JYP's new HQ project may collapse; architect says plan 'scrapped entirely'

JYP Entertainment's plan to build a new headquarters in Godeok-dong, Gangdong-gu, Seoul, has in effect fallen through, sources say. Yoo Hyun-joon is a professor at Hongik University's College of Architecture and Urban Design who designed JYP's new headquarters. He said Thursday via TenAsia that JYP had informed him of its decision to withdraw from the project. "It has been decided to scrap the plan entirely," he said. JYP had initially planned to build a new headquarters with a total floor area of 69,259 square meters, spanning five below-ground floors and 17 above-ground floors, in Godeok Business Valley. The company acquired the site in 2023. Last year, it obtained a construction permit after completing a traffic impact assessment and a joint review by the architecture and landscape committee. It aimed to break ground in the second half of the year. Warning signs emerged after the Seoul Housing & Communities Corporation and the Gangdong-gu office changed the designation of a 13,261-square-meter park site in the Godeok Gangil district. The site sits just 20 meters from the planned new headquarters. It was redesignated as a self-sufficiency support facility site, and pre-sales began. The change allows a building of up to 18 to 19 stories to be constructed on that park site. JYP's new headquarters was designed as a ring-shaped building surrounding a central courtyard, intended to blend with the surrounding landscape while also protecting the privacy of building users, including celebrities. Concerns arose that a high-rise built just 20 meters away could compromise that privacy protection. According to Yoo, JYP learned of the zoning change on the adjacent site and proposed several compromise plans to the Seoul Housing & Communities Corporation to keep the project alive. The corporation accepted none of them. The proposals included applying the same floor area ratio while capping the building's height at six stories or below. Another option involved repositioning the park so the new building would be set farther from JYP's headquarters. On this, JYP declined to elaborate, saying only that it was "discussing the matter from various angles."

Sept. 10, 2026

Deals freeze in Gwangmyeong as public rental housing plan snags Cheolsan, Haan reconstruction

Gwangmyeong: 'Difficult to withdraw public rental housing request' More than 17,000 residents join opposition petition 'Biggest worry is assessment fees ... no inquiries on the ground' Mayor attends meeting as negotiations loom over unit numbers "Just before the notice arrived, a standard 84-square-meter unit in Complex 13 sold for 1.58 billion won ($1.18 million). I thought, 'Now it's about to sell for 1.6 billion won,' but then deals stopped completely. They say the special assessment fees alone could rise by tens of millions of won more — what resident would welcome that?" 경기 광명시 철산동 A공인중개사무소 대표 On Tuesday afternoon, the head of a real estate agency near Cheolsan 13 Complex in Cheolsan-dong, Gwangmyeong, Gyeonggi Province, said this with a note of concern. The Cheolsan-Haan public housing complexes, in the midst of reconstruction, now face a potential "assessment fee bomb" after Gwangmyeong abruptly demanded that public rental housing units be included in the project. As resident opposition mounted, Gwangmyeong Mayor Park Seung-won personally attended a meeting with the Cheolsan-Haan Reconstruction Association Council — representing Cheolsan 12, Cheolsan 13, Haan 1-2, Haan 3-4, Haan 5, Haan 6-7, Haan 8, Haan 9, Haan 10-11 and Haan 12 complexes. Even there, the city stood firm on its position that withdrawing the rental housing request would be difficult. The city said Mayor Park had apologized "for sending the official request for rental housing without prior consultation," and added that "future discussions will proceed in a direction that minimizes the increase in assessment fees and project delays, with working-level departments preparing supplementary measures." Shortly afterward, the association council released a statement saying it would "prepare a flexible and practical agreement that does not harm the complexes' value or residential environment, in order to prevent indirect damage from project delays." Gwangmyeong and the council are expected to enter tough negotiations over the exact number of units. In an official letter last month, Gwangmyeong requested that public rental housing be reflected when establishing or revising redevelopment plans, in order to "balance development profits with public welfare." In March 2024, the city set the maximum cumulative floor area ratio for the Cheolsan-Haan residential district at up to 330 percent, on the condition that developers incorporate eco-friendly and smart buildings, long-life housing and public rental housing. The association council and residents are pushing back, arguing that there was no plan for public rental housing when the zones were designated two years ago and that the floor area ratio incentive had already been secured through other requirements such as eco-friendly buildings. More than 17,000 residents have already signed a petition opposing the plan. Opposition remains strong on the ground. Banners opposing public rental housing hang alongside construction company banners throughout the complexes. Jang, a 54-year-old resident of Cheolsan-dong, said, "If a precedent is set that breaks residents' trust, conflicts will only get worse going forward. The biggest concern is the assessment fees." Jang added, "It is not that we want housing prices to rise because of the tax burden. We just want to keep living here." A resident surnamed Lee, in the mid-60s, said, "The public rental housing request came suddenly, without any advance notice. Prices have risen a lot and the economy is not doing well, so residents all dislike hearing that the assessment fees they have to bear will grow even larger." Concerns about damage to project feasibility were also widespread. A resident surnamed Kim, in the 50s, said, "Cheolsan has such a strong location that the project will move forward one way or another, but I am worried it could be delayed." Of Haan's eight zones, only Complex 3-4 has completed contractor selection, while four other zones are still in the selection process. Cheolsan Complex 12 received approval to establish its reconstruction association on Friday. The head of a real estate agency near Cheolsan Complex 12 said, "The current resident opposition is less about disregarding rental housing itself and more about concerns over project delays and assessment fees. Since reconstruction is only a matter of time, many residents have resigned themselves to it as unavoidable." The buying frenzy that had pushed prices up appears to be cooling into a wait-and-see mode, according to accounts from the scene. Zigbang's comparison of nationwide apartment sale prices from September 2025 to August 2026 found that Gwangmyeong's sale price per 3.3 square meters rose 28.4 percent over the year — the second-highest increase in the country after Bundang-gu in Seongnam (29.5 percent). At Cheolsan 13 Complex in Cheolsan-dong, an 84-square-meter unit sold for 1.58 billion won on Aug. 14, setting a new high. An official at a nearby real estate agency said, "Inquiries used to come in consistently here, but in recent weeks there have not been any sales at all, and inquiries have also become rare. If rental housing units are added, the number of units will be the key issue — Cheolsan Xi The Heritage across the street set a precedent by including 92 rental units out of about 3,800 total, so the association will likely try to negotiate a smaller ratio than that." Going forward, the key question for major redevelopment projects will be how to manage the growing burden on residents and construction companies from the introduction of public rental housing. Kim Sung-hwan, a research fellow at the Construction and Economy Research Institute of Korea, said, "Because this is a request from the permitting authority, residents may feel it is coercive. If pre-sale profits decrease, the burden on the association or the construction company will inevitably grow." Kim added, "How much of a burden — tens of millions of won in assessment fees — each resident is willing to accept can vary greatly, so the process of reconciling these differences is expected to be arduous."

