Journalist

SoHee Baek
  • Hyundai E&C Unveils ONE City Plan for Apgujeong District 3 Redevelopment
    Hyundai E&C Unveils 'ONE City' Plan for Apgujeong District 3 Redevelopment Hyundai Engineering & Construction, selected as the preferred bidder for the Apgujeong District 3 redevelopment project, on 22 unveiled its blueprint dubbed “ONE City.” Apgujeong District 3 is a reconstruction project covering Hyundai Apartments Phases 1-7 and 10, 13 and 14, as well as Daelim Villat. The plan calls for rebuilding 3,934 households into a complex of up to 65 stories with 5,175 households. Under its “OWN THE ONE” vision, Hyundai E&C presented an urban housing model built around five core values: landmark design, community, robotics, landscaping and residential services. Global architecture firms RAMSA and Morphosis are participating in the design. Hyundai E&C said all units would feature terraces and three-sided open windows to secure views of the Han River and the city, along with a 3-meter coffered ceiling to enhance a sense of openness. The community plan centers on “Club Apgujeong,” designed to connect the complex. Walking, exercise, relaxation and cultural functions are arranged to link indoor and outdoor spaces. A circular layout called “The Circle One” combines indoor landscaping, community facilities and mobility options. For future technology, the company plans to introduce an unmanned shuttle based on demand-responsive transport, along with smart parking, contactless delivery robots and safety management systems. Landscaping is designed as a multi-level green structure linked to the Han River, expanding urban green space through courtyards and private gardens. Global landscape designers GPB and Greenwise are taking part, Hyundai E&C said. Residential design includes a customizable “Canvas Unit,” as well as a hotel-style drop-off zone, separated circulation routes and health care services, the company said. An Hyundai E&C official said the plan “presents a new housing model that combines design, technology and residential services based on the value of Apgujeong Hyundai,” adding the company would “continue to strengthen its competitiveness for the project.”* This article has been translated by AI. 2026-04-22 10:13:27
  • Yongsan’s Hyochang Park Front Station Redevelopment Advances on Floor-Area Incentives Despite ‘Cage Apartment’ Debate
    Yongsan’s Hyochang Park Front Station Redevelopment Advances on Floor-Area Incentives Despite ‘Cage Apartment’ Debate Debate over so-called “cage apartments” — criticism of high-density, small-unit development — is spreading to redevelopment projects around Hyochang Park Front Station in Seoul’s Yongsan district. Even so, projects are moving ahead on the back of floor-area-ratio incentives. According to the redevelopment industry on April 21, the promotion committee for a station-area long-term jeonse housing (Shift) urban renewal redevelopment project near 82-1 Wonhyo-ro 1-ga will hold an on-site briefing on April 23 to select a design firm. The plan was finalized last month after passing the Seoul Metropolitan Government’s Urban Planning Commission. It expands the project to 2,743 homes, including 553 long-term jeonse units and 210 public rental units for redevelopment. The area applied for public-led redevelopment in 2020 but failed to qualify under aging-building criteria. In 2021, it was selected for Seoul’s “Shift Season 2” program. In exchange for supplying some homes as long-term jeonse at about 80% of market levels, the project can receive a floor-area ratio of close to 500%. Some residents say the high-density plan could worsen living conditions and have raised the “cage apartment” issue. In the area, four to five villa households posted signs claiming the rental share exceeds 40%. A nearby real estate agent said owners with larger land shares and existing rental income are more likely to oppose the project out of concern that profits could fall after redevelopment. The promotion committee rejected that claim, saying the rental share is “about 29%.” It said rentals currently account for 23% by floor area and could drop to the low 20% range once benefits from easing the baseline floor-area ratio are applied. The committee added that support already exceeded 70% when it received approval as a promotion committee and said the project faces no obstacles. It aims to obtain approval to establish the association in September and select a builder by year’s end. Disputes over rental ratios and project feasibility are also spreading more broadly around the station, where multiple redevelopment models — including Moa Town, station-area Shift and the Urban Public Housing Complex Project — are being pursued at the same time, fueling conflicts of interest depending on the approach. In the Hyochang-dong 5-307 area, officials have also adopted the station-area long-term jeonse housing urban renewal redevelopment model. With the designation of the redevelopment zone and public notice of the