SEOUL, July 17 (Korea Bizwire) – South Korea’s land ministry said Wednesday it has signed a tentative agreement with Vietnam’s construction ministry to cooperate in city and town development projects in the Southeast Asian nation. South Korean Land Minister Park Sang-woo signed a memorandum of understanding with his Vietnamese counterpart, Nguyen Thanh Nghi, on the [...]
SEOUL, Jul. 10 (Korea Bizwire) — Finance Minister Choi Sang-mok said Wednesday that the government will devise measures to increase housing supply if needed, as South Korea has seen growing volatility in the real estate market. “Volatility has risen in the real estate market as housing prices have gone up in Seoul and some adjacent [...]
SEOUL, Jul. 10 (Korea Bizwire) – Samsung C&T Corporation, a major player in South Korea’s construction industry, is set to revolutionize home automation by introducing a service that controls various Internet of Things (IoT) devices from different brands through its proprietary home platform application, Homeniq. The construction division of Samsung C&T announced on July 9 that [...]
SEJONG, Jul. 9 (Korea Bizwire) – In a significant development for South Korea’s public housing sector, the Korea Land and Housing Corporation (LH) is utilizing modular construction techniques to build a new apartment complex in Sejong City’s 6-3 Living Area. This innovative approach promises to revolutionize the construction industry by significantly reducing build times and maintaining [...]
SEOUL, Jun. 26 (Korea Bizwire) — The Bank of Korea (BOK) said Wednesday that risks on short-term financing to construction projects have grown due to a slump in property markets and rising costs of construction materials. In a report, the BOK said the total value of outstanding short-term loans to finance construction projects, called project [...]
SEOUL, Jun. 25 (Korea Bizwire) – The co-living phenomenon in South Korea has seen remarkable growth, with facilities in Seoul now able to accommodate up to 7,000 residents, according to a recent report by Savills Korea, a global real estate services provider. The report, titled “2024 Korea Co-Living Report” and released on June 24, highlights the [...]
SEOUL, Jun. 25 (Korea Bizwire) — The financial regulator said Tuesday that the planned implementation of stricter rules on household loans will be postponed until the start of September amid various risk factors facing the financial market. The country was originally set to implement a second phase formula for floating rate stress debt service ratio [...]
SEOUL, Jun. 20 (Korea Bizwire) — Swedish furniture giant IKEA said Thursday it has expanded price cuts on its products in South Korea to provide more products at lower prices. IKEA has cut the prices of 330 products by 12 percent starting Thursday after lowering the prices of 360 products in April and 300 products [...]
SEOUL, Jun. 11 (Korea Bizwire) — Domestic construction companies’ combined orders from the Middle East amounted to nearly US$10 billion so far this year, recording stellar growth from 2023, industry data showed Tuesday. According to the data from the International Contractors Association of Korea, domestic builders’ project orders from the Middle East amounted to $9.98 [...]
CHUNCHEON, Jun. 5 (Korea Bizwire) –A proposal to develop Camp Page, a 520,000 square meter former United States military base in the heart of Chuncheon, has sparked a bitter divide within the local community, pitting residents who support the project against those who demand a restart of the process. The site, which has remained largely [...]