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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 [...]

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 [...]