plan issued on April 16, the project is moving forward. It calls for 2,993 homes, including 450 redevelopment rental units and 743 long-term jeonse units. Units sized 40 to 60 square meters would total 1,941, reflecting a high-density approach. Near Exit 5 of Hyochang Park Front Station on Subway Line 6, the Yongmun-dong 1-126 area is facing internal conflict over whether to proceed under a public-led model or switch to a private-led approach. Claims have surfaced that opposition stands at 37%. The area was selected in 2022 as an eighth-round candidate site for the Urban Public Housing Complex Project. To be designated as a main project zone, it must secure consent from at least two-thirds of landowners, or 66.7%. Under the Urban Public Housing Complex Project, the Korea Land and Housing Corp., or LH, becomes the project operator. Incentives include a higher floor-area ratio and reduced burdens for public contributions, while 20% to 30% of homes are used as public housing. That differs from the privately proposed station-area Shift program. Elsewhere, in the Hyochang-dong 5-291 area, organizers are collecting consent forms to participate in the Urban Public Housing Complex Project. A preparatory committee said the Season 2 station-area program was revised to allow a floor-area ratio of up to 1.4 times the legal cap, adding that the project’s profitability is competitive with private redevelopment. 2026-04-22 07:55:44
  • South Korea conditionally approves Googles long-awaited request for map data
    South Korea conditionally approves Google's long-awaited request for map data SEOUL, February 27 (AJP) - Global tech giant Google is now allowed to use official South Korean map data for its app services, the Ministry of Land, Infrastructure and Transport said on Friday. According to the ministry, it decided to approve Google's long-awaited request to use precision map data for its services like Google Maps and Google Earth, following a meeting with officials from other relevant ministries, provided that Google "strictly comply with security guidelines." Under the conditional approval, Google will still face some restrictions including blurring classified sites such as military facilities and security-related installations and limiting the exposure of precise coordinates. It will also need to assign domestic companies to handle map data processing. Any satellite or aerial imagery of South Korean territory used in Google's services must also undergo security screening to restrict exposure and have precise coordinates removed. The ministry said it will monitor Google's compliance with the conditions, and warned that serious violations could result in the suspension or revocation of the approval. Google, along with other major foreign tech companies, has repeatedly sought permission since 2007 to use such data to offer services similar to those it provides in other countries. Friday's decision was likely influenced by the growing number of foreign tourists visiting South Korea and the economic benefits that improved map services could bring. 2026-02-27 15:59:31
  • Solar project backed by Hyundai E&C enters full construction in Texas
    Solar project backed by Hyundai E&C enters full construction in Texas SEOUL, January 28 (AJP) - A large-scale solar power project South Korea's Hyundai Engineering & Construction is participating in has entered full construction in Texas following the completion of financing and preparatory work. The company said on Wednesday it held a groundbreaking ceremony on Jan. 27, local time, in Dallas for the "Lucy" project. The project is being developed by a consortium known as “Team Korea,” which includes Hyundai E&C, Korea Midland Power, the Korea Overseas Infrastructure & Urban Development Corp., EIP Asset Management and the PIS fund. The consortium plans to build and operate a 350-megawatt solar power plant in Concho County, northwest of Austin. Hyundai E&C said it has been involved since the early development stage, participating through an equity investment as well as technical reviews and the supply of solar modules. U.S.-based construction firm Primoris will build the facility, while Korea Midland Power will oversee operations. The project site spans about 11.7 million square meters, the equivalent of more than 1,600 soccer fields. Total project costs are estimated at 750 billion won. Completion is targeted for July 2027, with commercial operations to begin thereafter. After signing an agreement to acquire project rights in 2023, the consortium completed permitting and due diligence in 2024. Financing and preliminary work, including ground surveys and detailed engineering, were finalized last year. Hyundai E&C said the groundbreaking marks the start of full-scale construction, including installation of solar trackers, high-voltage equipment and modules. Once operational, the plant is expected to generate about 926 gigawatt-hours of electricity annually over a 35-year period, enough to supply power to roughly 260,000 four-person households, based on average monthly consumption of 300 kilowatt-hours. The electricity will be sold to global companies, including Starbucks and Workday, through virtual power purchase agreements, Hyundai E&C said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-28 13:55:33