Sept. 10, 2026

Gangnam's three districts see home prices slide; Jamsil complex down W400m from peak [Real Estate 360]

Songpa apartment prices fall 0.02 percent this week All three Gangnam districts decline as some low- and mid-priced areas rise Apartment prices in Seoul's Songpa-gu fell for the first time in about five months, following similar declines in Gangnam-gu and Seocho-gu. The downturn extends a monthslong correction across the three Gangnam districts since the government unveiled a tax overhaul targeting high-end homes and owners of a single non-resident-occupied property. According to a weekly apartment price survey released Thursday by the Korea Real Estate Board, covering the first week of September as of Monday, Seoul's apartment prices rose 0.20 percent this week. That was a smaller gain than the previous week's 0.22 percent increase. The slowdown was attributed to price declines across all three Gangnam districts. In Gangnam-gu, apartment prices fell 0.35 percent this week, a milder drop than the previous week's 0.41 percent decline. In Seocho-gu, the decline widened from 0.23 percent to 0.30 percent over the same period. Songpa-gu, which had posted a 0.01 percent gain the previous week, swung to a 0.02 percent decline this week. It was the district's first drop in 21 weeks, since the second week of April, when prices also fell 0.01 percent. In the district's Jamsil area, where transaction prices are relatively high, distressed sales aimed at reducing tax burdens have driven down deal prices. The Ministry of Land, Infrastructure and Transport's real transaction price disclosure system shows recent transactions in the area. A 124-square-meter unit (exclusive use area) at the Recentz complex sold for 4.3 billion won ($3.21 million) on Aug. 21. That was down 400 million won from its record high of 4.7 billion won set in January. Nearby, an 84-square-meter unit at Jamsil Els Apartments sold for 3.41 billion won on Aug. 21, down 290 million won from its peak of 3.7 billion won. Nam Hyuk-woo, a researcher at Woori Bank's Real Estate Research Institute, said, "The localized price correction, which started in the Han River belt areas of Apgujeong and Banpo within the two Gangnam districts, appears to be gradually spreading to other areas within those two districts." He added, "This week's price decline in Songpa-gu is presumed to stem from a belated adjustment of asking prices by some Songpa-gu apartment owners looking to move up into the two Gangnam districts." In contrast, some districts with relatively low- to mid-priced housing — including Gangbuk-gu, Dobong-gu, Seodaemun-gu, Seongdong-gu, Jongno-gu and Jung-gu — saw their price gains widen from the previous week. Gangbuk-gu posted the highest increase in Seoul this week at 0.46 percent, and all 22 districts outside the three Gangnam districts recorded price gains from the previous week. Nam said, "Mid-tier areas of Seoul — Gangseo-gu, Seongbuk-gu, Dongdaemun-gu and Seodaemun-gu — have posted strong, double-digit price gains, showing a solid price trend." He added, "While tighter lending conditions have slowed transactions, a shortage of listings for sale as well as for jeonse and monthly rent has kept declines in asking prices very limited."

Sept. 10, 2026

Ssangyong E&C rolls out smart AI CCTV at construction sites in bid for zero severe accidents

System allows simultaneous monitoring from job sites and headquarters Ssangyong E&C said Thursday it has introduced smart AI CCTV systems at its construction sites. The move adds AI capabilities to safety monitoring, which was previously handled solely by human safety managers watching camera footage. The smart AI CCTV system analyzes real-time footage from site cameras to detect and warn of hazards in advance. It identifies careless behavior or improper movements by workers to help prevent accidents, and issues immediate alerts for incidents such as falls or falling objects. This reduces accident risk through both preventive and real-time responses. The system offers a key advantage: it can be monitored simultaneously at the site and at a control room run by the safety department at headquarters. Alongside this, Ssangyong E&C has introduced AI translation Bluetooth speakers and automatic foreign-language voice warning speakers for hazardous areas, aiming to strengthen safety management for its growing foreign workforce. The AI translation Bluetooth speakers deliver work instructions and safety guidelines at job sites in the native languages of foreign workers from countries such as China, the Philippines and Thailand. The number of such workers at construction sites has been rising. The system is designed to reduce accidents among less experienced foreign workers. The company has also installed foreign-language voice warning speakers at locations with a high risk of accidents such as falls, falling objects, collisions and entrapment. The speakers repeat warnings in the relevant foreign language whenever a worker approaches, helping keep workers alert and preventing accidents. Through these measures, Ssangyong E&C is carrying out its safety management slogan for this year — achieving zero severe accidents through a site-centered safe workplace. The company is working toward maintaining zero severe accidents for a second consecutive year. Meanwhile, Ssangyong E&C has previously applied smart safety management systems at sites for projects such as the Greater Seoul regional water supply project, improving the efficiency of preventive management.

Sept. 10, 2026

Real estate bear Lee Kwang-soo vows to stop talking about housing. Why?

In a plea on YouTube channel Choi Wook's Maebulshow 'If things stay this way, home prices will keep rising — the Democratic Party is being too complacent' Lee Kwang-soo, head of the real estate analysis channel Gwangsune Bokdeokbang, is a prominent voice among those forecasting falling home prices. He has vowed to stop discussing real estate, citing frustration over the possibility that the Democratic Party of Korea could soften its planned overhaul of the property tax system. Appearing on the YouTube channel Choi Wook's Maebulshow, a financial and current-affairs talk show, on Monday, Lee said, "The stance of the Democratic Party and the government is extremely complacent." He added, "If things continue this way, home prices will keep rising, the market will grow chaotic, and that will come back to haunt the administration." "Their idea of a solution is just to say they'll increase housing supply in the long term," he continued, criticizing the approach as akin to "talking about farming rice paddies when a war has just broken out." Lee cited Bank of Korea data showing the broad money supply, or M2, on a steady upward trend. He said the growing money supply is the "gravitational force" pulling real estate prices ever higher. "As the money supply increases, the price of money falls and the price of goods inevitably rises," he said. Lee rebuffed President Lee Jae Myung's Aug. 30 post on X, formerly Twitter, in which the president suggested high interest rates next year would cause housing prices to crash. "Even if interest rates rise, inflation rises even more, so the real interest rate is negative," he said. "A rate hike has no real effect and only pushes people to take out loans and buy a house right now." Lee also presented a graph tracking apartment move-in volumes in the Greater Seoul area. He said, "Apartment move-ins in the metropolitan area keep falling, and as jeonse — a lump-sum, long-term deposit lease — and monthly rent prices come under pressure, demand for buying homes with loans is rising." He said this trend would continue until 2028, warning that "if nothing is done, the market will simply be left exposed to it." When host Choi Wook asked what alternative he would propose, Lee said, "This is too hard for me. It makes me sick just to talk about real estate. So I've decided not to talk about it until the Democratic Party's direction becomes clear. It's painful to keep bringing this up. I'll just quietly talk about semiconductor share prices instead — that's more fun." During the live broadcast, some viewers sent super chats, or paid donations, urging Lee to stay strong. But the channel was also flooded with critical comments, including "He's backing off now that approval ratings are dropping," "He's changing his tune now," "I wish he'd speak with more responsibility," and "Now he's blaming the Democratic Party?" Lee previously drew attention in July, when President Lee Jae Myung, presiding over a "grand debate on real estate," called on him directly to speak. "I watch Mr. Lee Kwang-soo's videos a lot — please share your critique," he said. At the time, Lee said, "Capital gains tax exemptions for single-home owners should be limited to once in a lifetime. Some people move constantly and keep receiving tax exemptions — from the moment someone first buys a home, they should be made to consider whether they will live there for a long time and make a rational choice." President Lee called the idea "novel" and "a very sensible point." In an Aug. 30 post on X, President Lee Jae Myung raised several points and forecasts related to real estate. These included plans for a rapid expansion of housing supply and an expected Bank of Korea benchmark interest rate of 3.5 percent in the first quarter of next year. He also pointed to a rise in mortgage delinquencies and foreclosure listings. He said the government has instructed relevant authorities to prepare a system to buy up large volumes of housing priced below a certain threshold for use as public housing. The plan is meant to prepare for a scenario in which home prices plunge due to a rapid, large-scale increase in supply and curbs on speculative demand. It would also address a surge in loan delinquencies and foreclosures caused by high interest rates, raising the possibility that housing prices could crash next year. The following month, former People Power Party lawmaker Yoo Seong-min wrote on Facebook criticizing President Lee's remarks as "not science but something like sorcery." He added that Lee "seems to have watched too many strange YouTube videos that have been deceiving the public by endlessly shouting that housing prices will crash."

