South Korean builder Hyundai E&C said Thursday it has begun selling flats at its newly constructed apartment complex in Namdong-gu, Incheon.
Named “Hillstate Incheon City Hall Station,” the apartment complex can house a total of 746 households in flats that range in area between 39 and 84 square-meters. Houses in that range were found to be in highest demand, according to the construction company.
Hyundai E&C said regulations concerning real estate subscriptions and housing loans have been lifted in the area in November, making it easier for residents to get housing loans, and for multiple-house owners to purchase. Housing subscription is South Korea's unique allocation system for new apartments that selects candidates who are mostly first-time buyers, live with multiple family members, or have owned a subscription savings account for a long time.
The complex is located near a subway station which hosts Incheon Subway Lines 1 and 2. It is also located near multiple administrative offices including the City Hall, City Council, National Police Agency’s Incheon branch, and the city’s education office.
In particular, the complex is located near multiple educational, recreational and commercial spaces. Public libraries, and parks are scattered within walking distance, while large department stores and supermarkets are also close by.
The complex itself also has many amenities, including an indoor golf driving range, a club house, study rooms, a sauna and a fitness center.
Meanwhile, Hyundai E&C officials said the apartment complex could rise in value in the near future, citing the construction of metropolitan express train GTX Line B scheduled for 2024, and Korea Real Estate Board data which showed apartments in the region sold out fastest in 2022.
“The complex has easy transportation as it is near a station with three subway lines, and is a spot which has diverse superior educational conditions and living infrastructures,” said a Hyundai E&C official.
Meanwhile, a model house for the apartment has been open near the complex.