The price of the units is high, which is a concern, but since this is a newly built project being offered after a long time, and considering the future development prospects, it seems that selling out will not be a problem,” a representative from an A real estate agency in Eunpyeong-gu, Seoul, said.
On the afternoon of the 7th, walking for about 10 minutes from the Bulgwang Station on Seoul's subway line 3, the construction site fence of the Daejo 1 district redevelopment project in Daejo-dong, Eunpyeong-gu, was visible. Hyundai E&C plans to offer 'Hillstate Medialle' through redevelopment.
Hillstate Medialle appeared to have no problem being called a station area complex. Bulgwang Station was located within a 10-minute walk for a 30-year-old adult male. The Daeun Elementary School is located right next to the complex, which adds the advantage of being a 'school zone apartment.'
The building will consist of 28 blocks, 2,451 households, rising from 4 floors underground to 25 floors above ground. Of these, 483 households are expected to be offered for general sale this month. Special supply registration will begin on the 19th, with first priority applications on the 20th and second priority on the 21st. The announcement of the winners will be on the 28th, and fair contracts will be conducted for three days from June 9 to 11. Move-in is scheduled for October next year.
The construction of Hillstate Medialle was once halted due to a conflict over construction costs between Hyundai E&C, the construction company, and the Daejo 1 district housing redevelopment maintenance project association. Recently, negotiations have progressed, including a request for construction cost verification to the Seoul Housing and Communities Corporation (SH), allowing construction to resume. Work is ongoing with a target move-in date of October next year. In fact, the construction site at Daejo 1 district was bustling with large trucks and heavy equipment. Some parts of the complex also had a decent appearance.
The site is regarded as the largest-scale redevelopment project in the northwestern area of Seoul. Covering nearly 2,500 households, it took about 30 minutes by foot to walk around the entire site. Both Bulgwang Station and the recently opened GTX-A line at Yeonsinnae Station are nearby.
Apartment complexes in the Eunpyeong-gu area are often located on hills, but Hillstate Medialle is noted for its flat location.
A representative from a B real estate agency in Daejo-dong, Eunpyeong-gu, noted, “It’s hard to find apartments built on flat land nearby like Daejo 1 district, and this will be a significant advantage, especially for older individuals as well as young people who prefer flat locations.”
However, there are concerns that the somewhat high sale prices could be a hindrance for actual buyers. The sale price for the complex is set at a maximum of 1.3782 billion won for an exclusive area of 74㎡, which is about 45.94 million won per pyeong. There have been no new apartments sold recently in the Bulgwang-dong and Daejo-dong areas, making price comparisons difficult. The last offered apartment, 'Nokbeon Station e-Pyunhanscape Castle' in Eungam-dong, had a sale price for the exclusive 59㎡ ranging from 439 million won to 474.44 million won.
In addition, among the total of 2,451 households, 483 units with exclusive sizes of 51-74㎡ will be put up for general sale, which is disappointing since the widely popular 84㎡ units are entirely reserved for association members, leaving no units for general sale.
A representative from a B real estate agency in Daejo-dong pointed out, “While there are no comparable complexes nearby, the sale prices could generate a psychological resistance,” adding, “Given that new constructions are rare and considering the significant increase in construction costs, particularly due to rising material costs, it’s difficult to simply say that the prices are too high.”
Also, the narrow nearby roads and the aging villa complexes are seen as shortcomings. The roads adjacent to the complex were two-lane in both directions, and the alleys surrounding the villa complexes were so narrow that even two cars could hardly pass each other. Additionally, the nearby GTX Yeonsinnae Station, which is recently considered a transportation boon, is 1 km away, making it practically difficult to walk there.
However, a local real estate agency forecasts that, given it is a large complex in Seoul's station area and there have been no new constructions nearby, selling out is likely to proceed smoothly. In fact, when visiting a C real estate agency, a representative was in a phone call inquiring about Daejo 1 district move-in rights. The representative noted, “We receive a lot of inquiries about move-in rights, but there is nothing available. People regret not having been more proactive in their inquiries when construction was halted,” adding, “Daejo 1 district has many advantages over the upcoming sequential developments in Galhyeon 1 district and Bulgwang 5 district, such as its flat location, which suggests that if the current sale price holds, it will surely sell out.”
Park Ji-min, head of the Wol Yong Subscription Research Institute, said, “This will be the major apartment complex in Eunpyeong-gu in the future. Although the sale prices are slightly high, they are not far from the current market level in Seoul, which will maintain its popularity.” She noted, “Especially, there has not been much supply in the non-Gangnam area for a while, so demand from buyers in the northern and northwestern regions is expected to be significant.”