Hyundai E&C has revised contract terms for the remaining units at its Hillstate Hoeryong Station Parkview apartment complex in Uijeongbu, Gyeonggi Province, easing upfront payment requirements for homebuyers as high borrowing costs continue to weigh on housing demand.

The 1,816-unit complex, located in the city’s Howon-dong area, consists of 12 apartment buildings with three basement levels and up to 33 stories above ground. Of the total, 674 units measuring 59 square meters and 84 square meters are available for general sale.

Under the revised terms, buyers will pay a fixed contract deposit of 5 million won ($3,460), instead of the conventional 10 percent of the purchase price. For 84-square-meter units, the installment payment is 25 million won, bringing the total amount buyers need to pay before handover to 30 million won.

The company also introduced deferred payment terms for part of the remaining balance. Eligible buyers may postpone payment of up to 200 million won for up to 18 months after moving in, without interest.

Sale prices for 84-square-meter units range from the high-700 million won level to the low-800 million won level, making them competitive with comparable apartments in nearby districts in Seoul.

The complex is located about 3 kilometers from Seoul, with major business districts reachable in about 40 minutes by 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 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, while Gyeonggi Province designated the same areas as land transaction permission zones from July 5.

Under the new regulations, loan-to-value ratios for eligible homebuyers in speculative overheating districts are capped at 40 percent, while new home purchase loans for existing homeowners are generally prohibited.

Adjustment target areas are also subject to tighter acquisition and capital gains tax rules and a two-year residency requirement for certain tax benefits.

By contrast, Hillstate Hoeryong Station Parkview, located outside regulated areas, remains subject to a loan-to-value ratio of up to 70 percent, according to the company.

Residents began moving into the complex in April.

The project is currently accepting contracts on a first-come, first-served basis. Buyers aged 19 or older can sign contracts regardless of their place of residence, and multiple-home owners are also eligible. Buyers can choose their preferred building and unit, with immediate move-in available upon signing.