  • KRX eyes AI-driven overhaul to support 24-hour trading, reviews startup acquisition
    KRX eyes AI-driven overhaul to support 24-hour trading, reviews startup acquisition SEOUL, January 15 (AJP) -The Korea Exchange (KRX) said Tuesday it is pursuing an artificial intelligence–based innovation strategy as groundwork for a future 24-hour trading system, including a possible acquisition of an AI startup. The exchange said it plans to integrate AI into market oversight and operations, calling the technology a core strategy that will determine the competitiveness of South Korea’s capital markets. AI is expected to be applied across market surveillance, corporate disclosures and other regulatory functions to improve efficiency and productivity as trading hours expand. KRX also said it intends to use AI in its information business to diversify revenue streams, including the development of commercial indexes and financial products based on unstructured data. While the acquisition of an AI startup is among the options under review, the exchange emphasized that no decision has been made. The announcement follows KRX’s plan to extend trading hours in stages, with premarket and after-hours trading set to begin in June. Under the plan, the exchange would operate a premarket session from 7 a.m. to 8 a.m. and an after-market session from 4 p.m. to 8 p.m., extending total daily trading hours to 12 hours. KRX said the premarket would open one hour earlier than the 8 a.m. opening of alternative trading system Nextrade (NXT), allowing investors to respond more quickly to overnight developments in U.S. and European markets. The exchange said the move aims to attract greater participation from both domestic and foreign investors and to stem the outflow of liquidity to overseas markets. The exchange reiterated its goal of building a full 24-hour trading system by December 2027. It also plans to expand derivatives trading to a 24-hour schedule by the end of next year. Currently, derivatives trade for up to 19 hours a day, including the regular session from 8:45 a.m. to 3:45 p.m. and the night session from 6 p.m. to 6 a.m. the following day. In parallel, KRX said it will push to shorten the stock market settlement cycle from T+2 to T+1, bringing settlement forward to one business day after a trade. The exchange said longer trading hours are becoming a global standard, citing moves by major exchanges such as NYSE Arca, which currently operates 16-hour trading sessions and plans to introduce 24-hour trading with Nasdaq in the second half of the year. The London Stock Exchange and Hong Kong Exchanges and Clearing are also reviewing similar measures. KRX said the global shift reflects intensifying competition for cross-border liquidity, particularly as retail investors in Asia increase overseas investment. As of the end of 2025, Korean investors held roughly 250 trillion won ($170 billion) in overseas equities, with domestic market liquidity continuing to flow abroad. Addressing concerns over increased workload, the exchange said off-hours trading will be limited to orders placed through headquarters, home trading services (HTS) and mobile trading services (MTS), excluding nationwide branch operations. Participation by exchange-traded fund (ETF) liquidity providers outside regular hours will be optional, and measures will be taken to minimize additional information technology development costs. 2026-01-15 07:42:21
  • Hyundai E&C joins offshore wind farm project in $480 million deal
    Hyundai E&C joins offshore wind farm project in $480 million deal SEOUL, December 23 (AJP) - Hyundai Engineering & Construction (Hyundai E&C) said on Tuesday it has signed a construction contract worth 668.4 billion won ($480 million) to participate in an offshore wind farm project off Sinan, South Jeolla Province, a development with a total construction cost of 2.64 trillion won. The project, led by Hanwha Ocean, calls for the installation of 26 offshore wind turbines, each with a capacity of 15 megawatts, in waters southeast of Uido in Sinan County. Hyundai E&C’s contract accounts for 668.4 billion won of the total project cost. Hyundai E&C will jointly carry out construction with Hanwha Ocean, excluding turbine supply and installation. Its scope of work includes manufacturing and installing substructures, laying 32.5 kilometers of subsea cables, and building an offshore substation as well as an onshore monitoring facility. Construction is expected to take about three years, with commercial operations targeted for 2029. Once completed, the project is expected to generate 1,052 gigawatt-hours of electricity annually, enough to power about 292,500 