Non-Gangnam Areas See Increased Competition in Construction Projects The construction market in non-Gangnam areas of Seoul is becoming increasingly polarized. While the distinction between Gangnam and non-Gangnam areas used to define market dynamics, recent trends show that even within non-Gangnam areas, factors such as proximity to the Han River, educational districts, transportation hubs, and large-scale developments are influencing construction companies' strategies. According to the construction industry on June 2, major construction firms are competing for contracts in key redevelopment sites in non-Gangnam areas, including the Seongsu Strategic Redevelopment Zone, Mokdong New Town, and Yeouido reconstruction projects. Although these sites are not in Gangnam, their locations along the Han River, large-scale development potential, and prospects for high-priced sales have made them battlegrounds for high-end brands and specialized designs. The Seongsu Strategic Redevelopment Zone is attracting the most attention. The redevelopment of Seongsu 4 District involves constructing 1,439 residential units across a site of 89,828 square meters in Seongdong-gu, with a total construction cost of approximately 1.36 trillion won. Lotte Construction and Daewoo Engineering & Construction have entered a competitive bidding process after submitting a bid guarantee of 50 billion won. The bidding process faced a setback when it was initially declared invalid, but a re-bidding has reignited competition. Mokdong New Town is also emerging as one of the largest bidding markets in non-Gangnam areas. All 14 complexes in Mokdong have passed safety inspections, and the designation of the redevelopment zone has been completed. The total scale of the redevelopment is estimated to be around 30 trillion won. Major construction firms, including Hyundai Engineering & Construction, Samsung C&T, GS Engineering & Construction, Daewoo Construction, Lotte Construction, DL E&C, and POSCO E&C, are evaluating their bids for each complex. Complex 6 is projected to have a total construction cost of around 1.2 trillion won, which could serve as a benchmark for negotiations on the overall redevelopment costs in Mokdong. Yeouido is following a similar trend. The selection process for construction companies for the Sibeom and Mukhwa apartments has intensified the competition for high-end contracts along the Han River. The Sibeom apartments are set for redevelopment with a scale of 2,491 units across 59 to 65 floors, with an estimated construction cost of about 2 trillion won. The Mukhwa apartments are planned for 416 units across 49 floors. Both complexes are expected to see competition among major construction firms due to a ban on joint bidding. However, not all projects in non-Gangnam areas are attracting interest from construction firms. General redevelopment projects in northern Seoul or those with high construction costs have seen instances where multiple firms attend information sessions but end up with single bids or no bids at all during the actual bidding process. For example, the redevelopment of Jungnim-dong 398 saw eight firms, including POSCO E&C and Lotte Construction, attend the first information session, but only POSCO E&C submitted a bid, resulting in a failed auction. A similar trend is observed in public redevelopment projects. In the first bidding for the Sin-gil 1 district, Hyundai Construction, POSCO E&C, and Lotte Construction attended the information session, but no firm submitted a bid, leading to a failed auction. In the re-bidding process, Hyundai Construction was the only bidder. The Chungjeongno 1 district also followed a similar path with a single bid from Doosan Construction. An industry insider noted, "With rising construction costs, financial burdens, and risks of unsold units increasing simultaneously, the criteria for selecting projects have become stricter. In major redevelopment projects in Seoul, participation in information sessions has become more exploratory, while actual bidding is increasingly focused on projects with confirmed profitability." The industry believes that the redevelopment market in non-Gangnam areas can no longer be simply categorized as 'Gangnam versus non-Gangnam.' Even within non-Gangnam areas, competition exists in locations with proven sales potential, such as along the Han River, near transportation hubs, and in educational districts. However, projects with uncertain profitability or high additional costs for members are finding it difficult to attract bidders. A representative from a major construction firm stated, "The era of entering projects in Seoul just for the sake of being in Seoul has passed. We must evaluate construction costs, financial conditions, sale prices, and member demands to select only those projects that can yield profitability. While high-profile locations like Seongsu or Mokdong can consider brand effects, we view risks in general redevelopment projects more conservatively."* This article has been translated by AI. 2026-06-02 17:03:00