Sept. 10, 2026

UAM to link Gimpo Airport with Han River hospitals

Land Ministry picks Seoul as final project site: 'Linking public healthcare and Han River tourism' The final site for a regional pilot project on urban air mobility will be Seoul. The project will move forward as either a medicine-transport service shuttling between Gimpo Airport and hospitals along the Han River, or a tourism service connecting major points along the river. The Ministry of Land, Infrastructure and Transport said Thursday that it selected Seoul Metropolitan Government as the final project site for its 2026 Urban Air Mobility Regional Pilot Project Support Program. The program aims to identify early commercialization models for UAM based on regional demand. After the call for proposals opened in May, five metropolitan and provincial governments — Seoul, Gyeonggi Province, Busan, Ulsan and North Chungcheong Province — took part. Following an expert evaluation of the project's feasibility, including flight environment, infrastructure utilization, service demand and linkage with public services, the ministry selected Seoul. Seoul proposed a hybrid UAM service model combining public healthcare and Han River tourism. The city plans to run a public healthcare service linking Gimpo Airport with medical institutions along the Han River to support the swift transport of emergency medicine and transplant organs. It also plans a tourism service connecting major points along the river so tourists can take in the scenery from the air. The ministry will provide Seoul with up to 1 billion won ($746,000) in state funding, which the city will match one-to-one. The funding will support the drafting of a detailed project plan and help lay the groundwork for early commercialization. The funding will mainly go toward tasks needed to introduce UAM services, such as selecting vertiport locations and drawing up construction plans. It will also support analyzing flight routes and corridors, and assessing radio and communication conditions. Last year, the ministry designated Jeju and the Daegu-North Gyeongsang region as budget-support areas. This year, it is backing the development of project plans and vertiport designs there, steadily working to identify UAM services tailored to each region's characteristics. In addition, the ministry has included 15 billion won for aircraft procurement and 20 billion won for infrastructure development — such as route design and vertiports — in its 2027 UAM budget proposal. It is working to expand the foundation for demonstration and commercialization. Following the pilot project, the ministry has particularly moved to prepare for UAM's commercialization in 2028 by establishing an early pilot service operating model. The model classifies services into categories such as tourism, airport-linked and region-linked types, as with Seoul's case. It also stipulates that a piloted aircraft operate only one unit per corridor between sunrise and sunset, with no more than 10 one-way flights per day. Park Jun-hyung, director general of the ministry's Mobility and Automobile Bureau, said, "We will continue to identify feasible projects and provide the necessary support so that various UAM services tailored to regional demand and characteristics can lead to actual commercialization."

Sept. 10, 2026

Land Ministry launches selection process for 2027 urban regeneration projects

Ministry to accept applications through year-end after Friday's announcement, with picks due in first half of next year The selection process for new urban regeneration projects to be carried out next year has begun. The Ministry of Land, Infrastructure and Transport said it will begin selecting new 2027 urban regeneration projects Friday, part of an effort to revitalize declining cities. Local governments have until the end of the year to draw up project plans for the new round and submit them. The Special Committee on Urban Regeneration will then deliberate and make final selections in the first half of next year. Starting with this round, the ministry has extended the window between the announcement and the application deadline from one month to at least three months. This gives local governments more time to draw up thorough project plans. The ministry will also require at least two rounds of preliminary consulting sessions. The government's urban regeneration projects fall into three categories: area-specific regeneration projects, support projects for improving aging residential areas, and certified projects. Area-specific regeneration projects draw on a region's historical, cultural, industrial and other unique assets to build city brands, revitalize commercial districts and support startups, among other goals. These projects receive up to 15 billion won ($11.2 million) in state funding over four years. Support projects for improving aging residential areas aim to upgrade living conditions in old, low-rise residential neighborhoods by supplying infrastructure and amenities and by supporting private housing renovation. These receive up to 15 billion won in state funding over five years, or up to 5 billion won over four years for vacant-house renovation projects. Certified projects support smaller, point-based efforts such as installing or upgrading infrastructure and remodeling buildings, and receive up to 5 billion won in state funding over three years. The ministry plans to hold a project briefing session for local governments Sept. 17 at the Korea Railroad Corporation's headquarters in Daejeon. This year's new urban regeneration projects included Haedo-dong in Pohang, Moam-dong in Gimcheon, Jungang-dong in Gunsan and the Galma district in Daejeon. Kim Yi-tak, first vice minister of the Ministry of Land, Infrastructure and Transport, said, "Urban regeneration projects are a key means of overcoming the crisis of regional decline and achieving balanced growth." He added, "We will actively support all stakeholders in the urban regeneration governance structure — local governments, support centers and residents — so they can work together to successfully carry out these projects."

