- Construction of 1,559 residential units at Sangdo-dong...total of 22 buildings each with 3 underground floors and 18 above ground floors, etc.
HYUNDAI AMCO is constructing and selling large scale apartment complex for the first time in Sangdo.
HYUNDAI AMCO, a subsidiary construction company of Hyundai Motor Group of Companies (Representative Director: Kim, Chang Hee; www.hyundai-amco.co.kr), disclosed that the company decided to construct large scale apartment complex with 1,553 residential units at the Sangdo-dong, Dongjak-gu, Seoul.
Although HYUNDAI AMCO has sold multipurpose apartment complex in Bupyeong in Gyeonggi-do, Ulsan and Sangbong-dong, Sangdo thus far, it is the first time that the company is constructing and selling apartment units in Sangdo.
Sangdo AMCO TOWN to be composed of 1,559 residential units with 241 units with floor space of 59m2(25 pyeong), 1,079 units with 84m2(33 pyeong) and 239 units with 118m2(43 pyeong) in total of 22 buildings each with 3 underground floors and 10~18 above ground floors on land area of 79,000m2. Completion and occupancy of the apartment is expected to begin in September 2012.
Construction of Sangdo-dong AMCO TOWN is being pursued in earnest, after stoppage in the project after having been pursued for about 8 years by the Sangdo 134 District Residential Cooperative established in 2001 due to economic downturn in the real estate market, through selection of HYUNDAI AMCO as the construction company by the Cooperative in its general meeting and execution of subcontract agreement with HYUNDAI AMCO.
Of the total of 1,559 units, 286 units composed of 9 units with floor space of 59m2(25 pyeong), 38 units with 84m2(33 pyeong) and 239 units with 118m2(43 pyeong), with the exception of the units to be distributed to the cooperative members, are currently being sold to the general public. In particular, the entire quantity of 43 pyeong type will be sold to the general public.
Terms and conditions of the sales include 5% down payment and deferred payment of the interest for the 60% interim payment being loaned. Resale of subscription right of the apartment is also possible.
(Changes in the terms and conditions of the sale) => Fixed down payment system: Down payment for the 43 pyeong type – 30 million Won / 33 pyeong type – 20 million Won / Discount of approximately 12% of the sales price for the 43 pyeong type (100 ~ 120 million Won) / Deferred payment system for the interest on the 60% interim payments for the 25, 33 and 43 pyeong types / balcony for 25, 33 and 43 pyeong types at cost / execution of system of guarantee for the contract terms and conditions for the 43 pyeong type (in the event of modification of the contract terms and conditions (lowering of sales price, benefits of no interest for interim payment, etc) for the units situated above the 3rd floor until the time of completion of construction, such changes will be applied retroactively).
Sangdo-dong 134 District has been a region with sluggish development within the Dongjak-gu, and development of large scale apartment complex with almost 1,600 residential units is an ultra-large complex that is difficult to find in Sangdo.
Areas surrounding Sangdo AMCO TOWN is considered to be subway station district with systematic establishment of transportation, schools and subway transportation network, and is the beneficiary district of the new town development at Noryangjin and Heukseok-dong. Subway route No. 7 and 9 as well as the Nambu Beltway is at the front of this residential complex making accessibility outstanding with Soongsil University Station of the Subway Route No. 7 within 2 minutes of walk and renowned universities such as Sangdo University, Choong-Ang University and Soongsil University in the vicinity.
In addition, it has the geological advantages that eliminate inconvenience in daily living as the surrounding region is equipped with convenience facilities including Gwanak Lotte Department Store and Sangdo Traditional Market in the vicinity.
Mr. Kim, Chang Hee, the vice-chairman of HYUNDAI AMCO, stated that “this project is the result of selection of HYUNDAI AMCO by the Sangdo 134 Residential Cooperative, which is pursuing the project as a reconsolidation project, as the construction company by having acknowledged the stabilized financial structure and capacity of HYUNDAI AMCO in constructing apartment” and that “we are planning to assertively participate in construction of apartment for regional residential cooperatives in the general capital region including Sangdo.”
HYUNDAI AMCO has achieved increase in projects that have been won independently by the company last year including private sector and government projects in Korea and overseas with total value of more than 800 billion Won that includes Innovation City in Wonju, Innovation City in Moohyeon, Busan, and residential development in Libya as well as BTL projects. The company is planning to assertively pursue reconsolidation projects in Sangdo and capital region including the construction of Global Business Center(GBC), 110-floor ultrahigh rise building scheduled at Ttukseom in Sungsu-dong.