Ministry of SMEs to Enhance Support for New Startups in Non-Metropolitan Areas The Ministry of SMEs and Startups is set to strengthen policy support for new super-gap startups in 12 key sectors located in non-metropolitan areas. On June 2, the ministry held a plaque ceremony and meeting at the Korea Advanced Institute of Science and Technology (KAIST) Munji Campus in Daejeon, targeting new super-gap startups established in non-metropolitan regions in 2026. The meeting aimed to encourage super-gap startups driving innovative growth in non-metropolitan areas and to gather feedback to enhance region-focused new industry startup policies. The 'Super-Gap Startup Project' selects startups in new industry sectors that will lead the future of the national economy and nurtures them into global unicorns through support programs for technology commercialization and development. Since its launch in 2023, the project has selected around 200 companies annually and has nurtured a total of 804 companies to date. Notably, the selection rate for new companies in non-metropolitan areas has increased from 28.7% in 2023 to 35.5% this year. The annual selection rates for non-metropolitan areas are 28.7% in 2023, 30% in 2024, 33% in 2025, and 35.5% in 2026. Starting this year, the government has expanded and restructured the focus from 10 key sectors to 12 new industries, reflecting global technology and market trends. The 12 new industry sectors identified by the ministry include: AI models and infrastructure, semiconductors, mobility, quantum security and networks, robotics, life sciences and new drugs, healthcare, content, defense, aerospace and marine, eco-friendliness, energy, nuclear power, and fusion, and advanced manufacturing (sensors and processes). The selected 200 startups will receive up to 600 million won in commercialization funds over three years, along with additional technology development funds of up to 600 million won based on separate evaluations, totaling 1.2 billion won in direct support. They will also benefit from infrastructure for technology development, open innovation, and global expansion through specialized institutions in various fields, including investment and exports. Additionally, from 2023, 15 outstanding startups that have achieved significant results in sales, employment, and investment will be selected for follow-up support of up to 1 billion won in commercialization funds for global scaling over the next two years. The ministry aims to use this meeting as a starting point to spread the entrepreneurial wave of new industries in the region by establishing 'super-gap regional governance' involving local governments, related organizations, venture capital, and startups across 10 regional offices. They plan to continue supporting local startups through investment briefings, one-on-one investment consultations, and meetups with large and medium-sized enterprises. Noh Yong-seok, the first vice minister of SMEs and Startups, stated, "The increasing selection rate of new super-gap startups in non-metropolitan areas will greatly contribute to regional economic growth."* This article has been translated by AI. 2026-06-02 17:00:01

Ace Bed Launches New Classic Bed 'Onore' Featuring 'Two Mattress' System Ace Bed has introduced its new product, 'Onore,' equipped with the 'Two Mattress' system. According to Ace Bed, 'Onore' reinterprets classic aesthetics through a modern lens. The design features a minimalist approach, eliminating excessive ornamentation while highlighting restrained details and the beauty of proportion. The headboard is particularly eye-catching, made with walnut veneer that showcases the natural grain of the wood. The front is adorned with a textured fabric pattern, adding a softer touch to the wooden frame. The wooden pillars, a key design element, exhibit delicate sculptural beauty and detail. The harmonious balance of curves and straight lines in the pillars complements the silhouette of the headboard, enhancing its luxurious presence. Ace Bed's unique bed technology is also incorporated. The 'Two Mattress' system features specialized springs in the foundation that effectively absorb weight and impact on the top mattress, providing solid support and stability. Additionally, the design includes a 190mm foundation and 60mm low-profile legs, lowering the overall height to allow for comfortable use with thicker premium mattresses. The minimalist design of the backboard is said to enhance visual openness. Previously, Ace Bed launched the low-profile hotel-style bed 'Opimo3' to improve profitability. Furthermore, a pop-up event for the premium mattress brand 'Ace Heritage' is being held at the Shinsegae Department Store in Gangnam until June 4. An Ace Bed representative stated, "The new product 'Onore' showcases timeless classic beauty in a modern interpretation, highlighting its luxurious and trendy appeal."* This article has been translated by AI. 2026-06-02 17:00:00

