Supply Shortage Deepens... Busy Moves to Secure Landmark 'Hillstate The Unjeong'

by Jung Jin

Published 19 Mar.2024 09:00(KST)

[Hillsstate The Unjeong Bird's-eye View]

Since last year, the supply volume for pre-sale housing has sharply declined, and it is expected that the supply shortage will intensify in 2 to 3 years. As a result, demanders are actively seeking to secure new supply complexes that will emerge as regional landmarks at the time of future move-ins.

According to housing statistics released by the Ministry of Land, Infrastructure and Transport, the number of housing starts nationwide last year was 209,351 units, a steep drop of 45.4% (174,053 units) compared to 383,404 units in 2022. This is the lowest since 2010, and considering that apartment construction typically takes about 3 to 4 years, it is anticipated that the supply shortage will worsen.

In fact, data from Real Estate R114 shows that the number of apartments pre-sold nationwide last year (based on general supply) was 141,093 units, marking the lowest figure since 2010. This is more than a 50% decrease compared to 379,971 units in 2015, a year with abundant supply.

Moreover, with nationwide pre-sale prices soaring sky-high, there is an analysis that buyers should hurry to secure their homes before pre-sale prices rise further and the supply drought worsens. According to data from the Housing & Urban Guarantee Corporation (HUG), the average nationwide pre-sale price in January was 5,284,000 KRW per square meter, a 34.2% increase from 3,937,000 KRW in January 2021. Converted to an exclusive area of 84㎡, the price rose from 430 million KRW to 580 million KRW in just three years.

An industry insider said, “The decrease in pre-sale volume that started last year is expected to continue until next year, and due to the subsequent shortage of new apartments, housing prices could rise significantly. Also, with pre-sale prices rising sharply, many buyers are rushing to secure homes now, and attention is expected to focus on new supply complexes that serve as regional landmark properties.”

Given this situation, ‘Hillstate The Unjeong’ supplied by Hyundai Construction in Paju City, Gyeonggi Province, is attracting attention. With a maximum height of 49 floors?the tallest in Paju?and a mammoth scale of 3,413 households, along with the ‘Hillstate’ brand, it is expected to become a landmark in Paju Unjeong New Town.

‘Hillstate The Unjeong’ is located in the Wadong-dong area of Paju City and consists of 13 buildings ranging from 5 basement floors to a maximum of 49 floors above ground, with a total of 744 apartment units and 2,669 residential officetel units, totaling 3,413 households. All contracts for the residential officetels have been completed, and pre-sale on a first-come, first-served basis is currently underway for the remaining apartment units.

Apartment contracts on a first-come, first-served basis do not require a subscription savings account, and anyone aged 19 or older can contract regardless of residence area or home ownership status, whether they are the head of household or a household member. Unlike general pre-sales conducted by lottery, a notable feature is that buyers can directly select their desired building and unit number.

‘Hillstate The Unjeong’ allows contracts with only a 5% down payment for the first phase and offers a Renew-All contract guarantee plan that eliminates additional financial burdens until move-in.

‘Hillstate The Unjeong’ is the first complex residential development in Korea to include a ‘Starfield Village’ within the complex. The large-scale mixed-use shopping facility ‘Starfield Village’ will occupy floors 1 through 4 above ground and will feature a variety of content including kids’ programs such as academies, entertainment, education, and play, as well as medical, beauty, and healthcare services.

Additionally, a high-end street mall is planned within the complex. CGV, operating six screening rooms, and Jongno M School, a well-known private educational institution in Korea, are expected to open stores. Residents will be able to enjoy a one-stop lifestyle where everything can be taken care of within the complex without needing to go far.

The product quality befitting the brand also stands out. Exclusive to ‘Hillstate,’ Hyundai Construction’s H series features such as H With Pet foot showers and H Wide Storage, along with stylish and luxurious interior designs, will be applied. Furthermore, diverse community facilities that enhance daily leisure and quality of life, including a fitness center, golf practice range, GX room, sauna, reading room, and H i-Sup, will be provided.

Advanced systems have been introduced to ensure residents’ safety, convenience, and reduced management costs. First, with just a mobile phone, the Hi-oT system allows control of lighting, security, and heating, checking parking locations, and automatic elevator calls. A ‘unit-specific energy management system’ that displays real-time energy usage such as electricity and water per household is also provided.

Additionally, a piping system made of stainless steel to prevent rust water and a HEPA filter heat exchange ventilation system that brings fresh air indoors are applied. Individual entrances are equipped with security cameras, and the CCTV boasts high-definition 2-megapixel resolution.

The model house is located in Wadong-dong, Paju City, Gyeonggi Province.