Sept. 10, 2026

Hyundai Engineering wins two power plant orders worth W2.4tr

Selected as preferred bidder for Yongin cogeneration, New Honam combined-cycle plants Secures foothold in power generation across metropolitan area and Honam region Hyundai Engineering said Thursday that it was selected Wednesday as the preferred bidder for two power plant construction projects — the Yongin cogeneration power plant ordered by Korea Midland Power and SK Innovation E&S, and the New Honam combined-cycle power plant ordered by Korea East-West Power. The Yongin cogeneration project will build a 1,050-megawatt power generation facility and a heat production facility with a capacity of 517 gigacalories per hour in Cheoin-gu, Yongin, Gyeonggi Province. Hyundai Engineering will oversee the design, procurement and construction of the plant, with the total project cost estimated at 1.75 trillion won ($1.31 billion). Construction is set to begin in September and be completed in September 2030. The electricity and heat produced after completion will be used to reinforce the energy supply for the Yongin semiconductor cluster, a key hub expected to drive the country's advanced industrial growth. The New Honam combined-cycle project involves building a 500-MW LNG combined-cycle power plant on the site of the former Honam thermal power plant within the Yeosu National Industrial Complex in South Jeolla Province. An LNG combined-cycle plant generates electricity through a high-efficiency method that combines a gas turbine fueled by natural gas with a steam turbine driven by steam produced from the heat of the gas turbine's exhaust. As the lead company in the consortium, Hyundai Engineering will handle design and procurement of major equipment, while Posco E&C will be responsible for procuring auxiliary equipment and handling construction. The total project cost is about 630 billion won, with construction slated to begin in June 2027 and be completed in May 2030. The plant is expected to help stabilize the electricity supply across the Honam region, including the Yeosu National Industrial Complex, once completed. Through the two projects, Hyundai Engineering has secured a foothold to carry out power generation projects in major industrial hubs across both the metropolitan area and the Honam region. The company plans to keep strengthening its competitiveness in the energy business by pursuing additional opportunities nearby, including further cogeneration projects within the Yongin semiconductor cluster and district energy and power infrastructure projects in the Yeosu area. In addition, carrying out the combined-cycle and cogeneration projects will further strengthen Hyundai Engineering's design-procurement-construction capabilities and technological expertise across power and heat production facilities as a whole. These capabilities are expected to serve as a foundation for expanding and reinforcing the company's business in next-generation energy infrastructure that produces both electricity and heat. This includes hydrogen power generation and auxiliary facilities for small modular reactors. "This achievement reflects the market's trust in the technological capabilities and project execution track record that Hyundai Engineering has built up in the energy business," a Hyundai Engineering official said. "We plan to keep contributing to the nation's power supply stability through various energy transition infrastructure projects, including combined-cycle and cogeneration plants, while continuing to strengthen our business in next-generation energy fields such as small modular reactors, nuclear fusion and hydrogen."

Sept. 10, 2026

Daewoo Engineering seeks collaboration with tech startups

Company holds 'Open Innovation Day' event Daewoo Engineering & Construction said Thursday that it held the "Daewoo E&C Open Innovation" event to seek collaboration with startups that have innovative technologies. The Daewoo E&C Open Innovation program is run jointly with the Korea Institute of Civil Engineering and Building Technology. It discovers promising startups capable of driving change in the construction industry and supports technology and business cooperation with the company's operating divisions. The institute, as co-host, supports participating firms in verifying and commercializing their technologies by identifying promising startups in the smart construction field and providing proof-of-concept funding. Daewoo Engineering & Construction began recruiting participating companies in late May and held its "Open Innovation Day" on Sept. 8 at the Prugio Art Hall in its Euljiro headquarters. At the event, the company conducted phased evaluations of a total of 164 technologies submitted across five categories, followed by final evaluations of nine innovative technologies that made the cut. Companies that took part presented their proprietary technologies and business ideas, and set up dedicated promotional booths to introduce their technologies and services directly to Daewoo Engineering & Construction employees. The nine finalists were Hilocal and Construction Partner in the smart safety and quality category, and Edit Collective, Carillon, Twofeet and Starkium in the AI category. Gorae Robotics was selected in the robotics and automation category, Spanner in the ports and airports category, and Robotom in the innovative ideas category. "This event went beyond simple technology presentations by the participating companies -- it was an occasion for our employees to actually experience the technologies, freely exchange opinions and explore possibilities for collaboration," a Daewoo Engineering & Construction official said. The construction industry's paradigm is rapidly shifting from conventional construction toward smart construction that fuses cutting-edge technologies such as digital tools, AI and robotics. Daewoo Engineering & Construction has been diversifying its technology strategy, not only through in-house research and development but also by discovering and collaborating with outstanding external technologies and ideas. The company plans to review, in stages, how the innovative technologies discovered through the program can be applied to its projects and construction sites going forward. The aim is to prevent serious accidents, upgrade on-site safety management, improve work efficiency through AI, and strengthen its competitiveness in smart construction technology. "As the pace of advancement in construction technology accelerates, it is important to effectively connect our internal R&D capabilities with outstanding external technologies," a Daewoo Engineering & Construction official said. "We will not stop at simply introducing the outstanding technologies discovered through this Open Innovation program -- we will connect them to on-site verification and business application to boost productivity in safety and quality, while continuing to strengthen our smart construction capabilities using advanced technologies such as AI and robotics." Meanwhile, Daewoo Engineering & Construction unveiled a next-generation community innovation plan for its apartment brand Prugio. The plan introduces AI and robot technology along with differentiated sensory marketing elements to improve residential convenience for move-in residents.

Sept. 10, 2026

Kumho Engineering & Construction diversifies building portfolio, from parking towers to semiconductor plants

Company wins string of contracts for Kintex, Jangji bus depot and Samsung Electronics plant projects Kumho Engineering & Construction is expanding the scope of its building contracts to cover multipurpose parking towers, mixed-use urban redevelopment and advanced industrial facilities. The company said Thursday that it had recently won a series of contracts. They include the Kintex multipurpose parking building project, the Jangji bus depot redevelopment project and the construction of Samsung Electronics' Fläkt Korea factory. Kumho said it was broadening its building business portfolio beyond its traditional focus on residential and mixed-use development to include advanced industrial facilities. The Kintex multipurpose parking building project involves building a parking facility with one below-ground floor and eight above-ground floors in the Daehwa-dong area of Ilsanseo-gu, Goyang, Gyeonggi Province. Kumho was selected as the final winning bidder for the project on Aug. 31. The total construction cost, including value-added tax, is about 56.3 billion won ($42.1 million), and Kumho will serve as the lead contractor with a 60 percent stake. The project was awarded through a comprehensive bid evaluation system that weighs price and technical capability, among other factors. Construction is set to break ground this month and be completed in November 2028. In the mixed-use urban redevelopment sector, Kumho won the Jangji bus depot redevelopment project in July. Commissioned by the Seoul Housing & Communities Corporation, the project has a total construction cost of about 350.6 billion won. Kumho is participating as the lead contractor, holding a 50 percent stake. The Jangji bus depot redevelopment project will maintain the existing Jangji public bus depot's function while adding 658 units of public housing along with lifestyle infrastructure and green space. The project combines transportation facilities with residential and lifestyle functions in a single complex. In the advanced industrial facilities sector, Kumho signed a construction contract with Samsung Electronics last month for the Samsung Electronics Fläkt Korea factory. The project involves building a domestic production facility for the German Fläkt Group, which Samsung Electronics has acquired. The Samsung Electronics Fläkt Korea factory will be built in Buk-gu in the South Jeolla-Gwangju Integrated Special City, with one above-ground floor and 23,588 square meters of total floor area. The facility will house a main HVAC (heating, ventilation and air conditioning) production plant along with office space, warehouses, laboratories and rest areas. HVAC systems integrate the management of heating, cooling, ventilation and air quality, and are used in advanced industrial facilities such as AI data centers and semiconductor plants. Kumho said it plans to participate in the growing demand for related production facilities and infrastructure as investment in advanced industries such as AI and semiconductors expands. "We have continued to post contract wins across a range of building sectors of late, expanding our business portfolio," a Kumho Engineering & Construction official said. "We will strengthen our competitiveness in existing core sectors while expanding into high-growth areas such as advanced industrial facilities to secure new growth engines for our building business." Meanwhile, Kumho Engineering & Construction has been drawing market attention amid growing expectations over the government's push to break ground early on a semiconductor cluster in the Honam region. Although the company's headquarters is in Seoul, its registered head office is in Naju, in the South Jeolla-Gwangju Integrated Special City. That makes it a leading construction company in the Honam region. Its share price has surged of late as a result.

