Upfront Costs Slashed as Hillstate Songpa The Grid Goes on Sale
Hyundai Engineering & Construction's Residential Officetel
First Installment Set at a Flat 10 Million Won
Hyundai Engineering & Construction said on Tuesday that it is selling Hillstate Songpa The Grid, a residential officetel development being built in Jangji-dong, Songpa-gu, Seoul. The complex is within walking distance of Bokjeong Station and will comprise 1,393 units.
The down payment is 10% of the sale price, with the first installment set at a flat 10 million won. The first interim payment is scheduled for the end of October 2027. Buyers of the smaller units, ranging from 34 to 36 square meters of exclusive-use area, may be eligible for interest-free interim payments. Officetels are not subject to loan limits based on price brackets, allowing the loan-to-value (LTV) ratio to reach up to 70%.
The complex is part of Songpa-Wirye The Grid, a core development area of Bokjeong Station Smart City. The large-scale project spans 219,000 square meters and has a total cost of more than 13 trillion won. The complex will be built on Block 3 of the mixed-use site. HMG Future Complex, which will conduct future technology research for Hyundai Motor Group, is planned for neighboring Block 2. A shopping mall operated by Hyundai Department Store under a consignment agreement will be built on the first basement level. The POSCO Global Center, which will house POSCO Holdings and key group companies and serve as a research and development hub, is also planned for the area.
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The units will feature 2.42-meter-high tray ceilings, and each household will have a separate storage space. The complex will provide about 1.19 parking spaces per household. Depending on the unit, it will have either an open or enclosed balcony. Shared resident facilities will include an indoor golf practice range, fitness center, sauna, and a bathing area for pets. The development will comprise 10 buildings, with four basement levels and 16 floors above ground, and units ranging from 34 to 119 square meters of exclusive-use area. Move-in is scheduled for January 2031.
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