Journalist

Woo Joo-seon
  • Gyeryong Construction to Unveil ELIF Garden at 2026 Seoul International Garden Show
    Gyeryong Construction to Unveil ELIF Garden at 2026 Seoul International Garden Show Gyeryong Construction said Tuesday it will take part in the 2026 Seoul International Garden Show, running May 1 through Oct. 27 at Seoul Forest, where it will present a corporate garden called ELIF Garden. The garden was planned around the theme of “harmony among people, nature and space,” reflecting the values of the company’s ELIF housing brand through a garden setting. Inspired by the “madang,” a courtyard central to traditional Korean gardens, the space is designed to let city residents linger and share moments of rest. Red tempered glass used on the pavilion’s exterior is intended to recast familiar scenery and visually underscore the brand’s design philosophy. To coincide with the opening, the company plans to run interactive programs for 10 days starting May 1, offering pavilion content meant to engage the senses. Participants will receive ELIF sachets and coffee drinks, the company said. “Through ELIF Garden, we want to share the value of living in coexistence with nature,” a company official said, adding that Gyeryong Construction will “continue to strengthen its role as an eco-friendly construction company through sustainable landscaping technology and differentiated design.”* This article has been translated by AI. 2026-04-29 17:19:06
  • Korea Rail Network Authority to Auction Two Commercial Parcels in Suseo Station District
    Korea Rail Network Authority to Auction Two Commercial Parcels in Suseo Station District The Korea Rail Network Authority said Tuesday it will supply two commercial parcels in the Suseo Station public housing district through competitive bidding. The sites are Block C1-1 (1,663 square meters) and Block C1-3 (759 square meters). Both allow building coverage of up to 60% and a floor area ratio of up to 800%, enabling high-density development. Based on appraisals, the planned supply prices are 41.1 billion won for C1-1 and 18.2 billion won for C1-3. Payments will be made in interest-free installments over two years and six months. After a 10% down payment, the remaining interim and final payments can be split into five equal payments every six months. Early payment before the scheduled date qualifies for a prepayment discount at an annual rate of 5% under current standards. The Suseo Station area is described as a major transportation hub in southeastern Seoul, linking the SRT high-speed rail, the GTX-A line, Seoul Subway Line 3 and the Suin-Bundang Line, with the planned Suseo-Gwangju Line expected to make it a "five-line" transfer area. A complex transfer center at Suseo Station is also planned, with facilities such as a department store, hotel and offices, the authority said. The schedule begins with a notice Wednesday, followed by bid applications on May 18, bid opening on May 19 and contract signing on May 26. Details are available on the authority’s website and on OnBid. Lee An-ho, acting chairman of the Korea Rail Network Authority, said the Suseo Station area combines a strong regional transport network with significant development potential. He said he hopes the offering will help energize the station area and strengthen local competitiveness, providing an opportunity for end users focused on future value.* This article has been translated by AI. 2026-04-29 17:08:59
  • LH Signs Implementation Deal for Seoul’s Myeonmok District 9 Public Redevelopment
    LH Signs Implementation Deal for Seoul’s Myeonmok District 9 Public Redevelopment Korea Land and Housing Corp.’s Seoul metropolitan redevelopment unit said Tuesday it signed an implementation agreement with the residents’ representative council for the Myeonmok District 9 public redevelopment project in Seoul. Myeonmok District 9 failed to make the cut in 2021 under the city’s fast-track planning program and the first round of public redevelopment candidates. It was later selected as a second-round public redevelopment candidate in 2022, backed by strong resident participation, with a 55% consent rate. LH said coordination with the local government accelerated the process. After the plan cleared review by the Seoul Metropolitan Government’s Urban Planning Commission in December, the district designation was completed about a month later. In January, LH said it also completed administrative steps including designation of the project implementer and formation of the residents’ representative council. LH said it plans to complete contractor selection