SEOUL, April 17 (Korea Bizwire) — An international theme park is being planned for Hwaseong, Gyeonggi Province. The Ministry of Land, Infrastructure and Transport, Korea Water Resources Corp. and Shinsegae Property Consortium — Shinsegae Property and Shinsegae Engineering & Construction — announced Thursday the signing of a contract to start the construction of an international [...]
SEOUL, April 16 (Korea Bizwire) — Foreign ownership of South Korean land rose 3 percent in 2019 compared with a year earlier, the land ministry said Thursday. Foreigners owned 248.7 square kilometers — slightly more than four times the size of Manhattan — at the end of 2019. It represents 0.2 percent of South Korea’s [...]
SEOUL, March 10 (Korea Bizwire) — With the growing number of single-person households in South Korea, the real estate market is also seeing more and more residential complexes supplying small-sized apartments. The market is reducing some of the traditionally popular medium- and large-sized units and expanding the supply of small ones. The number of family [...]
SEOUL, Feb. 19 (Korea Bizwire) — Hyundai Motor Co., South Korea’s biggest carmaker by sales, and Hyundai Construction Equipment Co. (HCE), the country’s No. 2 construction equipment maker, will join hands to develop construction vehicles such as excavators and forklifts powered by hydrogen. The two and Hyundai Mobis Co., the country’s biggest auto parts maker [...]
SEOUL, Feb. 10 (Korea Bizwire) — In the wake of the spread of the novel coronavirus infection, also known as Wuhan pneumonia, events that attract massive crowds are being cancelled. Meanwhile, the construction industry is having to deal with a difference in opinions between those in the Seoul metropolitan area and provincial areas over the [...]
SEOUL, Feb. 7 (Korea Bizwire) — The Wuhan coronavirus is prompting changes to the way South Korean construction companies are selling new apartment units. Jungheung Construction Co., which plans to open sales for an apartment complex in the Wirye New Town in Hanam, Gyeonggi Province, in February, has replaced the typical model house with a [...]
SEOUL, Dec. 6 (Korea Bizwire) — Eco-boomers, children of the Baby Boom generation, are rising as new consumers in the housing market. Eco-boomers refers to offspring of 7.2 million baby boomers (born between 1955 and 1963) at the age of 22 to 40 (born between 1979 and 1997). They are also known as the Generation [...]
SEOUL, Nov. 23 (Korea Bizwire) — Branding, among others, may be one of the key selling points for a product, and that’s why South Korean builders are in sync in launching luxury apartment brands, or renewing their brand identities for high-end consumers amid deepening polarization in the local housing market. Lotte Engineering & Construction Co. [...]
SEOUL, Nov. 13 (Korea Bizwire) — South Korea announced plans to kick-start the so-called reverse annuity mortgage market Wednesday in an effort to help support elderly homeowners financially. The measure, unveiled by a pan-governmental task force on population policy, would lower the age limit for applicants for reverse annuity mortgages to 55 from the current [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea on Wednesday adopted a scheme to cap presale prices of privately built apartments in its extended efforts to stabilize real estate markets. Seoul revised related laws last month to execute the “presale price cap system” for apartments to be built by private builders amid signs of escalating [...]