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 [...]
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 [...]
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 [...]
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, 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 [...]
SEOUL, Aug. 10 (Korea Bizwire) — The city government of Seoul will no longer give permission to construct basement or semi-basement homes, while pushing to gradually weed out existing subterranean homes, officials said Wednesday. The plan follows the deaths of three family members in a flooded semi-basement home in Seoul’s Gwanak district Monday night when [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s major construction firms are banding together to address inter-floor noise, which has emerged as a major social problem in recent years. Samsung C&T Corp., the construction unit of Samsung Group, announced that it recently signed an agreement with POSCO Engineering & Construction Co. and Lotte Engineering & [...]
SEOUL, Aug. 3 (Korea Bizwire) — POSCO Engineering & Construction Co., the construction arm of South Korea’s leading steelmaker, POSCO, said Tuesday it has developed an eco-friendly concrete mold made with plastic scraps and slag. The mold was created jointly with Iomtek, a POSCO E&C subsidiary, and comes in the shape of a board that [...]
SEOUL, July 6 (Korea Bizwire) — South Koreans in their 20s and 30s are struggling with rising interest rates. A majority of loans for jeonse (long-term deposits for rent), in particular, are provided at floating interest rates, which makes young South Koreans react to an increase in interest rates with concern or give up on [...]
SEOUL, June 21 (Korea Bizwire) — The government on Tuesday vowed to relax regulations on loans and tax deductions for tenants and to extend tax benefits to landlords who raise rental fees at a minimum level in a move to help ease financial burdens on tenants and stabilize the housing market. Under the Yoon Suk-yeol [...]