Hyundai Construction to Open 'Hillstate Cheonggye Central' Model House on the 29th

Enjoying Cheonggyecheon and Triple Station Area Life Close to Hillstate

[Asia Economy Reporter Jo Gang-wook] Hyundai Construction announced on the 28th that it will open the model house for the residential officetel ‘Hillstate Cheonggye Central’ and the commercial facility within the complex ‘Hills Avenue Cheonggye Central,’ located at 1229 Hwanghak-dong, Jung-gu, Seoul, on the 29th, and begin full-scale sales.

Hillstate Cheonggye Central consists of one building with 522 units, ranging from 34 to 51㎡ in exclusive area, spanning from basement level 6 to ground level 20. By exclusive area, there are △34㎡A 54 units △34㎡B 252 units △48㎡ 198 units △51㎡A 17 units △51㎡B 1 unit, designed as a residential product alternative to small apartments, expected to attract high interest from 1-3 person households and newlyweds.

Within walking distance to Sindang Station (Lines 2 & 6) and Dongmyo Station (Lines 1 & 6)... Easy access to major business districts in Seoul

Hillstate Cheonggye Central boasts excellent transportation conditions. First, through Sindang Station, a transfer station for Lines 2 and 6 about a 5-minute walk away, it is possible to quickly reach major business districts in Seoul such as City Hall Station within 10 minutes, Yeouido Station within 25 minutes, and Gangnam Station within 30 minutes.

Through Dongmyo Station, a transfer station for Lines 1 and 6 about a 10-minute walk away, Jongno 3-ga Station can be reached within 5 minutes and Yongsan Station within 20 minutes.

Additionally, within a 1 km radius, there are multiple subway stations including Dongdaemun Station (Lines 1 & 4), Sinseol-dong Station (Lines 1, 2 & Ui-Sinseol Line), Sangwangsimni Station (Line 2), and Cheonggu Station (Lines 5 & 6).

Road network usage is also convenient. Majang-ro, Dasan-ro, and Nangye-ro are adjacent, facilitating vehicle access, and major arterial roads such as the Inner Circular Road, Dongbu Expressway, and Gangbyeonbuk-ro nearby make it easy to access all areas of Seoul.

Convenience facilities such as marts, hospitals, and schools concentrated... Pleasant residential environment adjacent to Cheonggyecheon Stream

Located in Jung-gu, the heart of Seoul, Hillstate Cheonggye Central is surrounded by abundant living infrastructure. Within walking distance, residents can easily access various convenience facilities including E-Mart (Cheonggyecheon branch), Seoul Central Market, National Medical Center, Chungmu Art Center, and Dongdaemun Design Plaza.

Regarding educational conditions, within a 1 km radius, there is a concentration of elementary, middle, and high schools such as Gwanghui Elementary, Soongsin Elementary, Sindang Elementary, Muhak Elementary, Hanyang Middle, Doseon High, Seongdong High, Seongdong Technical High, Hanyang Technical High, and Seongdong Global Management High School.

Cheonggyecheon Stream, with a 17.63 km-long walking trail, is located about a 5-minute walk away, and green spaces such as Dongdaemun History & Culture Park, Muhak-dong Neighborhood Park, Sungin Neighborhood Park, and Dongmyo Park are abundant, allowing residents to enjoy a pleasant living environment in the city.

Future value expected due to various development benefits... Scarcity value highlighted due to shortage of new apartment supply

Various development benefits are planned around Hillstate Cheonggye Central, raising its future value. Seoul City is promoting the creation of a Fashion Innovation Hub on the site in connection with the relocation of the Seoul Metropolitan Police Agency’s Mobile Headquarters. The total project cost is planned to exceed 110 billion KRW, and through this, the Dongdaemun Fashion Town area is expected to transform into a hub for the domestic fashion and clothing industry.

Redevelopment projects in the area are also gaining momentum. According to Seoul City and Jung-gu, last year, a new district unit plan study began for approximately 320,000㎡ in the Hwanghak-dong area and approximately 320,000㎡ in the double station area of Sindang-Cheonggu-Yaksu stations. As this has been a long-standing local demand, the plan will be carefully pursued from the planning stage.