Buhyung Group Partners with Military Manpower Administration to Offer Discounts for Military Families Buhyung Group has partnered with the Military Manpower Administration to provide discounts on resort, hotel, and golf course usage for military families. On June 2, Buhyung Group announced that it signed a memorandum of understanding (MOU) with the Military Manpower Administration at its headquarters in Jung-gu, Seoul, to offer preferential treatment for military families. The signing ceremony was attended by over ten officials, including Lee Joong-geun, Chairman of Buhyung Group, and Hong So-young, Commissioner of the Military Manpower Administration. The agreement aims to honor military families who have fulfilled their service obligations and to foster a culture of pride in military service. Under the agreement, military families with three generations of active service will receive discounts at six Buhyung Group recreational facilities across the country, including Muju Deogyusan Resort, Taebaek O2 Resort, Jeju Buhyung Hotel & Resort, Jeju Buhyung Country Club, Jeju The Classic Country Club, and Suncheon Buhyung Country Club. During the signing ceremony, Chairman Lee stated, "We initiated this agreement with the Military Manpower Administration to express our respect and gratitude to military families who have dedicated themselves to serving the nation across generations. I hope the culture of honoring military service spreads widely throughout society, and we will continue to collaborate with the Military Manpower Administration in the future." Since 2004, the Military Manpower Administration has been promoting the 'Military Family Honor Project' to enhance pride in military service and to spread respect and gratitude for military families. A military family is defined as one where all three generations have completed their active service diligently. Additionally, Buhyung Group has consistently engaged in social contribution activities in the field of national defense and veterans' affairs. For 27 years, it has provided care packages to military personnel and, in 2023, donated 10 billion won to the Air Force Sky Love Scholarship Foundation to support the families of deceased Air Force pilots. The company also supports various national defense activities, including sponsoring the Ministry of Veterans Affairs' 'Heroes in Uniform' project, donating to the Korean War Foundation, improving facilities for remote military units, and participating in the 'One Company, One Barracks' campaign. Buhyung Group has reported a cumulative total of over 1.22 trillion won in social contributions to date. In addition to its veterans' activities, Buhyung Group has contributed to national housing stability by providing 230,000 rental units out of approximately 300,000 homes nationwide. The company has also attracted attention for its bold childbirth incentive policy, offering 100 million won for each employee's child to address the country's low birth rate issue.* This article has been translated by AI. 2026-06-02 17:00:00

Prosecutors Indict Jang Yoon-ki for Murder of High School Student in Gwangju Jang Yoon-ki has been indicted for the murder of a high school student in Gwangju, whom he killed on the street without any prior acquaintance. Prosecutors determined through further investigation that sexual assault was the primary motive behind the crime. According to the legal community on June 2, the Gwangju District Prosecutors' Office's Criminal Division 3, led by Chief Prosecutor Kim Jin-hee, has charged Jang with murder under the Special Act on the Punishment of Sexual Violence Crimes. On May 5, at approximately 12:10 a.m., Jang fatally stabbed 17-year-old Lee Chae-won near Namseong University in the Gwangsan District of Gwangju. He also injured a male student who attempted to intervene. Immediately after the attack, Jang fled in his vehicle and discarded both the car and the weapon about a kilometer from the crime scene. He turned off his phone and washed his blood-stained clothes at a nearby laundromat, demonstrating a calculated effort to evade capture. Despite these actions, Jang was apprehended by police at 11:24 a.m., just 11 hours after the incident, near his residence. During police questioning, Jang reportedly stated that he was contemplating suicide when he saw the passing high school student and decided to kill her. The weapon used in the crime was purchased prior to the attack. Initially, police treated the case as a random murder, but prosecutors concluded through additional investigation that Jang had planned to abduct Lee for sexual assault. Prosecutors cited evidence that Jang attempted to overpower Lee from behind and drag her toward his vehicle, as well as similarities between this incident and a previous sexual assault he committed against a foreign female coworker in her twenties. While police initially charged Jang with general murder, prosecutors have now applied charges of rape and murder. The minimum sentence for general murder is five years in prison, whereas the penalty for rape and murder can be death or life imprisonment. Additionally, prosecutors have added charges of assault, attempted