Hyundai E&C has revised the contract terms for remaining units at its Hillstate Hoeryong Station Parkview apartment complex in Uijeongbu, Gyeonggi Province, lowering upfront payment requirements for homebuyers as elevated borrowing costs continue to suppress housing demand across South Korea.

The 1,816-unit complex, situated in the city's Howon-dong district, comprises 12 apartment buildings with three basement levels and up to 33 stories above ground. Of the total units, 674 measuring 59 and 84 square meters remain available for general sale. The backlog of unsold units reflects a broader national trend, with government data showing tens of thousands of newly built apartments remaining without buyers as the Bank of Korea maintains its benchmark interest rate at multi-year highs.

Under the revised terms, buyers will pay a fixed contract deposit of 5 million won ($3,460), replacing the conventional 10 percent of the purchase price. For the 84-square-meter units, the installment payment is set at 25 million won, bringing the total pre-handover cost to 30 million won. Such payment-term easing has become an increasingly common strategy among Korean builders seeking to clear remaining inventory without resorting to direct price cuts, which can trigger complaints from earlier buyers who paid full deposit terms.

Hyundai E&C also introduced deferred payment options for a portion of the remaining balance. Eligible buyers may postpone up to 200 million won in payments for as long as 18 months after move-in, interest-free.

Pricing for 84-square-meter units ranges from the high-700 million won level to the low-800 million won level, which the company describes as competitive with comparable apartments in nearby Seoul districts. The complex sits approximately 3 kilometers from Seoul, with major business districts accessible in roughly 40 minutes via public transportation.

"As Howon-dong has a relatively high proportion of older apartment buildings in Uijeongbu, Hillstate Hoeryong Station Parkview stands out for its newer facilities and design features," a company official said. "With revised contract terms lowering the initial financial burden, along with easy access to Seoul and the benefits of being outside regulated areas, inquiries from prospective buyers in neighboring districts, including Nowon, Dobong and Gangbuk, have remained steady."

The changes come amid tightening regulatory conditions in other parts of the region. The Ministry of Land, Infrastructure and Transport designated Dongtan in Hwaseong, Giheung District in Yongin, and Guri as speculative overheating districts and areas subject to adjustment, effective July 1. Gyeonggi Province subsequently designated those same areas as land transaction permission zones starting July 5.

Under the new regulations, loan-to-value ratios for eligible homebuyers in speculative overheating districts are capped at 40 percent, and new home purchase loans for existing homeowners are generally prohibited. Adjustment target areas also face stricter acquisition and capital gains tax rules, along with a two-year residency requirement for certain tax benefits.

By contrast, Hillstate Hoeryong Station Parkview falls outside these regulated zones, allowing a loan-to-value ratio of up to 70 percent, according to the company. This regulatory divergence has added to the competitive appeal of unregulated locations like Uijeongbu, where buyers face fewer financing constraints than in the newly designated speculative overheating districts.

Residents began moving into the complex in April. The project is currently accepting contracts on a first-come, first-served basis. Buyers aged 19 and older are eligible to sign contracts regardless of their place of residence, and multiple-home owners may also participate. Purchasers can select their preferred building and unit, with immediate move-in available upon contract signing.