four-person households for a year, based on average monthly consumption of around 300 kilowatt-hours. Hyundai E&C entered the offshore wind construction sector in 2015. The company said it has since built a track record in the sector, including the successful completion of the Jeju Hallim offshore wind farm, currently the country’s largest, which entered operation following a completion ceremony on Sept. 15. Hyundai E&C said it is also seeking to secure technologies linked to Hyundai Motor Group’s hydrogen value chain and to lay the groundwork for expansion into global renewable energy markets. As part of that effort, it signed a strategic memorandum of understanding in 2023 with Germany-based RWE, Europe’s largest power generation company. 2025-12-23 10:03:11
  • Hyundai E&C completes major phase of Iraqs Basra refinery project
    Hyundai E&C completes major phase of Iraq's Basra refinery project SEOUL, October 28 (AJP) - South Korea's Hyundai Engineering & Construction said on Tuesday that it has completed key construction work at the Basra refinery in southern Iraq and begun test operations. Awarded to Hyundai E&C in 2020, the 2 trillion won ($1.4 billion) project is expected to be fully completed early next year. Located about 450 kilometers southeast of Baghdad, the upgraded facility will produce 24,000 barrels of gasoline per day using residues from crude oil refining. The South Korean builder held a ceremony on Oct. 25 to commemorate the first gasoline production from the site. The event was attended by Iraqi Prime Minister Muhammad Shia’ al-Sudani, Oil Minister Hayan Abdul Ghani, South Korean Ambassador to Iraq Lee Joon-il, and Ryu Seong-an, head of Hyundai E&C’s plant division. The modernization converts heavy oils such as bunker C and asphalt into higher-value gasoline and diesel. Hyundai E&C carried out the project on a turnkey basis — encompassing design, procurement, construction, and testing — in partnership with Japan’s JGC Corporation. Despite Iraq’s vast oil reserves, among the world’s five largest, the country has long struggled with outdated refining capacity, forcing it to import large volumes of gasoline. Once fully operational, the Basra refinery expansion is expected to strengthen Iraq’s energy self-sufficiency and boost profitability. “With the Iraqi government’s continued support, we hope to take part in future reconstruction and high-value plant projects in Iraq," Hyundai E&C said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 15:37:39
  • Government push for real estate watchdog stirs debate in South Korea
    Government push for real estate watchdog stirs debate in South Korea SEOUL, October 23 (AJP) - The South Korean government is moving to create a new real estate oversight agency with investigative powers, a plan that has divided opinion among policymakers and industry experts. The Ministry of Land, Infrastructure and Transport said Thursday it is pushing for the establishment of the body under the Prime Minister’s Office to monitor illegal practices such as price manipulation, false listings, and fraudulent contracts. The proposed agency would be empowered to analyze tax, financial, and credit data to trace ownership and transaction patterns. The proposed agency is the latest in a series of measures the Lee Jae Myung administration has taken to rein in rising housing prices in Seoul and surrounding Gyeonggi areas. Supporters say the new authority could serve as a much-needed control tower, consolidating oversight now scattered among multiple government entities. They argue that clearer accountability could help restore fairness and transparency to a market often rattled by speculation and irregular trading. “Even one or two abnormal transactions can significantly distort prices in a market with limited listings,” said Nam Hyuk-woo, a researcher at Woori Bank. “A dedicated oversight body could help prevent such distortions.” Real estate agents have largely welcomed the move, saying it could help root out unlicensed brokers who often escape detection during joint inspections by the police and local governments. But critics warn that the agency could add another layer of bureaucracy and further chill an already subdued property market. “Tighter scrutiny — including recent tax audits on homes valued above 2 billion won — has already dampened buyer interest,” said one industry insider, who requested anonymity. Some academics and policy experts also questioned whether a new agency is necessary. “There is a risk that the organization will focus more on justifying its existence than achieving meaningful results,” said Lee Eun-hyung, a researcher at the Korea Construction Policy Institute. Ko Jun-seok, a professor at Yonsei University, agreed on the need to curb false listings but cautioned against overreach. “The government should coordinate with existing agencies rather than interfere excessively in market operations,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-23 08:43:14