Sept. 10, 2026

'Down W1b — now's the chance': trade-up buyers scoop Gangnam bargains [Real Estate 360]

As bargain listings rise in Gangnam, buyers from Gangdong, Mapo and beyond trade up In Apgujeong, some listings drop by up to 1.4 billion won Gangnam's three districts see record-high sales fall to just 100 in August As tougher taxes on high-priced homes push more bargain listings onto the Gangnam market, trade-up transactions are picking up, with buyers seizing the moment to move into more sought-after neighborhoods. Some Gangnam-area units have recently dropped to the 1 billion won ($747,000) range, prompting buyers to sign preliminary contracts before selling their current homes. Bargain listings draw Mapo and Yeouido buyers into Banpo — Gangdong-to-Jamsil reconstruction cases, too According to the Ministry of Land, Infrastructure and Transport's real estate transaction disclosure system Thursday, an 84-square-meter unit at Acro River Park in Banpo-dong, Seocho-gu, sold for 5.39 billion won in August — 910 million won below the 6.3 billion won record high set about four months earlier. Court registry records show the buyer was a resident of Ahyeon-dong, Mapo-gu, identified only as A, apparently trading up after selling an existing home to move to Banpo. A similar case emerged nearby. An 84-square-meter unit at Banpo Prugio Apartment, steps from Sinbanpo Station, hit a record high of 3.4 billion won in July but sold for 2.99 billion won on Aug. 25. The buyer was a resident of Yeouido-dong, Yeongdeungpo-gu, who moved once Banpo prices slipped into the 2 billion won range. A trade-up into a reconstruction property also surfaced. Buyers who jointly owned a unit at Olympic Park Foreon in Dunchon-dong, Gangdong-gu, purchased a 131-square-meter unit at Woosung Apartment in Jamsil-dong, Songpa-gu, for 3.4 billion won — 500 million won below the 3.9 billion won record high set in May. "Lately, inquiries about buying have actually been outpacing those about other matters like gifting," said an asset management consultant at a bank. "Some are treating Gangnam apartments that have dropped by nearly 1 billion won as a buying opportunity, signing preliminary contracts before their existing homes are even sold." Elderly and multi-home owners list properties — a golden opportunity for cash-rich buyers Behind this trade-up trend lies the government's finalized tax reform, which has raised the tax burden on homeowners and, in turn, spurred a wave of bargain listings. Under the 2026 tax reform, the government raised the fair market value ratio used to calculate the comprehensive real estate tax, increasing the burden particularly on ultra-high-priced homes worth more than 3.5 billion to 4 billion won. It also overhauled the long-term holding special deduction system to factor in actual residency periods, tightening deduction requirements for multi-home owners and non-resident properties. As a result, bargain listings have been emerging in Gangnam, mostly from elderly owners short on cash flow or multi-home owners wary of capital gains tax. "Owners nearing retirement, facing cash flow issues or tax burdens, are listing units several hundred million won below market," said an asset management consultant at a bank. The 84-square-meter unit at Acro River Park in Banpo-dong, for example, is now listed from 4.9 billion won — more than 1.4 billion won below its 6.3 billion won record high. In Apgujeong-dong, an 111-square-meter unit at Shin Hyundai Apartment is asking from 5.5 billion won, 2 billion won below its peak. An 84-square-meter unit at Gaepo Xi Presidences in Gaepo-dong, which traded at a record 4.27 billion won at the end of last year, is now asking from 3.44 billion won — about 800 million won lower. As prices keep adjusting downward, the number of record-high sales in Gangnam has fallen sharply. Record-high transactions across Gangnam's three districts numbered 384 in January, dropped to 341 in April and 247 in July, then fell to just 100 in August. By district, Gangnam-gu saw the steepest decline, with its August record-high transaction count of 26 down 76.6 percent from 111 in January. Songpa-gu fell 74.1 percent over the same period, from 174 to 45, while Seocho-gu dropped 70.7 percent, from 99 to 29. "Banpo apartment prices are currently undergoing a correction of 20 to as much as 25 percent," said Nam Hyuk-woo, a researcher at Woori Bank's real estate research institute. "For those holding cash, this is a clear opportunity."

Sept. 10, 2026

Seoul designates district unit planning zone around former Seocho fire school site for senior housing

15th Seoul Urban Planning and Architecture Joint Committee The Seoul Metropolitan Government has designated the area around the site of the former Seocho fire school as a district unit planning zone to supply senior housing and welfare facilities for the elderly. The city said Thursday that the 15th Urban Planning and Architecture Joint Committee, held Wednesday, passed an amended resolution to designate and finalize the district unit plan for the area around the former fire school site. The site has sat vacant since the Seoul Fire Academy relocated to Eunpyeong-gu in 2018. Alongside this, the city designated the site of the existing Seocho Ward Elderly Care Center as a special planning zone, laying the groundwork to supply elderly welfare facilities that have been in short supply. In April, the city announced plans to supply 12,000 units of "Seoul-type senior housing" by 2035 in response to the country's rapidly aging population, and has been pushing forward related projects. The site is expected to host welfare housing for the elderly equipped with a range of convenience services. An Dae-hee, head of the Seoul Metropolitan Government's Future Urban Planning Bureau, said, "We have established an urban planning foundation to systematically manage the introduction of policy facilities, such as elderly welfare facilities, in response to the super-aged society." He added, "We expect this to further accelerate the expansion of related policy facilities."

