SEOUL, Jun. 5 (Korea Bizwire) –Doosan Bobcat, a leading manufacturer of compact construction equipment, has inaugurated a new production facility dedicated to mini excavators at its Chennai plant, the company announced on June 5. After nine months of construction, Doosan Bobcat has completed an 11,300-square-meter mini excavator production line within the existing premises of its [...]
SEOUL, June 5 (Korea Bizwire) – Samsung C&T Corporation has launched an outdoor robot delivery service catering to residents of Raemian apartments that makes use of the Dilly delivery robot. With just a click, the service fetches food and beverages from nearby stores and transports them directly to the apartment complex. The pilot program is currently [...]
SEOUL, May 21 (Korea Bizwire) – A tense standoff has emerged between Hyundai Motor Group and the Seoul Metropolitan Government over the proposed height of buildings in the forthcoming Global Business Complex (previously Global Business Center) slated for Seoul’s affluent Gangnam district. The discord centers on the maximum number of floors for the tallest skyscraper in [...]
SEOUL, May 20 (Korea Bizwire) — A Seoul court ordered the state to pay HDC Hyundai Development Co. around 9 billion won (US$6.6 million) in compensation for selling a plot of land used as a former U.S. Army base without decontaminating the soil, judicial officials said Tuesday. In 2016, HDC Hyundai purchased the former Camp [...]
SEOUL, Apr. 24 (Korea Bizwire) — The Seoul city government plans to develop floating office and hotel buildings and create water sports facilities on the Han River by 2030, officials said Wednesday, in the city’s latest project to increase the potential of the river running across the city. Mayor Oh Se-hoon announced the plan in [...]
SEOUL, Apr. 10 (Korea Bizwire) – South Korean construction companies have received widespread recognition for their design excellence, winning multiple accolades at the prestigious Red Dot Design Awards, regarded as one of the world’s three major design competitions. Hyundai Engineering & Construction announced on April 9 that its landscaping works, the “Tea House” and the “Artist’s [...]
SEOUL, Mar. 19 (Korea Bizwire) — Swedish furniture giant IKEA will invest 300 million euros (US$327 million) in South Korea over the next three years to gain a bigger share in Asia’s fourth-biggest economy, the company’s retail manager has said. IKEA, which will celebrate 10 years in business here in December, currently operates four stores [...]
SEOUL, Mar. 11 (Korea Bizwire) – In a strategic shift reflecting broader market uncertainties, several investment funds that previously sought opportunities in flourishing real estate markets in the United States and Europe are now extending their maturity periods, hoping for a rebound. This move comes as fund managers grapple with the challenges of liquidating assets in [...]
SEOUL, Mar. 7 (Yonhap) — Major South Korean builder Lotte Engineering & Construction Co. (Lotte E&C) said Thursday it has completed the creation of a 2.3 trillion-won (US$1.73 billion) project financing (PF) fund, which will help cut its interest burden from high-interest debt. Five local banks, including KB Kookmin Bank and the state-run Korea Development [...]
SEOUL, Mar. 4 (Korea Bizwire) – As predictions of declining real estate values gain momentum, the scale of reverse mortgage guarantees in South Korea is set to hit an all-time high this year, signaling an increased adoption among homeowners. Reverse mortgages, available to individuals over 55, allow homeowners to secure a loan against their property to [...]