this year through a public bidding process and to pursue approval of the project implementation plan next year. Under the current redevelopment plan, the area would be rebuilt into a large complex of 1,057 households, with a floor area ratio of 275.2% and buildings up to 30 stories, or 135.5 meters. LH said it also plans to reflect possible changes tied to the legislative track of the so-called “9.7 measures,” including a higher floor area ratio and a shorter project timeline, to improve project feasibility. “LH will bring its extensive public redevelopment capabilities to keep the Myeonmok District 9 project on track,” Park Hyeon-geun, head of LH’s Seoul metropolitan redevelopment unit, said in a statement. He said LH will work closely with the residents’ council to deliver faster housing supply and improved living conditions. * This article has been translated by AI. 2026-04-29 16:52:55
  • Samsung C&T Construction Q1 Operating Profit Falls 30% to 111 Billion Won
    Samsung C&T Construction Q1 Operating Profit Falls 30% to 111 Billion Won Samsung C&T Corp.’s construction division said April 29 that its first-quarter operating profit fell 30.1% from a year earlier to 111 billion won. Revenue for the quarter slipped 5.7% to 3.413 trillion won, it said. A company official cited one-time costs and the completion of major projects as reasons revenue and operating profit declined from a year earlier. The official said results are expected to improve gradually as key businesses continue to move forward steadily. For Samsung C&T overall, the company reported revenue of 10.466 trillion won and operating profit of 720 billion won. Another company official said the firm maintained solid results despite an uncertain business environment, including geopolitical risks, and the impact of one-time costs, citing a diversified business portfolio and competitiveness.* This article has been translated by AI. 2026-04-29 16:34:00
  • South Korea’s Capital Gains Tax Surcharge Returns, but Many Landlords Hold On
    South Korea’s Capital Gains Tax Surcharge Returns, but Many Landlords Hold On With the end of South Korea’s temporary suspension of heavier capital gains taxes just 10 days away, analysts say the market is tilting toward holding rather than selling. With tax burdens expected to approach an effective top rate of 80%, many multiple-home owners are seen choosing gifts to family members or long-term holding instead of listing properties. Government officials have signaled additional steps, including changes to the long-term holding deduction and a broader overhaul of property taxes. But many in the market doubt those measures will be enough to reverse tightening supply. Attention is focused on whether the government will move to raise the cost of holding homes through further tax changes. Industry officials said that starting May 10, multiple-home owners selling homes in regulated areas will face surtaxes added to the basic capital gains tax rate of 6% to 45%: an extra 20 percentage points for owners of two homes and 30 percentage points for owners of three or more. With local income tax of 10% added, the effective top rate is expected to near 80%. The long-term holding deduction, up to 30% during the grace period, will also be excluded. Based on a 500 million won capital gain and a 10-year holding period, the tax burden is estimated to rise to about two to three times the level during the grace period. If a sales contract and down payment are completed by May 9, sellers can still receive a grace period through closing and registration: four months for Gangnam’s three districts and Yongsan, and an additional six months for newly designated regulated areas. Even so, market participants said options are narrowing for multiple-home owners, likely deepening the longer-term lockup of listings. Data from the real estate big-data platform Asil show that after President Lee Jae-myung suggested at a Cabinet meeting on April 6 that the grace period could be extended, the weekly decline in Seoul apartment listings briefly eased in the first week of April to minus 0.87% from minus 2.52% the prior week. The effect did not last more than two weeks. In the third week of April (April 20-26), the decline widened again to minus 2.55%. If a transaction freeze takes hold, the government’s next move is likely to be stronger property holding taxes, analysts said. In October last year, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said, “Holding taxes are low and capital gains taxes are high, so the lockup of listings is large,” signaling a direction of higher holding