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S. Korea to Adopt Price Ceiling on Privately Built Flats

S. Korea to Adopt Price Ceiling on Privately Built Flats

SEOUL, Aug. 12 (Korea Bizwire) – South Korea will adopt a controversial scheme to cap presale prices of privately built apartments in extended efforts to stabilize real estate markets, the land ministry said Monday. The ministry said the government plans to revise related laws by early October to fully prepare for the adoption of the “presale price [...]

POSCO Develops New Technology to Speed Up Construction

POSCO Develops New Technology to Speed Up Construction

SEOUL, Aug. 8 (Korea Bizwire) — POSCO Co., South Korea’s top steelmaker, has developed a new construction technology that allows builders to add up to three stories at a time. The company said Wednesday that the “P-Box Pillar and Reinforced Concrete Beam Jointing Method,” developed with its customers, has been designated as a new technology [...]

Seoul Eyes Price Ceiling on Privately Built New Apartments to Curb Housing Prices

Seoul Eyes Price Ceiling on Privately Built New Apartments to Curb Housing Prices

SEOUL, Jul. 10 (Korea Bizwire) – In what could be the strongest measure ever to clamp down on housing prices, South Korea is cautiously moving to revive the controversial scheme to cap presale prices of privately built apartments, which could have a far-reaching impact on the local home market, industry sources said Wednesday. In a [...]

S. Korean Builders Striving to Meet Overseas Order Targets

S. Korean Builders Striving to Meet Overseas Order Targets

SEOUL, Jun. 26 (Korea Bizwire) — South Korean construction companies are striving to meet their annual overseas order targets amid concerns over a slowdown in the global economy, industry insiders said Wednesday, as they hope to feed off massive plant orders from the Middle East, their traditional cash cow, with oil prices staying high. Also, [...]

Gov’t Pushes Forward with High-rise Modular Construction Project

Gov’t Pushes Forward with High-rise Modular Construction Project

SEJONG, Jun. 24 (Korea Bizwire) — The Ministry of Land, Infrastructure and Transport announced it will invite local governments and public housing operators across the country to public housing sites needed for the “Property Project for Mid to High-Rise Modular Housing” by August 22. Modular housing refers to a method of building a unit structure [...]

Creation of ‘Dream Island’ Next to Yeongjong Island Expected to be Completed in 2022

Creation of ‘Dream Island’ Next to Yeongjong Island Expected to be Completed in 2022

SEOUL, Jun. 24 (Korea Bizwire) — The “Dream Island” project, a large-scale tourism and leisure complex that will be built on reclaimed land within Yeongjong Island located in Incheon, appears to be nearing reality. At Lotte Hotel in Seoul on Monday, the Ministry of Oceans and Fisheries held a briefing session on the start of [...]

Builders Lure Homeseekers with Built-in Air Purifiers amid Fine Dust Woes

Builders Lure Homeseekers with Built-in Air Purifiers amid Fine Dust Woes

SEOUL, Jun. 14 (Korea Bizwire) — Various and viable tools are available for citizens here to respond to the ever-growing air pollution, and newlyweds Park Young-eun and Yeo Ryong-koo are also on the lookout for solutions to keep their home safe from fine dust. Recently, the couple who are considering buying a new apartment in [...]

REITs Becoming a Popular Form of Indirect Investment in the Real Estate Market

REITs Becoming a Popular Form of Indirect Investment in the Real Estate Market

SEOUL, Jun. 13 (Korea Bizwire) — Private investors in the real estate market are turning to Real Estate Investment Trusts (REITs) as the market is suffering from an overall slump following government restrictions. SG Lab, a research arm of the South Korean real estate marketing firm MB& Holdings Co., reported that the number of REITs [...]

Increasing Number of Homeowners Put Residences Up for Auction

Increasing Number of Homeowners Put Residences Up for Auction

SEOUL, Jun. 11 (Korea Bizwire) — The average number of home auctions throughout South Korea has surpassed 5,000 cases over the last two months. According to GG Auction, a South Korean court auction firm, the number of auctions of residences throughout the entire country reached 5,261 cases last month, surpassing 5,000 for the second month [...]