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Seoul Sees Surge in Ultra-High-End Rental Market as Monthly Rents Exceed 10 Million Won

Seoul Sees Surge in Ultra-High-End Rental Market as Monthly Rents Exceed 10 Million Won

SEOUL, March 4 (Korea Bizwire) — Luxury rental prices in Seoul have surged, with a growing number of apartments commanding monthly rents exceeding 10 million won ($6,900), highlighting a shift in the city’s high-end housing market. According to data from South Korea’s Ministry of Land, Infrastructure, and Transport, released on March 3, nearly 38% of [...]

Gov’t to Inspect 22,000 Construction Sites This Year to Review Safety Measures

Gov’t to Inspect 22,000 Construction Sites This Year to Review Safety Measures

SEOUL, March 4 (Korea Bizwire) — The government said Tuesday it plans to conduct inspections at 22,000 construction sites across the country this year to prevent defective projects and review on-site safety measures. The Ministry of Land, Infrastructure and Transport said it will collaborate with 12 agencies, including regional land management offices and the Korea [...]

South Korea’s Construction Sector Faces Crisis as Key Indicators Plummet

South Korea’s Construction Sector Faces Crisis as Key Indicators Plummet

SEOUL, March 3 (Korea Bizwire) — South Korea’s construction industry is showing signs of severe stress across all major indicators, with permits, groundbreakings, and employment all deteriorating amid a persistent market slump that analysts warn will require fundamental strategic shifts to overcome. Construction permits, a leading indicator of industry health, fell 6.8% year-over-year to 125.89 million [...]

Hyundai Engineering Chief Apologizes over Fatal Highway Construction Accident

Hyundai Engineering Chief Apologizes over Fatal Highway Construction Accident

SEOUL, Feb. 28 (Korea Bizwire) – The head of Hyundai Engineering Co. issued an apology Friday in response to a fatal collapse accident at an expressway construction site earlier this week. “A terrible accident has taken lives and injured workers at our construction site. I sincerely apologize to the bereaved families and extend my deepest [...]

77-Story Cultural Hub Planned for Former Seoul Forest Concrete Plant Site

77-Story Cultural Hub Planned for Former Seoul Forest Concrete Plant Site

SEOUL, Feb. 26 (Korea Bizwire) — Seongdong District in Seoul announced on February 25 that preliminary negotiations have concluded for the transformation of a former concrete plant site adjacent to Seoul Forest into what officials envision as a new cultural hub for the city.  The development marks the first case of “architectural innovation pre-negotiation” in the private [...]

South Korean Construction Industry Crisis Deepens, Threatening Economic Stability

South Korean Construction Industry Crisis Deepens, Threatening Economic Stability

SEJONG, Feb. 25 (Korea Bizwire) — South Korea’s construction industry is facing its worst downturn in years, with employment falling below 2 million workers for the first time since the Covid-19 pandemic, highlighting growing concerns about the broader economic impact of the sector’s prolonged slump.  According to the Statistics Korea, construction employment plunged by 169,000 jobs [...]

Estonian Wood Construction Firms Eye Growth in South Korea

Estonian Wood Construction Firms Eye Growth in South Korea

SEOUL, Feb. 23 (Korea Bizwire) — A delegation representing Estonia’s  wood construction and architecture design industry visited South Korea, aiming to expand their presence in the local market by promoting advanced modular wood-building techniques amid global interest in eco-friendly construction methods. The delegation, composed of representatives and architects from eight Estonian wood construction companies, hosted a [...]