taxes and lower transaction taxes. The government is also reviewing a tax package after the June local elections, centered on reducing the long-term holding deduction and strengthening differentiated holding taxes for nonresident-owned homes. Still, with official assessed values rising this year and holding taxes already expected to increase 30% to 50%, further hikes could trigger taxpayer backlash, critics said. They also said that as holding costs rise, more multiple-home owners may choose tax-minimizing alternatives such as gifting homes to children or switching to joint ownership rather than selling, limiting the policy’s impact. Court statistics show about 650 gift transactions in Gangnam’s three districts in the first quarter, indicating a continued shift toward gifting instead of selling despite tighter taxes. The trend is expected to deepen a split within Seoul’s housing market. In outer Seoul, fewer listings from multiple-home owners are appearing, while end-users squeezed by a tight rental market continue absorbing lower-priced homes. Experts are also watching whether demand spreads into nearby parts of Gyeonggi Province as monthly and long-term rental listings remain scarce. With limited alternatives due to a shortage of non-apartment supply, analysts said anxiety about being priced out of Seoul could spread across the greater capital region, fueling a “price matching” pattern in which outlying areas rise to catch up. Nam Hyuk-woo, a researcher at Woori Bank’s real estate research center, said homes that come to market due to government policy tend to be tenant-occupied, meaning that even if total listings rise, homes available for immediate move-in remain scarce, limiting any supply effect in mid- to lower-priced areas. He said the current price strength in Seoul’s mid- and lower-tier areas could extend to 600 million to 1 billion won apartments and to nearby parts of Gyeonggi Province where rental supply is tight, continuing the “price matching” trend. * This article has been translated by AI. 2026-04-29 15:54:54
  • Seoul Area to Offer 13,400 Public Housing Units in First Half, Up 43%
    Seoul Area to Offer 13,400 Public Housing Units in First Half, Up 43% The Ministry of Land, Infrastructure and Transport said Tuesday it will sell a total of 13,400 public housing units in the Seoul metropolitan area in the first half of this year, up about 43% from 9,400 units a year earlier. Of the total, 5,700 units will come from third-phase new town developments. According to the ministry, Korea Land and Housing Corp. (LH) and Gyeonggi Housing and Urban Corp. (GH) will issue tenant recruitment notices on Wednesday for 3,100 units in major districts including Incheon Gyeyang and Goyang Changneung. By district, the offering includes Namyangju Wangsuk2 (1,498 units), Goyang Changneung (494), the Anyang Gwanyanggo area (404), Siheung Hajung (400) and Incheon Gyeyang (317). The ministry said supply is accelerating following earlier offerings totaling 1,300 units, including Magok 17 and Incheon Gajeong 2. In May, 3,500 units are scheduled for sale in areas including Hwaseong Dongtan2 and Seongnam Naksaeng. In June, 5,500 units are set to be offered, centered on Goyang Changneung and Bucheon Yeokgok. The ministry said the newly announced sites are expected to draw strong interest from end users due to their locations. Incheon Gyeyang’s A-9 block, a newlywed-focused “Hope Town” project, is adjacent to green space about four times the size of Yeouido Park. Namyangju Wangsuk2’s A-1 and A-3 blocks are planned as a station-area complex within walking distance of Ilpae Station (tentative), on a future extension of Seoul Subway Line 9. Goyang Changneung’s S-1 block also includes plans for an elementary school site within the complex. Sale prices are expected to be set at around 90% of nearby market levels. Exact prices will be released in individual notices, and applications will be accepted starting May 11 on a district-by-district schedule. Kim Yeong-guk, head of the ministry’s Housing Supply Promotion Headquarters, said, “This year, the volume of units for sale in the Seoul metropolitan area is richer than usual, so the public will be able to directly feel the housing supply,” adding, “We will continue to push ahead with housing supply policy at speed.”* This article has been translated by AI. 2026-04-29 13:01:16
  • South Korea’s Official Apartment Prices Rise 9.13% in 2026; Seoul Up 18.60%
