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Lotte Group Goes All-Out to Cope with Construction Unit Liquidity Squeeze

Lotte Group Goes All-Out to Cope with Construction Unit Liquidity Squeeze

SEOUL, Nov. 24 (Korea Bizwire) — Lotte Group is quickly responding to the liquidity squeeze of its construction unit amid concerns that the construction unit’s liquidity problem, caused by the recent bond market crunch, could spill over to other parts of the group. Lotte Engineering & Construction Co. carried out a 200 billion won (US$149 [...]

S. Korean Property Prices Set to Continue to Lose Ground on High Interest Rates

S. Korean Property Prices Set to Continue to Lose Ground on High Interest Rates

SEOUL, Oct. 27 (Korea Bizwire) — South Korea’s property prices are expected to maintain a downward trend as interest rates are expected to stay high through at least early 2023, a state-run think tank said Thursday. The average price of houses in the greater Seoul area in the July-September period of 2022 decreased 1.19 percent [...]

Construction Firms Showcase Metaverse Model Houses

Construction Firms Showcase Metaverse Model Houses

SEOUL, Oct. 3 (Korea Bizwire) — Model houses using metaverse technology are emerging as a new trend in the South Korean construction industry, as part of efforts to reduce the cost needed to build and operate real model houses as well as to reach a wider customer base without physical limits. Lotte Engineering & Construction Co., [...]

POSCO E&C Develops Botanical Garden Cafe for Apartment Complexes

POSCO E&C Develops Botanical Garden Cafe for Apartment Complexes

SEOUL, Sept. 27 (Korea Bizwire) – POSCO Engineering & Construction Co., the construction arm of South Korea’s leading steelmaker, POSCO, said Monday it had developed a botanical garden café called Plantrium for apartment complexes. Plantrium is a multi-leisure space where users can enjoy views of the botanical garden while eating salad and drinking tea. Unlike [...]

Hyundai E&C Wins 1.9 tln-won Railway Deal in Philippines

Hyundai E&C Wins 1.9 tln-won Railway Deal in Philippines

SEOUL, Sept. 18 (Korea Bizwire) — Hyundai Engineering & Construction Co., South Korea’s leading builder, said Sunday it has received a 1.9 trillion-won (US$1.4 billion) railway order in the Philippines. Hyundai E&C will build a 56-kilometer railway connecting the capital city of Manila to the southern city of Calamba in the next six years, the [...]

New Property Developer Registrations Hit Record High Despite Plunge in Housing Transactions

New Property Developer Registrations Hit Record High Despite Plunge in Housing Transactions

SEOUL, Aug. 24 (Korea Bizwire) — The number of new property developer registrations reached an all-time high in the first half of this year despite the real estate market’s entry into an adjustment phase, thanks to rising demand for the development of non-residential buildings, including shopping centers. According to the Ministry of Land, Infrastructure and [...]

Gov’t to Supply 2.7 mln Homes in Next 5 Years

Gov’t to Supply 2.7 mln Homes in Next 5 Years

SEOUL, Aug. 16 (Korea Bizwire) — South Korea will supply 2.7 million new homes in the next five years by easing regulations for redevelopment and reconstruction and allowing the private sector to join downtown development projects, the transport ministry said Tuesday. The home supply plan is the first of its kind since President Yoon Suk-yeol [...]

District Office Approves Plan to Redevelop Ex-UNC Site into High-rise Residential Area

District Office Approves Plan to Redevelop Ex-UNC Site into High-rise Residential Area

SEOUL, Aug. 16 (Korea Bizwire) — The district office of Yongsan said Tuesday it has approved a redevelopment plan to turn the former site of the United Nations Command (UNC) into a high-rise residential area equipped with a hotel and commercial facilities. Construction work will begin in November for the redevelopment spanning 51,753 square meters [...]

S. Korea Has Nationalized 5.2 mln Square Meters of Land Owned by Japanese During Colonial Rule

S. Korea Has Nationalized 5.2 mln Square Meters of Land Owned by Japanese During Colonial Rule

SEOUL, Aug. 12 (Korea Bizwire) — South Korea has so far nationalized 5.04 million square meters of land owned by Japanese citizens and Japanese companies during the 1910-45 colonial rule, the state procurement agency said Thursday. The official appraisal price of this land is estimated at 150 billion won (US$114 million) and the size of [...]

Seoul to Build Deep Underground Rainwater Tunnels in 6 Flood-prone Areas

Seoul to Build Deep Underground Rainwater Tunnels in 6 Flood-prone Areas

SEOUL, Aug. 11 (Korea Bizwire) — The Seoul city government has disclosed medium- and long-term flood prevention measures centered on the construction of deep underground rainwater storage facilities in six flood-prone areas. According to the measures announced by Mayor Oh Se-hoon on Wednesday, the city government will spend 1.5 trillion won (US$1.15 billion) over the [...]