The residential lodging facility ‘Hillstate Harbor House Stay’ is gaining market attention as a major beneficiary of the opening of Incheon Sangsang Platform.
Sangsang Platform is Incheon’s largest marine complex cultural tourism facility, built by remodeling an old grain warehouse established in 1978, and held its opening ceremony on the 19th.
According to a press release from the Incheon Tourism Organization, the opening aims to promote balanced development of the old downtown area through various tourism business linkages. In particular, since the Incheon Tourism Organization relocated its headquarters to Sangsang Platform at the end of April, more than 100 employees are working there, and the scale is expected to expand further through new hires planned for this year.
As large-scale tourism demand and worker influx are anticipated at Sangsang Platform, the surrounding real estate market is also attracting attention from demanders, with ‘Hillstate Harbor House Stay’ located near the Incheon Inner Port redevelopment site being a representative example.
‘Hillstate Harbor House Stay’ consists of two buildings with 6 basement floors and up to 42 floors above ground, comprising 987 units of studio-type with exclusive areas of 22 to 33㎡ and 280 units of family-type with exclusive areas of 72 to 81㎡, totaling 1,267 units.
The complex is expected to benefit not only from the positive effects of the Sangsang Platform opening but also from the large-scale potential demand generated by the Incheon Inner Port 1 and 8 Wharf development project.
The Incheon Inner Port 1 and 8 Wharf development project is part of the Jemulpo Renaissance Project, a campaign pledge of the 8th local government administration, involving the creation of a marine cultural space on approximately 286,000㎡ of land by 2028.
Upon completion, a large-scale cultural and performance facility called ‘Cube,’ capable of hosting major K-pop concerts, will be established in the center of the site. Additionally, with the introduction of ICT & cultural content and advanced industrial convergence spaces, the Jung-gu and Dong-gu areas will transform into centers of marine, culture, and tourism, allowing ‘Hillstate Harbor House Stay,’ located nearby, to fully enjoy the resulting benefits.
Construction of the GTX-B (Metropolitan Area Express Railway) line, a key project promoted by the Ministry of Land, Infrastructure and Transport near ‘Hillstate Harbor House Stay,’ is also scheduled. The GTX-B line, spanning a total of 82.8 km, will begin construction in the first half of this year and is set to open in 2030, stopping at 14 stations from Incheon National University Station to Maseok Station, which will significantly improve the transportation network near the complex.
The complex also offers various community facilities and services befitting a premium lodging facility. Guests can use the co-working lounge as a personal space for work, meetings, or study, and a restaurant & cafeteria that serves as a breakfast restaurant, brunch caf?, and bar depending on the time of day is also provided.
In addition, a fitness center for exercise, a GX room for group activities such as yoga and Pilates, an indoor swimming pool, and screen golf facilities are available, allowing residents to enjoy luxurious yet private community amenities.
The complex aims to minimize vacancy risk through systematic management by a professional lodging management company and maximize convenience and investment returns for buyers through the development of entrusted products for investment profitability.
Residential lodging facilities like ‘Hillstate Harbor House Stay’ have attracted attention as alternative products to apartments or officetels, which have high entry barriers, but there has been ongoing debate in the real estate market due to unclear regulations.
However, according to recent court rulings regarding the possibility of long-term residence in residential lodging facilities, buyers can stay long-term and register their residence if they register as lodging businesses. Furthermore, stable rental income can be expected through systematic facility management by professional entrusted operators, so investor interest in residential lodging facilities is expected to remain steady going forward.
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