The scarcity of new apartment supply in Jung-gu is also expected to act as a positive factor. According to Seoul City, as of 2019, among 17,705 apartment households in Jung-gu, only 11.04% (1,956 households) are newly built apartments less than 5 years old, indicating a very low proportion, thus high interest in residential officetels is anticipated.

Residential officetel embodying the luxury of the Hillstate brand... Less affected by regulations than apartments

The exterior of Hillstate Cheonggye Central is finished with stone on the entire front to express a luxurious image. This allows residents to feel the sophisticated and elegant Hillstate living space from the exterior.

The 34㎡ units are designed with one bedroom, a living room, and a kitchen. A large dressing room is created in the bedroom to enhance storage space. The 48㎡ and 51㎡ units consist of two bedrooms, a living room, and a kitchen, with a large dressing room installed in each bedroom. Additionally, a ‘ㄷ’-shaped kitchen is introduced in all units to improve convenience in movement, and an entrance storage room is created at the entrance to provide various storage spaces.

The bathroom space is specialized to add convenience to daily life. The bathroom is designed to accommodate multiple uses simultaneously, such as laundry, powdering, washing, and showering, allowing busy dual-income couples and children to use the bathroom at the same time during busy mornings.

As it is supplied as an officetel, it has the advantage of being relatively free from regulations compared to apartments. Anyone aged 19 or older residing in South Korea can apply for subscription regardless of whether they have a subscription savings account, residency restrictions, or home ownership, making it attractive to real demand buyers in their 20s and 30s with relatively low subscription points.

Tax burden is also relatively lighter. While the acquisition tax rate for apartments increased up to 12% through the July 10 real estate measures, officetels do not distinguish between residential and commercial use at the time of acquisition, maintaining the existing acquisition tax rate of 4.6%. Newly sold officetel pre-sale rights are also excluded from the total number of houses owned.

Simultaneous sale of commercial facility ‘Hills Avenue Cheonggye Central’... Linked with already active existing commercial district

The commercial facility ‘Hills Avenue Cheonggye Central’ within the complex will also be sold simultaneously. It consists of 51 stores from basement level 1 to ground level 2, with practical small to medium sizes ranging from 30 to 84㎡.

Since this commercial facility is located at the center of the Hwanghak-dong kitchen and furniture street, designated as a specialized street, it is expected to establish itself as a specialized commercial facility for kitchenware. According to Jung-gu (as of July), there are 365 kitchen and furniture-related stores in this area, and including manufacturing and other stores, the total reaches 540. With such a large scale and equipped with factory and wholesale/retail sales networks, continuous demand is expected.

It is also located in connection with the already active Seoul Central Market commercial district, naturally attracting foot traffic aiming to use the existing commercial district.

There is also a residential demand of over 6,000 households in the background. It secures fixed demand from residents within the complex and has abundant demand in the surrounding area within 500 meters, including many officetels and Hwanghak-dong Lotte Castle Venezia (1,870 households), Wangsimni New Town 2nd District Tens Hill (1,148 households), Wangsimni New Town Centras (2,529 households), and Cheonggyecheon Doosan We've the Zenith (295 households).

Model house operates by prior visit reservation system... Real-time live broadcast ‘Interactive Communication Show’ on the 29th

To prevent the spread of COVID-19, the model house of Hillstate Cheonggye Central operates a prior visit reservation system. Prospective visitors must apply for a visit reservation through the official Hillstate Cheonggye Central website before visiting the model house.

Also, on the opening day of the model house, the 29th, from 12 PM, the company’s YouTube channel ‘Hillscasting’ will reveal details that prospective buyers are curious about, such as the model, units, location, and subscription methods of Hillstate Cheonggye Central. The interior of the units can also be viewed in detail through the Hillstate Cheonggye Central website.

A Hyundai Construction sales official said, "Hillstate Cheonggye Central is geographically located in the center of Seoul and has a triple station area with subway lines 1, 2, and 6 within walking distance, enabling convenient living for actual residents. Moreover, with various development benefits being promoted around, the future value due to improved residential environment is high, so we expect intense competition for subscription."

The model house of Hillstate Cheonggye Central is located at 92-62 Sinseol-dong, Dongdaemun-gu, Seoul.

This content was produced with the assistance of AI translation services.