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Builders Target Riches with Luxury Apartment Brands

Builders Target Riches with Luxury Apartment Brands

SEOUL, Nov. 23 (Korea Bizwire) — Branding, among others, may be one of the key selling points for a product, and that’s why South Korean builders are in sync in launching luxury apartment brands, or renewing their brand identities for high-end consumers amid deepening polarization in the local housing market. Lotte Engineering & Construction Co. [...]

Seoul Unveils Plan to Invigorate Reverse Mortgages for Elderly Homeowners

Seoul Unveils Plan to Invigorate Reverse Mortgages for Elderly Homeowners

SEOUL, Nov. 13 (Korea Bizwire) — South Korea announced plans to kick-start the so-called reverse annuity mortgage market Wednesday in an effort to help support elderly homeowners financially. The measure, unveiled by a pan-governmental task force on population policy, would lower the age limit for applicants for reverse annuity mortgages to 55 from the current [...]

S. Korea Adopts Price Ceiling on Privately Built Flats

S. Korea Adopts Price Ceiling on Privately Built Flats

SEOUL, Nov. 6 (Korea Bizwire) — South Korea on Wednesday adopted a scheme to cap presale prices of privately built apartments in its extended efforts to stabilize real estate markets. Seoul revised related laws last month to execute the “presale price cap system” for apartments to be built by private builders amid signs of escalating [...]

S. Korean Builders Likely to Miss Overseas Order Targets This Year

S. Korean Builders Likely to Miss Overseas Order Targets This Year

SEOUL, Nov. 3 (Korea Bizwire) — South Korean builders are likely to fall short of their annual overseas order targets this year, analysts said Sunday, amid concerns over a slowdown in the global economy sparked by the U.S.-China trade dispute. As of the end of October, South Korean construction companies amassed $17.68 billion worth of [...]

Samsung Signs MOU with Saudi Arabia on Entertainment City Project

Samsung Signs MOU with Saudi Arabia on Entertainment City Project

SEOUL, Oct. 30 (Korea Bizwire) — South Korea’s top conglomerate Samsung Group said Wednesday it will join a massive entertainment city development project in Saudi Arabia, with its affiliates taking part in various areas from construction to electronics. Under an agreement with Qiddiya Investment Company (QIC), Samsung will collaborate with Saudi officials on the development [...]

Tech Startups Bring Changes to Conservative Construction Sector

Tech Startups Bring Changes to Conservative Construction Sector

SEOUL, Oct. 11 (Korea Bizwire) — The construction segment, traditionally considered to be somewhat conservative and manpower-reliant, is bracing for a change with more and more tech startups in queue to instill a new breath into the industry — digitalization that could boost efficiency and productivity. According to data from the Korea Institute of Startup [...]

2,400 Underage Real Estate Owners in S. Korea

2,400 Underage Real Estate Owners in S. Korea

SEOUL, Oct. 2 (Korea Bizwire) — There are thousands of ‘underage landlords’ in South Korea who own real estate and collect rent. Rep. Shim Ki-joon of the ruling Democratic Party reported that there were a total of 2,415 juveniles who profited from renting out real estate in 2017. The young landlords generated 50.4 billion won [...]

Pets Drive Changes in Living Environment for Owners

Pets Drive Changes in Living Environment for Owners

SEOUL, Sept. 3 (Korea Bizwire) — The South Korean pet boom is leading to big changes in living environment for their owners. These changes are attributed to the growth in popularity of ‘petfam’, a combination of pet and family, in which people consider their dogs and cats as family members. Petfam shows great interest in [...]

Foreigners Comprise Half of All Workforce at Construction Sites

Foreigners Comprise Half of All Workforce at Construction Sites

SEOUL, Sept. 3 (Korea Bizwire) — More than half of all construction workers in South Korea are foreigners. While Koreans comprise most of the workforce in major phases of construction, tasks that involve using physical labor are mostly completed by foreign workers. The Construction and Economy Research Institute of Korea (CERIK) reported that there were [...]