Consumers Flock to Financial Benefit Complex... Spotlight on 'Hillstate Wonju Restige'

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As domestic and international prices continue to rise, central banks around the world are taking measures to curb inflation by raising benchmark interest rates.

In the case of the United States, the Federal Reserve has steadily increased rates since March last year, including announcing four giant steps (0.75% rate hikes) last year, currently standing at around 5.0%. Notably, in both February and March, the Fed decided on baby steps (0.25 percentage point hikes), and Federal Reserve Chair Jerome Powell has firmly stated that there will be no rate cuts this year, leading to expectations of a 0.25 percentage point increase at the upcoming May FOMC meeting.

In South Korea, the benchmark interest rate was only 1.25% at the beginning of last year. However, after implementing the first-ever big step (0.5% rate hike) in July and raising the rate seven consecutive times, it now stands at 3.5%. Despite two consecutive rate freezes, Lee Chang-yong, Governor of the Bank of Korea, has indicated that the final rate could rise to 3.75%, dismissing the notion of a peak in interest rates.

With the high interest rate trend expected to continue for the time being, consumers are facing increased burdens in repaying loans. As a result, residential complexes offering financial benefits that ease the burden on real buyers, such as interest-free interim payments, are gaining attention. Although these benefits have been in place for a long time, the recent rise in interest rates has made contract holders more aware of their value.

Among these financial benefits, there is a fixed contract deposit system that reduces the initial financial burden. Typically, a contract deposit of 10-20% of the sale price is required at the time of the preliminary contract, but this system sets a fixed amount of 10 to 20 million KRW to be paid upfront. Additionally, there is interest-free interim payment. Generally, the interest on interim loans, which amount to 60% of the sale price, is paid by the developer or construction company to the bank on behalf of the contract holder. This is especially popular among buyers as major banks' loan interest rates have recently reached 6-8%, alleviating concerns about rising interest costs.

An industry insider said, “As continuous rate hikes increase the financial burden on buyers, complexes offering financial benefits such as fixed contract deposits and interest-free interim payments are gaining new attention. Since it may become more difficult for consumers to secure loans for home purchases in the future, paying attention to complexes that provide financial benefits could be economically advantageous.”

Amid this, ‘Hillstate Wonju Restige,’ which offers financial benefits, is drawing attention.

Supplied by Hyundai Engineering & Construction in Gwanseol-dong, Wonju-si, this complex consists of 13 buildings ranging from two basement floors to 18 floors above ground, with a total of 975 units sized between 84 and 136 square meters. Hillstate Wonju Restige provides financial benefits such as a fixed contract deposit of 10 million KRW and full interest-free interim payments to ease buyers’ financial burdens amid recent interest rate hikes.

The complex features mid- to large-sized units preferred in Wonju, ranging from 84 to 136 square meters, with a maximum 4Bay-4Room layout to enhance openness. All unit types include storage rooms, and depending on the size, large pantries, dressing rooms, alpha rooms, and powder rooms are arranged to maximize space utilization. The kitchen designs, including ‘ㄱ’ and ‘ㄷ’ shapes, optimize movement flow, which is also noteworthy.

High-quality landscaping and community facilities are also applied. Various landscaping designs are implemented throughout the complex to provide residents with a pleasant environment suitable for the scale of the complex. Spacious community facilities include H i-Sup (indoor children's playground), clubhouse, fitness center, golf practice range, imagination library, and guest house, allowing residents to enjoy leisurely and healthy recreational activities.

The Hillstate Wonju Restige model house is located in Musil-dong, Wonju-si, Gangwon-do.

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