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Archive by category Housing & Development

Korean Construction Firms Pivot to Environment and Energy Ventures

Korean Construction Firms Pivot to Environment and Energy Ventures

SEOUL, March 14 (Korea Bizwire) — South Korean construction firms are turning towards new ventures in the environment and energy sectors amid worsening profitability in the housing market. SK Ecoplant Co., which underwent a corporate name change from SK Engineering & Construction Co. in 2021, is pursuing new ventures such as waste battery recycling, bio [...]

Samsung C&T to Construct Modular Homes in Saudi Arabia

Samsung C&T to Construct Modular Homes in Saudi Arabia

SEOUL, Jan. 26 (Korea Bizwire) — South Korean builder Samsung C&T Corp. will build modular homes in Saudi Arabia, the land and transport ministry said Wednesday. Land Minister Won Hee-ryong on Tuesday held a meeting with Yasir bin Al-Rumayyan, Governor of the Public Investment Fund (PIF), in Saudi Arabia with both parties signing a memorandum [...]

Samsung C&T Makes Employee ID Card Cases from Recycled Safety Helmets

Samsung C&T Makes Employee ID Card Cases from Recycled Safety Helmets

SEOUL, Jan. 19 (Korea Bizwire) — Samsung C&T Corp., the construction unit of Samsung Group, said Wednesday it had made new employee ID card cases by recycling waste helmets from its construction sites. The company said that it was the first among domestic companies to make employee ID card cases using waste generated during business [...]

Builders’ Overseas Orders Top US$30 bln for 3rd Year in 2022 amid Economic Recovery

Builders’ Overseas Orders Top US$30 bln for 3rd Year in 2022 amid Economic Recovery

SEOUL, Jan. 10 (Korea Bizwire) — Overseas construction orders clinched by South Korean builders topped the US$30 billion mark for the third straight year in 2022 as the global economy slowly recovered from the fallout of the pandemic, data showed Tuesday. Local builders secured a combined $31 billion worth of construction orders last year, up [...]

Home Market Rout in S. Korea Deepens amid Higher Rates, Economic Slowdown

Home Market Rout in S. Korea Deepens amid Higher Rates, Economic Slowdown

SEOUL, Jan. 4 (Korea Bizwire) — Home prices in South Korea are cooling at a jaw-dropping clip amid soaring borrowing costs and an economic slowdown, portending that indebted home owners may face the toughest-ever challenge this year and Asia’s fourth-largest economy may suffer a decline in private spending. The country’s apartment prices nationwide fell 0.76 [...]

Lotte Group Goes All-Out to Cope with Construction Unit Liquidity Squeeze

Lotte Group Goes All-Out to Cope with Construction Unit Liquidity Squeeze

SEOUL, Nov. 24 (Korea Bizwire) — Lotte Group is quickly responding to the liquidity squeeze of its construction unit amid concerns that the construction unit’s liquidity problem, caused by the recent bond market crunch, could spill over to other parts of the group. Lotte Engineering & Construction Co. carried out a 200 billion won (US$149 [...]

S. Korean Property Prices Set to Continue to Lose Ground on High Interest Rates

S. Korean Property Prices Set to Continue to Lose Ground on High Interest Rates

SEOUL, Oct. 27 (Korea Bizwire) — South Korea’s property prices are expected to maintain a downward trend as interest rates are expected to stay high through at least early 2023, a state-run think tank said Thursday. The average price of houses in the greater Seoul area in the July-September period of 2022 decreased 1.19 percent [...]

Construction Firms Showcase Metaverse Model Houses

Construction Firms Showcase Metaverse Model Houses

SEOUL, Oct. 3 (Korea Bizwire) — Model houses using metaverse technology are emerging as a new trend in the South Korean construction industry, as part of efforts to reduce the cost needed to build and operate real model houses as well as to reach a wider customer base without physical limits. Lotte Engineering & Construction Co., [...]

POSCO E&C Develops Botanical Garden Cafe for Apartment Complexes

POSCO E&C Develops Botanical Garden Cafe for Apartment Complexes

SEOUL, Sept. 27 (Korea Bizwire) – POSCO Engineering & Construction Co., the construction arm of South Korea’s leading steelmaker, POSCO, said Monday it had developed a botanical garden café called Plantrium for apartment complexes. Plantrium is a multi-leisure space where users can enjoy views of the botanical garden while eating salad and drinking tea. Unlike [...]

Hyundai E&C Wins 1.9 tln-won Railway Deal in Philippines

Hyundai E&C Wins 1.9 tln-won Railway Deal in Philippines

SEOUL, Sept. 18 (Korea Bizwire) — Hyundai Engineering & Construction Co., South Korea’s leading builder, said Sunday it has received a 1.9 trillion-won (US$1.4 billion) railway order in the Philippines. Hyundai E&C will build a 56-kilometer railway connecting the capital city of Manila to the southern city of Calamba in the next six years, the [...]