    South Korea’s Official Apartment Prices Rise 9.13% in 2026; Seoul Up 18.60% The nationwide average of South Korea’s officially assessed prices for multi-family housing rose 9.13% from a year earlier, the Land Ministry said Tuesday, finalizing figures that affect property-related taxes. The Ministry of Land, Infrastructure and Transport said it will publish the assessed prices on April 30 for 15.85 million households nationwide, calculated as of Jan. 1. The final numbers reflect a public review and opinion-gathering period held from March 18 to April 6 for homeowners and local governments. The ministry said it readjusted prices in 1,903 cases where submitted opinions were deemed valid. A total of 14,561 opinions were filed on this year’s assessed prices, more than triple last year’s 4,132, when the increase rate was lower. The figure, however, was below the 49,601 opinions filed in 2021, when the increase rate neared 19%. Most submissions — 11,606 — asked for lower assessed prices, while 2,955 sought increases. By region, Seoul accounted for the most with 10,166 submissions, followed by Gyeonggi Province with 3,277 and Busan with 257. Requests for downward adjustments were concentrated in areas where assessed prices jumped sharply, including Seoul’s Gangnam area and neighborhoods along the Han River, amid concerns about higher property holding taxes. After the review, the nationwide average increase was set at 9.13%, down 0.03 percentage points from the draft figure of 9.16%. Seoul posted the biggest rise at 18.60%, but that was trimmed by 0.07 percentage points from the draft. Gyeonggi’s increase was 6.37%, down 0.01 percentage points. By housing type, apartments generated the most submissions with 11,887, followed by multi-unit homes with 2,281 and row houses with 393. The ministry said 13.1% of all opinions were reflected in the final prices. The finalized assessed prices will be available starting April 30 on the “Real Estate Official Price” website or at the civil service office of the relevant city, county or district office. Objections may be filed through May 29, and the ministry said it will conduct a re-investigation and reply individually with results by June 26. * This article has been translated by AI. 2026-04-29 11:29:01
  • Lotte Engineering Wins South Korea Certification for Quake-Resistant Fire Piping Brace
    Lotte Engineering Wins South Korea Certification for Quake-Resistant Fire Piping Brace Lotte Engineering & Construction said Tuesday that a quake-resistant firefighting piping technology it co-developed with Doosan E&C, HL D&I Halla and MakeSoon has received a construction new-technology certification from the Ministry of Land, Infrastructure and Transport (No. 1043). The technology, an integrated four-direction anti-sway brace for vertical and horizontal piping, is designed to prevent damage to firefighting pipes during earthquakes. The company said South Korea’s market for seismic bracing of firefighting piping has relied entirely on imported products, and the new system represents successful localization and domestic production. Under conventional two-direction bracing, pipes located away from the brace could be damaged by leverage effects. The new design combines two braces into a single integrated device, supporting the pipe in four directions at the same time and significantly improving seismic performance, the company said. Lotte Engineering said the method also showed environmental and cost benefits. For an underground parking garage in a 500-household apartment complex, it can reduce installation points to 25 from 39 under existing methods. It also cuts carbon dioxide emissions by about 51% and reduces raw material use by about 50%, it said. The company said the technology has also received related certifications, including designation as a disaster-safety new technology (NET) and green technology certification. It has been applied at multiple sites, including Hadan Lotte Castle and Seomyeon Lotte Castle Eluce, and Lotte Engineering said it plans to expand use nationwide, including at Munhyeon Lotte Castle Infiniel and Daejeon Lotte Castle The First. “Localizing a seismic technology that had a high dependence on overseas products and maximizing safety is highly meaningful,” a Lotte Engineering official said. “Because it is an innovative, eco-friendly method that reduces material use, we will continue to expand on-site applications.”* This article has been translated by AI. 2026-04-29 11:24:04
  • Samsung C&T Adds AI Tax Service ‘Tax AI’ to Homeniq Home Platform
