipated. The complex is primarily oriented southward for excellent sunlight exposure, and features a 4Bay cross-ventilation design (except some units) for superior airflow. Innovative specialized designs maximize space utilization. Various community facilities for residents’ convenience are also planned, including a daycare center, golf practice range, guest house, and fitness center.

A representative from Hillstate Sokcho sales said, “Hillstate Sokcho is expected to see significant improvements in transportation conditions and regional value through the planned railway and station area development projects about 15 minutes away by car. Additionally, located in Geumho-dong, the center of Sokcho, residents can enjoy well-established infrastructure for education and daily life along with a pleasant residential environment, attracting interest from local residents as well as buyers nationwide.”