Sept. 10, 2026

Hanwha to launch presales for 1,098-unit complex near Pyeongtaek Jije Station in October

Pyeongtaek Jije Station offers Line 1, KTX, SRT access; GTX-A, C extensions underway Hanwha's construction division will begin presales for "Hanwha Forena Jije Station" in Segyo-dong, Pyeongtaek, Gyeonggi Province, in October. The complex will span two below-ground floors and up to 27 above-ground floors across 12 buildings, with a total of 1,098 units. Hanwha's construction division said Thursday that it plans to supply Hanwha Forena Jije Station on a site around 725 Segyo-dong, Pyeongtaek. The complex will consist of 452 units of type 84A (exclusive use area, hereafter) and 208 units of type 84B. It will also include 168 units of type 84C, 122 units of type 84D and 148 units of type 116A. Units around 84 square meters account for more than 80 percent of the total supply. The complex is located within the Pyeongtaek Jije Station living zone, situated between Godeok International New Town, Brain City and Pyeongtaek's old downtown area. Samsung Electronics' Pyeongtaek campus lies within roughly 5 kilometers. Pyeongtaek Jije Station offers access to Seoul Metropolitan Subway Line 1 as well as KTX and SRT high-speed trains. Extensions of the GTX-A and GTX-C lines to the station are being pursued for completion by 2028 and 2030, respectively. A project linking Suwon directly to the KTX network is slated for December. For road access, the Songtan interchange and Anseong junction connect to the Pyeongtaek-Jecheon Expressway and the Gyeongbu Expressway. Nearby lifestyle facilities include the E-mart Pyeongtaek and The Mart Pyeongtaek outlets, while Costco Pyeongtaek, Traders Wholesale Club and Starfield Anseong are within driving distance. The Bijeon-dong commercial district and Pyeongtaek St. Mary's Hospital are also within the living zone. For education, Jije Elementary School and Segyo Middle School are close by, and the Bijeon-dong hagwon district is accessible as well. The complex places nearly all units facing south and maintains generous spacing between buildings. Landscaped rest areas will include a central plaza, a pet park, a children's playground and resident exercise facilities. Community facilities planned include a fitness center, a group exercise room, a Pilates room, a golf practice range, a screen golf room, a daycare center, a childcare support center, a kids' playground, a small library, a study room and a mothers' station. The complex will also feature Hanwha's ceiling-mounted electric vehicle charging system, the "EV Air Station," and the "Forena Cozy Curve Elevator," which was selected for the 2026 Good Design Award. Every unit type will feature a circular floor plan. The 84A type will apply a four-bay flat-plate design with a dressing room and a circular pantry, and will also introduce "Forena Edge Look," a unified design for wall pads, switches, outlets and other fittings. Jang Young-ki, sales director at Hanwha's construction division, said, "Hanwha Forena Jije Station is one of the last complexes to offer the prime Jije Station living zone in Pyeongtaek." He added, "We expect strong interest not only from actual end-users in Pyeongtaek but also from Dongtan, Suwon and Osan." The model house is scheduled to open in October, with move-in slated for September 2029. Meanwhile, Hanwha's construction division opened a model house in August for "Forena Hillstate Jinju," a project it is developing with Hyundai E&C in Ihyeon-dong, Jinju, South Gyeongsang Province, and began presales. The complex, to be built through the reconstruction of the Ihyeon 1-5 zone, will comprise a total of 1,032 units. It has drawn attention as Jinju's first large-scale apartment complex developed by a consortium of major construction companies. It is also the first large-scale complex from a major brand to be built in Ihyeon-dong.

Sept. 10, 2026

Daebo Golf Team members Yang Hyo-jin, Song Eun-a, Hwang Min-jung visit railway construction site

Video unveiled on Daebo Group's YouTube channel 'Daebo Inside' Daebo Construction has released a promotional video showing its sponsored golfers experiencing a railway construction site firsthand. The company announced Thursday that it had unveiled the video, featuring Korea Ladies Professional Golf Association players Yang Hyo-jin, Song Eun-a and Hwang Min-jung of the Daebo Golf Team. The footage was filmed at a Daebo Construction railway construction site during the KLPGA's summer break. The players' first stop at the site was a Tool Box Meeting, a pre-work safety briefing. This was followed by breakfast on site and a tour of the Sinansan Line railway construction site. They asked questions about the construction process and site operations, with the site manager providing explanations. Afterward, the players took part in a talk segment in which they took turns asking each other questions. The segment also had them pose questions to site officials, ranging from basic facts about railway construction to things an ordinary person might wonder about. The Daebo Golf Team, founded in 2022, this year includes Seo Eo-jin, Yang Hyo-jin, Song Eun-a and Hwang Min-jung on the KLPGA Tour, along with Choi Min-cheol and Kim Beom-su on the Korean PGA Tour. The promotional video can be viewed on Daebo Group's YouTube channel, "Daebo Inside." Daebo Group runs construction, retail, information and communication, and leisure businesses through affiliates including Daebo Construction, Daebo Industry, Daebo Retail, Daebo Information and Communication, and Seowonvalley Country Club. Meanwhile, Daebo Group Chairman Choi Deung-gyu has been recognized for his influence in the industry, having been named for five consecutive years to the "Most Powerful People in Asian Golf" list published by the US golf media outlet Golf Inc.

Sept. 10, 2026

'Better to buy than keep paying rent': First-time buyers hit record share in Seoul

