Continued Popularity of New Buildings... 'Hillstate Pyeongtaek Station Central City' for Sale

The average floor sale price of privately sold apartments nationwide has surpassed 20 million KRW per 3.3㎡, reaching an all-time high and soaring sky-high.

According to Real Estate R114, the average sale price per 3.3㎡ of privately sold apartments nationwide from January to September this year was 20.59 million KRW, marking a record high.

This represents an increase of 6.64 million KRW compared to 2020 (13.95 million KRW per 3.3㎡) after four years, which translates to a rise of 225.7 million KRW over four years for an exclusive area of 84㎡ (formerly 34 pyeong), a size commonly referred to by the public.

By region, the Seoul metropolitan area saw the largest increase. This year, the average sale price per 3.3㎡ in the metropolitan area was 23.45 million KRW, surpassing 20 million KRW consecutively following 2023 (20.34 million KRW), and rising by approximately 7.47 million KRW compared to four years ago (15.98 million KRW per 3.3㎡), which is about 254 million KRW for the 34-pyeong standard.

The five major provincial metropolitan cities recorded an increase of 6.78 million KRW compared to four years ago, while other provincial areas rose by 4.96 million KRW.

This rise in sale prices is mainly attributed to continued high interest rates and increased construction costs such as raw materials and labor.

The problem is that with high interest rates persisting, domestic and international conditions continue to destabilize raw material prices, making it highly likely that sale prices will continue to rise.

In fact, the sale prices of public pre-sale apartments in the 3rd New Towns, which held pre-sales three years ago, are now set to be sold at prices more than 50 million KRW higher than the estimated prices at the time of pre-sale. Although there are differences depending on the region and complex, the sale prices have ultimately increased.

An industry insider said, “There are many cases where complexes criticized for high sale prices have premiums added and their sale rights are traded. Especially, complexes with well-established infrastructure have strong demand even after completion, so these complexes have high holding value due to their potential for price appreciation.”

As sale prices continue to rise, buyers are actively seeking to secure new apartments, and a new apartment supply in the highly preferred residential area around Pyeongtaek Station in Pyeongtaek is attracting attention after a long time.

The protagonist is ‘Hillstate Pyeongtaek Station Central City,’ a redevelopment project by Hyundai Construction in Hapjeong-dong, Pyeongtaek City, rebuilding the Hapjeong Jugong Apartments.

‘Hillstate Pyeongtaek Station Central City’ is a large complex with a total of 1,918 households ranging from 45 to 178㎡ in exclusive area, of which 599 households sized 45 to 112㎡ are for general sale.

The area around Pyeongtaek Station where the complex is located is equipped with abundant infrastructure such as transportation, education, and convenience facilities, and it is known that buyers from nearby housing districts like Pyeongtaek Godeok and Sosabeol are also interested.

A real estate agent near Pyeongtaek Station said, “Pyeongtaek Station has long been a gateway area of Pyeongtaek via Line 1, with many convenience facilities, making it one of the preferred areas. As redevelopment and other projects are underway throughout the old town, many people who had left the old town are showing interest in new apartments and making inquiries.”

Hillstate Pyeongtaek Station Central City is within walking distance of Pyeongtaek Station, where Line 1 and the Gyeongbu and Honam lines (Saemaeul and Mugunghwa trains) stop, as well as the express bus terminal and intercity bus terminal.

Additionally, shopping and cultural facilities such as AK Plaza department store and CGV are easily accessible, and the area boasts solid commercial zones including the Pyeongtaek Station commercial facilities, Jogaeteo shopping district, NewCore Outlet, and Lotte Mart.

Moreover, the Pyeongtaek Station Complex Cultural Plaza project, which began with a groundbreaking ceremony in July, is expected to be completed by 2026 and become a resting and cultural space for Pyeongtaek citizens.

Educational conditions are also excellent. Hapjeong Elementary School is located right next to the complex, and schools such as Pyeongtaek Girls’ Middle School, Hangwang Middle and High School, Shinhan Middle and High School, Pyeongtaek High School, and Pyeongtaek Meister High School, as well as the academy district in Hapjeong-dong, are all nearby.

Pyeongtaek Jije Station, located one stop away from Line 1 Pyeongtaek Station, currently serves the SRT and is planned to be extended to the GTX (Great Train Express) Line A in the future. It is also expected to enable KTX use through the Suwon-KTX direct connection project.

Meanwhile, the model house for ‘Hillstate Pyeongtaek Station Central City’ is located on-site in Hapjeong-dong, Pyeongtaek City.