    Samsung C&T Adds AI Tax Service ‘Tax AI’ to Homeniq Home Platform Samsung C&T Corp.’s construction division is expanding its home platform, Homeniq, beyond basic residential convenience features into professional asset management services. Samsung C&T said Tuesday it has partnered with AI tax solution provider New I to offer its customized tax analysis service, Tax AI, through the Homeniq app. With the partnership, Homeniq users can add tax services to existing functions such as home IoT controls, community facility reservations and vehicle management. Through a dedicated in-app page, users can run refund analyses for taxes including capital gains tax and the comprehensive real estate holding tax. For residents preparing to move into newly built complexes, the service also provides AI simulations for major move-in taxes such as acquisition tax. Samsung C&T said it expects the tool to help prevent overpayment or underpayment and reduce the risk of penalties caused by filing errors. Starting in May, the platform will also provide tax and asset price information linked to South Korea’s real estate transaction price disclosure system, the company said. Samsung C&T said Homeniq users will receive exclusive benefits, including 10 free uses of the tax simulation service, valued at 15,000 won per case. Users who complete an analysis of expected past capital gains tax refunds will receive a coffee coupon. New I said it has a proprietary AI algorithm built on analysis of 9.3 million cases. The company also holds patented technology that determines in real time whether tax reductions apply, based on daily tax law algorithms from 2020 to the present. It won the top prize, a minister’s award, at the Ministry of Land, Infrastructure and Transport’s 2024 real estate service startup competition. “Homeniq, which improves convenience in apartment living, has been upgraded further by adding professional tax services,” said Ji So-young, head of Samsung C&T’s H&B Platform Business Team. “We will continue developing it into a platform that supports customers’ overall residential lives, regardless of when they move in.”* This article has been translated by AI. 2026-04-29 10:30:06
  • Samsung C&T Unveils 270-Degree Han River View Design for Apgujeong District 4 Rebuild
    Samsung C&T Unveils 270-Degree Han River View Design for Apgujeong District 4 Rebuild Samsung C&T Corp.’s construction unit, which has entered the bidding for the Apgujeong District 4 reconstruction project, on Tuesday unveiled a design proposal developed with internationally known architects. The plan includes collaboration with high-tech architecture figure Norman Foster and landscape architect Peter Walker, the company said. According to Samsung C&T, the proposal uses Foster + Partners’ view-analysis solution, CYCLOPS, to optimize building placement on the site. To improve views even from lower floors, the company said it would introduce high pilotis up to 15 meters (49 feet) tall to reduce visual obstruction of the Han River. Inside units, Samsung C&T said it would remove living-room columns and install frameless “round-corner IMAX windows,” aiming to deliver an average 20.5 meters (67 feet) of 270-degree panoramic Han River views per household. Terraces that were planned for only seven units under an earlier design would be expanded to all member households, it said. The company also presented an “inside-out facade,” in which unit terraces become a defining exterior feature. Samsung C&T said it would use a cantilever structure with projections of up to 4.5 meters (15 feet), creating layered setbacks, and vary terrace designs in three-floor increments so the complex appears like a single large sculpture. Samsung C&T said it would install a signature dual structure with 25-meter (82-foot) spans and a height of 16.5 meters (54 feet), and build a community hub around it offering 105 programs, including fitness facilities and indoor and outdoor swimming pools. The community space would total 18.5 square meters (199 square feet) per household, which the company said would be the largest among reconstruction complexes in South Korea. Separately, it said it would provide all member households with a dedicated storage space called a “Bespoke Studio Room,” sized at 10.9 square meters (117 square feet) per household. “This proposal goes beyond a flashy exterior and focuses on improving the quality of life for the members who will live here,” said Lim Cheol-jin, head of Samsung C&T’s housing sales division. He said the company would aim for the fastest move-in timeline in Apgujeong, citing its No. 1 ranking in construction capability for 12 consecutive years and what he called its ability to execute projects without work stoppages.* This article has been translated by AI. 2026-04-29 10:09:31