First-time buyers made up 53.8 percent of Seoul home purchases in August Jeonse and rental crunch pushes more buyers into the market People in their 30s account for over half of first-time purchases as 'survival buying' persists The share of first-time homebuyers in Seoul has hit a record high, as worsening jeonse and rental conditions continue to fuel anxiety over housing prices. According to the Supreme Court's registration information portal on Thursday, 17,371 ownership transfer registrations were filed for apartments, multiplex housing and officetels in Seoul in August, with first-time buyers accounting for 53.8 percent of the total -- the highest share since the Supreme Court began releasing the data in January 2010. The share of first-time buyers has been climbing as prices for low- and mid-priced homes rise and the housing supply crunch deepens. The government's Oct. 15, 2025, measures designated all of Seoul as a regulated area and tightened loan rules. The expansion of land transaction permit zones also made it harder to buy homes using loans or jeonse arrangements. As a result, young buyers have increasingly turned to low-interest policy loans to engage in what is known as "survival buying." The term describes a phenomenon in which people without homes are forced to purchase a property to secure a place to live amid a shortage of available units. The number of jeonse contracts has also fallen sharply amid the worsening jeonse crunch. According to the Seoul Real Estate Information Portal, the number of jeonse contracts for Seoul apartments in August, tallied as of Thursday, stood at 7,058. That is down nearly 4,300 from 11,357 a year earlier. The sharp decline in jeonse supply has pushed up rents. The average jeonse price for Seoul apartments surpassed 700 million won ($522,000) last month for the first time since KB Real Estate began compiling the data. Monthly rents tell a similar story. According to the Korea Real Estate Board, the average monthly rent for Seoul apartments stood at 1.62 million won as of July. That is up 14 percent from 1.42 million won in June 2025, when the Lee Jae Myung administration took office. Amid this environment, many people without homes appear to be concluding that they would rather buy a home than keep paying rent. Under the current lending regulations, first-time homebuyers in Seoul are allowed a loan-to-value ratio (LTV) of 70 percent, unlike regular borrowers, whose LTV ratio was cut to 40 percent. Policy loans such as "bogeumjari" loans, a government-backed mortgage program, are also exempt from debt service ratio (DSR) regulations. This gives first-time buyers more room to borrow without being directly subject to DSR limits. Last month, first-time buyers filed 9,343 ownership registrations for apartments, multiplex housing and officetels in Seoul. That was the highest monthly figure in six years, since August 2020, when the number stood at 12,318. Buyers in their 30s accounted for 4,855 of those transactions, or 52 percent of all first-time purchases, more than double the 2,419 recorded by those in their 40s. The share of first-time buyers has been climbing steadily this year. From January to August, first-time buyers accounted for 47.7 percent, or 57,416 of the 120,485 total transactions for multi-unit buildings in Seoul. That was up from 39,728 transactions, or 37.9 percent, during the same period last year -- an increase of nearly 10 percentage points. That marks an increase even compared with August 2020, when first-time buyers also topped 10,000 transactions and made up 40.3 percent of the 25,396 total deals that month. However, industry watchers have raised concerns that this aggressive buying trend could signal a return of the so-called "yeonggeul" buying spree seen during the Moon Jae-in administration. The term refers to young buyers taking on maximum debt to purchase homes. Rep. Kim Jong-yang of the People Power Party, a member of the National Assembly's Land, Infrastructure and Transport Committee, obtained fund sourcing plans from the Ministry of Land, Infrastructure and Transport. The data showed that people in their 30s spent about 39.6 trillion won on home purchases from Feb. 10 to the end of July this year. That was the highest amount among all age groups, accounting for 37 percent of the total purchase amount of about 106.97 trillion won. People in their 30s, who tend to have less capital than older generations, rely far more heavily on bank loans. Of the total amount, 15.87 trillion won was financed through financial institution loans, accounting for 40.1 percent of the home purchase amount for buyers in their 30s -- notably higher than the 25.1 percent for those in their 40s and 14.5 percent for those in their 50s. During this period, the total loan amount listed in the fund sourcing plans came to 28.35 trillion won, with buyers in their 30s accounting for 56 percent of that figure.

Sept. 10, 2026

'Rare new-build comes to Mokdong'... Mokdong Yunseul Xi subscription peaks at 32-to-1 [Real Estate 360]

Deferred interim payment interest, fixed 2.5% rate All units by lottery, winners announced Friday GS Engineering & Construction closed subscriptions for its Mokdong Yunseul Xi apartment complex, built on the site of a former KT Corp. property in Yangcheon-gu, Seoul, with an average competition rate of 5.8-to-1. According to the Korea Real Estate Board's Apply Home subscription website Thursday, the subscription held Tuesday drew a peak competition rate of 32-to-1 in Group 1 (115 square meters, Type A, exclusive use area), reserved for Seoul residents. Other major groups also saw double-digit competition, with Group 2 (114 square meters, Type B) at 20.3-to-1 and Group 3 (114 square meters, Type C) at 20.7-to-1. The subscription revealed strong demand from Seoul residents looking to trade up to a new home. GS Engineering & Construction said buyers were drawn to the site's education and lifestyle infrastructure, as well as the rarity of a large-scale new-build residential complex within Seoul. Expectations for improved living conditions from redevelopment across the wider Mokdong area also played a role, the company said. Mokdong's Complexes 1 through 14, currently home to about 26,000 households, are set for reconstruction. Once complete, the area will be reborn as a residential town of more than 47,000 households. The neighborhood is also close to shopping facilities such as Hyundai Department Store and E-mart, as well as Ewha Womans University Mokdong Hospital and the Omokgyo commercial district. Pre-sale prices for Mokdong Yunseul Xi ranged from 2.81 billion won ($2.1 million) to 6.89 billion won. Despite the high price tags for officetel units, demand from buyers was strong even before subscriptions opened. Mokdong Yunseul Xi recorded 68,395 online visits during the first week of September (Aug. 31-Sept. 6), the most among residential complexes nationwide, according to the real estate information app Hogangnono. The complex's model home, open Sept. 3-6, also drew visitors from across Seoul and the greater Seoul area. Every unit at Mokdong Yunseul Xi will feature a balcony, with four-bay layouts and two- or three-sided balconies in some unit types to enhance the sense of openness. Duplex units on higher floors will offer three-dimensional layouts and specialized features designed to maximize residents' living experience. Another highlight is a community facility directly operated by Chosun Hotel & Resorts. The "Concorde Club by Chosun," spanning the first three basement floors, will house a swimming pool, sauna and golf driving range. A sky community space will occupy the top floor of Building 102. The complex will comprise three buildings with six basement floors and up to 48 above-ground floors, totaling 651 households. Move-in is scheduled for the second half of 2030. Pre-sale terms include deferred interest payments on interim loans and a fixed 2.5 percent annual interest rate on interim loan financing. "With a design tailored to family-oriented demand and community facilities combined with financial benefits, we expect actual contract signings to proceed smoothly as well," a sales representative said. Winners will be announced Friday, with all units to be allocated by lottery. Formal contract signing will take place over two days, Sunday and Monday.

Sept. 10, 2026

SH donates W50m for flood recovery in South Gyeongsang Province

Funds delivered to Hope Bridge national disaster relief association Seoul Housing & Communities Corporation said Wednesday that it has donated funds to support victims of heavy rains in South Gyeongsang Province and to aid regional recovery efforts. At a donation ceremony held that morning at SH's headquarters, SH President Hwang Sang-ha presented the Hope Bridge National Disaster Relief Association with 50 million won ($37,300) in company funds. He also delivered an additional 3.37 million won raised by SH employees and executives. SH has consistently donated to disaster relief efforts over the years. It began with support for wildfire damage in Gangwon Province in 2019, followed by contributions after wildfires in North Gyeongsang Province and Gangwon Province in 2022. It also donated after wildfires in North Gyeongsang Province and Ulsan in 2025, and after a factory fire in Daejeon in 2026. Its cumulative donations to Hope Bridge now total about 175 million won. "I hope this can offer even a small measure of strength to the residents who have suddenly lost their homes and are struggling because of the heavy rains," Hwang said. "We will continue to fulfill our responsibility as a public corporation that helps neighbors affected by disasters quickly return to normal life and grows together with local communities." Meanwhile, a record-breaking downpour of up to 900 millimeters struck the Tongyeong and Geoje areas of South Gyeongsang Province from Aug. 15 to Aug. 18. A joint investigation by the central government found that the damage in Geoje and Tongyeong amounted to about 85.7 billion won. In the wake of the disaster, relief efforts have been pouring in from across the country to support the affected areas.

