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Archive by category Housing & Development

South Korea Unveils Construction Industry Support Plan Amid Rising Costs and Market Slowdown

South Korea Unveils Construction Industry Support Plan Amid Rising Costs and Market Slowdown

SEOUL, Dec. 24 (Korea Bizwire) — The South Korean government announced a comprehensive support package for the construction industry on December 23, responding to mounting challenges including soaring construction costs, a tightening project financing (PF) market, and increasing unsold housing inventory.  The measures come as the construction sector faces significant headwinds, with construction investment showing a [...]

Daewoo E&C Targets 1 Tln Won in Net Profit by 2027: New CEO

Daewoo E&C Targets 1 Tln Won in Net Profit by 2027: New CEO

SEOUL, Dec. 18 (Korea Bizwire) — Daewoo Engineering & Construction Co. aims to achieve 1 trillion won (US$695.7 million) in annual net profit by 2027, focusing on key overseas markets while exploring new business opportunities, the company said Wednesday. The ambitious goal was announced by the company’s new CEO Kim Bo-hyun at his inauguration ceremony [...]

South Korea’s Construction Workforce Faces Rapid Aging Crisis, Youth Participation Declines

South Korea’s Construction Workforce Faces Rapid Aging Crisis, Youth Participation Declines

SEOUL, Dec. 13 (Korea Bizwire) – South Korea’s construction workforce is aging rapidly, with the average age of construction professionals exceeding 51, up from 38.1 in 2004, according to a report released on Thursday by the Korea Research Institute for Construction Industry (KRCI). The increase of 13 years over two decades highlights a significant demographic shift [...]

Hyundai E&C Unveils Lifestyle App for Premium Residential Services

Hyundai E&C Unveils Lifestyle App for Premium Residential Services

SEOUL, Dec. 12 (Korea Bizwire) – Hyundai E&C has introduced a next-generation lifestyle app, consolidating its branded residential services into a single platform. The company announced on Thursday the launch of “My Hills” and “My THE H”, exclusive service apps for residents of its premium apartment brands, Hillstate and The H. The apps provide a seamless digital [...]

Samsung E&A Secures $955 Million Bio-Refinery Project in Malaysia

Samsung E&A Secures $955 Million Bio-Refinery Project in Malaysia

SEOUL, Dec. 11 (Korea Bizwire) – Samsung Engineering & Architecture (E&A) announced on December 11 that it has received a Letter of Award (LOA) for the Phoenix Bio-Refinery Project in Malaysia. The contract, valued at $955 million (₩1.37 trillion), accounts for 13.6% of the company’s revenue based on its consolidated financial statements from last year. The [...]

South Korean Construction Giants Face Profit Squeeze as Costs Soar

South Korean Construction Giants Face Profit Squeeze as Costs Soar

SEOUL, Dec. 10 (Korea Bizwire) – Leading South Korean construction companies are grappling with mounting profitability challenges as the industry faces a prolonged downturn. Cost-to-sales ratios have climbed above 90%, up sharply from the traditional mid-80% range in recent years, with some firms seeing ratios exceed 95%.  According to NICE Information Service, the average cost-to-sales ratio for [...]

Korean Real Estate Market Faces Uncertainty Amid Political Turmoil

Korean Real Estate Market Faces Uncertainty Amid Political Turmoil

SEOUL, Dec. 9 (Korea Bizwire) – South Korea’s real estate market is grappling with uncertainty following the December 3 emergency martial law and the subsequent impeachment proceedings against President Yoon Suk-yeol. Political instability, coupled with tightened loan regulations, has dampened buyer sentiment, raising fears of a prolonged downturn in the housing sector.  Apartment transactions in [...]

Hanwha Seeks to Resume Iraqi City Development Project Halted over Unpaid Bills

Hanwha Seeks to Resume Iraqi City Development Project Halted over Unpaid Bills

SEOUL, Dec. 6 (Korea Bizwire) — South Korea’s Hanwha Group said Friday it seeks to resume a major city development project in Iraq, which has been suspended for two years due to unpaid construction fees. Hanwha Corporation E&C Division, the group’s construction arm, said it recently signed an amended contract with Iraq’s National Investment Commission [...]

Seoul Expands Water-Based Thermal Energy to Transform Key Development Projects

Seoul Expands Water-Based Thermal Energy to Transform Key Development Projects

SEOUL, Dec. 5 (Korea Bizwire) – In a bold move to promote sustainable energy, Seoul announced the selection of two major development projects to incorporate water-based thermal energy systems: the Jamsil Sports & MICE Complex and the Seongsu-dong K-Project. The decision marks a significant step in reducing carbon emissions and energy costs in large-scale urban [...]

Seoul Approves 250-Meter Luxury Towers in Prestigious Gangnam and Seongsu Districts

Seoul Approves 250-Meter Luxury Towers in Prestigious Gangnam and Seongsu Districts

SEOUL, Nov. 28 (Korea Bizwire) – Seoul’s urban skyline is set for a dramatic transformation as the city approved plans for ultra-high-rise apartment complexes reaching up to 250 meters in two prime locations: the affluent Apgujeong-dong neighborhood in Gangnam district and the emerging luxury district of Seongsu-dong. The Seoul Metropolitan Government announced on November 26 that [...]