Hyundai Engineering Conducts First-Come, First-Served Contracts for 'Hillstate Dongin'

Anyone aged 19 or older can contract remaining units regardless of residence or subscription savings account
Re-winning restrictions apply when applying for other housing, but not counted in total housing, attracting wide-area investment demand
Pre-sale rights can be transferred before move-in upon full 10% down payment completion

Hillstate Dongin perspective view.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering announced on the 13th that it will conduct first-come, first-served contracts for ‘Hillstate Dongin,’ supplied in the area of 211, Dongin-dong 1-ga, Jung-gu, Daegu Metropolitan City.

This complex is expected to attract significant attention as a large-scale ‘Hillstate’ brand apartment developed in the core location of Taepyeong-ro, a rising residential belt in Daegu.

In particular, with the recent government announcement to improve the Housing and Urban Guarantee Corporation (HUG)’s price review system, strong interest is anticipated from buyers seeking to purchase their homes at reasonable prices.

For this first-come, first-served contract, anyone aged 19 or older can contract for their preferred remaining unit’s building and unit number without a subscription savings account, regardless of their residential area. Especially, the pre-sale rights obtained through this first-come, first-served method are not subject to re-winning restrictions when applying for other housing subscriptions and are considered as non-homeowners, attracting attention from wide-area investment demand.

‘Hillstate Dongin’ allows resale before move-in upon full payment of the down payment (10%). Currently, the Housing Act specifies a resale restriction period of up to three years for pre-sale rights, but this complex exceeds three years of construction period due to its design as a large complex with over 1,000 units.

Additionally, a deferred interest payment benefit on the intermediate payment (50%) is provided, so contract holders can pay only 10% down payment and, under the condition of succession of the intermediate payment loan (50%), can resell before moving in.

A Hyundai Engineering official stated, “According to Article 53-10 of the Housing Supply Regulations, pre-sale rights contracted by the first-come, first-served method for remaining houses after selecting residents are not considered home ownership,” adding, “In the situation where the entire Daegu area is designated as a regulated zone, this first-come, first-served contract is expected to be a good opportunity not only for actual demanders but also for investors.”

The complex will be developed with 5 buildings ranging from 4 basement floors to a maximum of 49 floors above ground. In particular, it will include 1,009 residential units (941 apartments and 68 residential officetels) and commercial facilities with a total floor area of approximately 11,556㎡.

The location conditions are also excellent. It is within walking distance to Chilseong Market Station and Jungangno Station on Daegu Subway Line 1, as well as Daegu Station. Lotte Department Store Daegu Branch, Daegu Department Store, and Dongseong-ro, known as Daegu’s top commercial district, are also within walking distance. Nearby are the National Debt Repayment Movement Memorial Park, 2.28 Memorial Central Park, Lotte Cinema, and CGV, making it convenient for leisure and cultural activities.

The educational environment is also outstanding. Dongin Elementary School, selected as a ‘Green Smart Future School’ last June, as well as Gyeongbuk National University Affiliated Middle School, Gyeongbuk National University Affiliated High School, and the Municipal Central Library are nearby. The Dongseong-ro academy district is also close, which is expected to attract high interest from buyers with children.

The future value is also promising. The complex will form a brand town with a total of 1,509 units together with Hillstate Dongin Central (including officetels, totaling 500 units), which was successfully sold last year. Both complexes feature high-rise designs with 49 floors, and are expected to become landmarks in the region in the future.

Meanwhile, since May, the ‘Urban Planning Ordinance Amendment,’ which strengthens residential floor area ratio regulations in commercial areas of Daegu, has been fully implemented, further increasing the rarity of ‘Hillstate Dongin,’ designed with a height of 49 floors.

The central commercial area, where subway stations and various convenience facilities are concentrated, has excellent residential convenience and is highly preferred by buyers. However, due to this floor area ratio regulation, profitability is expected to decline, making ultra-high-rise mixed-use residential developments difficult for the time being.

‘Hillstate Dongin’ consists of a single exclusive area of 84㎡, and the sale price is set at a minimum of 544.9 million KRW. The average balcony extension cost is 21.72 million KRW, and even including the balcony extension fee, it is cheaper than the surrounding market prices.

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