Sept. 10, 2026

Land Ministry to hold first OECD regional development policy seminar

Event to explore trends in OECD regional policy discussions The Ministry of Land, Infrastructure and Transport said Thursday that it will hold the first OECD Regional Development Policy Seminar. The seminar is designed to share global trends in regional development policy discussed within the OECD and connect them effectively with South Korea's domestic regional policies. It will examine key discussions and policy implications from the OECD's Regional Development Policy Committee, while also exploring ways to bring outstanding domestic policy cases onto the international agenda. The Regional Development Policy Committee is a consultative body that discusses ways to enhance the regional competitiveness of OECD member states, covering areas such as regional recovery policy, regional innovation, carbon neutrality, demographic change and responses to digital transformation. The seminar will bring together officials from the Ministry of Land, Infrastructure and Transport, the Korea Research Institute for Human Settlements and other government ministries and state-run research institutes, along with OECD regional policy experts. Presentations will cover the current state and plans of South Korea's national land policy, the outcomes and policy implications of regional policy cooperation with the OECD, and recent global trends in regional policy. A general discussion session will follow, addressing the direction of policy cooperation with the OECD and policy recommendations for domestic regional policy. Participants will also explore ways to share South Korea's regional policy experience with the international community and link it to future OECD discussions on regional development policy. Lee Ju-yeol, director general for policy planning at the ministry, welcomed the seminar as a chance to closely examine OECD discussion trends. He noted that balanced regional development has become a central topic for South Korean society. "Building on this seminar, we plan to continue sharing major OECD regional development policy discussions domestically and strengthen cooperation to link international policy trends with our own regional policies," he said. Meanwhile, the government has set next year's budget for the Ministry of Land, Infrastructure and Transport at a record 69 trillion won ($51.5 billion). The budget sharply expands funding for balanced regional development and revitalizing local areas as part of efforts to drive a nationwide transformation and growth led by local regions.

Sept. 10, 2026

Land Ministry to hold 2026 land information contest, adding university student category for first time

About 300 officials and students to take part in Namwon, North Jeolla Province Event aims to build expertise among cadastral, geospatial workers A gathering aimed at testing the latest cadastral and drone surveying technology and sharpening professional skills is set to open. Starting this year, the event will add a category for university students, significantly expanding opportunities for future geospatial professionals to gain hands-on field experience. The Ministry of Land, Infrastructure and Transport said Thursday that it will co-host the 2026 National Land Information Challenge Cadastral and Drone Surveying Competition with North Jeolla Province and the Korea Land and Geospatial Informatix Corp., known as LX, for two days starting that day through Friday at the Namwon Sports Complex in North Jeolla Province. Now in its seventh year, the competition is divided into two categories: cadastral surveying and drone surveying. About 300 participants are expected, including civil servants representing local governments from 17 cities and provinces nationwide, LX and private-sector workers, and university students. In particular, this year marks the first time a university student category has been added to the drone surveying competition. The student competition is designed with questions similar to the national cadastral technician certification exam, giving participating students a chance to experience the latest technology and build career-related skills. In the cadastral surveying category, participants are evaluated on their ability to use advanced surveying equipment such as Global Navigation Satellite System devices. In the drone surveying category, participants use low-altitude drones to measure land boundaries and shapes, with rankings determined by the accuracy of their results. Drone surveying is increasingly being adopted because it can significantly cut the personnel and time required compared with conventional cadastral surveying methods. It is especially useful in hard-to-access areas such as mountainous terrain or for large-scale surveying projects. The ministry established the drone surveying category in 2022, then formalized the practice by enacting the Drone Cadastral Surveying Regulation in 2023. "We hope this competition becomes a venue where the public sector, private industry and academia can share expertise and experience in cadastral surveying and communicate with one another," said Kim Tae-hyung, director of the ministry's Geospatial Information System Division. "We will continue to actively support the advancement of surveying technology by introducing a variety of new techniques in the cadastral and drone surveying fields." Meanwhile, the ministry has drawn up a record 69 trillion won ($51.5 billion) budget proposal for next year, up 6.2 trillion won, or 9.9 percent, from this year's original budget of 62.8 trillion won. Most of the increase is focused on expanding housing supply, with 6.2 trillion won newly allocated for a "universal rental housing" project that reflects transit-oriented locations and mid-sized units.

Sept. 10, 2026

Korea Association of Realtors marks 40th anniversary, launch as statutory body

Ceremony at Sejong University draws about 1,000 members and officials The Korea Association of Realtors formally marked its launch as a statutory body as it celebrated its 40th founding anniversary. The association held a ceremony titled "Korea Association of Realtors Statutory Body Launch and 40th Founding Anniversary" on Wednesday at the Gwanggaeto Hall convention center at Sejong University in Gwangjin-gu, Seoul, the association said. About 1,000 people attended the event, including association executives and staff, heads of its 19 metropolitan and provincial chapters, delegates and members. People Power Party leader Jang Dong-hyeok attended, along with People Power Party lawmakers Kwon Young-jin, Kim Jong-yang, Park Chung-kwon and Park Jun-tae, as well as Democratic Party of Korea lawmakers Ko Min-jung, Min Hong-cheol and Mo Kyoung-jong. The ceremony featured a congratulatory performance, a screening of a vision video, an awards presentation for members, a vision declaration and a performance marking the launch as a statutory body. Organizers also held a button-pressing event to celebrate the 40th anniversary, a launch ceremony for the statutory body, and a handprinting event. Kim Jong-ho, president of the Korea Association of Realtors, said the ceremony marked both the association's 40th anniversary and its launch as a statutory body. He said the National Assembly passed a revised Licensed Real Estate Agent Act on Jan. 29. The passage allowed the association to be reestablished as a state-recognized statutory body after 27 years. Since its founding in 1986, the association has worked to establish order in real estate transactions and protect the rights of licensed real estate agents. More recently, it has pushed for improvements to the fine system for minor advertising violations, crackdowns on unlicensed brokerage activity, and reforms related to key money brokerage. Kim also outlined plans to strengthen the digital capabilities of licensed real estate agents in response to the spread of AI and property technology. "We will build the education and infrastructure needed so that each and every member can stand as a 'digital master' who wields AI as a powerful tool," he said. He added that the association will also work to build a safer lease ecosystem in cooperation with public institutions and expand new businesses based on property technology. "If the past 40 years were a history of survival and growth, the next 40 years will be a time to build a new leap forward based on professionalism," Kim said. "We will open a new future by building an association of licensed real estate agents that the public trusts and turns to, and one that its members can take pride in." The event also included an awards ceremony honoring members who contributed to the association's development and to raising the standing of licensed real estate agents. Attendees jointly recited the code of ethics for licensed real estate agents. The association said that with its launch as a statutory body, it plans to raise the professionalism and standing of licensed real estate agents and strengthen its public role in preventing transaction-related disputes and protecting consumers. It also plans to continue activities aimed at establishing sound order in real estate transactions.

Sept. 9, 2026