murder, confinement, and violations of the Stalking Punishment Act related to the previous assault on the female coworker. In response to Jang's indictment, Justice Minister Jung Sung-ho expressed his condolences to Lee's family on Facebook, noting that just two days prior, they had publicly appealed for severe punishment for Jang. "As a father of two daughters myself, I can hardly fathom the grief of parents who have lost their beloved child overnight," he wrote. Jung emphasized that the Ministry of Justice will ensure strict penalties for Jang's crimes, as well as for heinous acts targeting vulnerable groups such as youth and women. He pledged to prevent offenders from receiving unjust leniency through claims of mental instability or false remorse during trial.* This article has been translated by AI. 2026-06-02 16:57:00

Namsun Aluminum Named GM's Supplier of the Year for 15th Consecutive Year SM Group's manufacturing subsidiary, Namsun Aluminum, has once again been named Supplier of the Year (SOY) by General Motors (GM). According to industry sources on June 2, Namsun Aluminum's automotive division was recognized at GM's 34th Supplier of the Year awards ceremony held recently in Austin, Texas, marking the 15th consecutive year it has received this honor from 2011 to 2025. Namsun Aluminum's CEO, Jeong Soon-won, attended the ceremony to accept the award. The SOY award is given annually by GM to approximately 6,000 global partners based on a comprehensive evaluation of their technology, innovation, supply stability, and sustainability. This year, a total of 103 companies, including 20 from South Korea, received the prestigious award. Namsun Aluminum's key bumper systems and large injection molds supplied to GM Korea were highlighted as factors in its selection. A representative from SM Group stated, "Notably, there have been no issues with the Supplier Parts Quality System (SPPS) in the past year, and we achieved the highest rating of 'BIQS Level 5' in GM's quality evaluation system, which significantly contributed to our assessment." SPPS is a communication tool used by suppliers and customers to resolve product quality issues. Jeong Soon-won commented, "Being named SOY for 15 consecutive years is a recognition of our consistent efforts in enhancing quality, developing new technologies, and ensuring stable supply. Our entire team has proven that we are at a global top level in quality management." He added, "We will not rest on our laurels but will maximize our expertise and business know-how to become a more trusted partner in the global automotive parts market." Meanwhile, Namsun Aluminum, a key subsidiary of SM Group, focuses on its aluminum division, which manufactures window frames and curtain walls, as well as its automotive parts division, which supplies bumpers to GM Korea and others. Recently, it has expanded into eco-friendly and high-value markets, including solar structures and high-performance window systems.* This article has been translated by AI. 2026-06-02 16:57:00

Jensen Huang Expands AI Full Stack, Tests Samsung and SK Hynix's Memory Strategies Jensen Huang, CEO of NVIDIA, is demonstrating a keen interest in the South Korean semiconductor ecosystem while on a busy schedule in Taiwan. As the AI semiconductor market shifts towards NVIDIA's leadership, the strategic importance of South Korean memory companies like Samsung Electronics and SK Hynix is becoming increasingly prominent. On June 2, industry sources reported that Huang hosted a "Korea Partner Night" event in Taipei the previous evening. When asked by reporters about the possibility of holding GTC Seoul, he indicated that it could happen. He also expressed a desire to invest in South Korea's robotics sector, highlighting Taiwan's role as a key hub in the AI supply chain while sending a clear message of collaboration with South Korean firms. That same evening, Huang met separately with Choi Tae-won and SK Hynix executives, showcasing their camaraderie by putting their arms around each other. Huang's ongoing engagement with South Korean companies is driven by the growing importance of memory in NVIDIA's AI ecosystem. The performance of AI accelerators relies not only on graphics processing units (GPUs) but also on the supply capabilities of high-bandwidth memory (HBM), low-power DRAM, and high-performance storage. As demand for AI computing expands from data centers to AI PCs, robotics, and autonomous vehicles, the role of South Korean memory companies is also broadening. On the same day, Samsung Electronics unveiled its next-generation HBM technology at Computex 2026 in Taipei. Song Jae-hyuk, CTO of Samsung's Semiconductor Division, introduced the HBM5 prototype for the first time and presented a new heat management technology called "HPB (Heat Path Block)." He stated, "As AI systems evolve into ultra-high-performance and ultra-dense architectures, not only memory performance but also data processing efficiency and heat control are becoming key competitive factors." Samsung aims to enhance operational stability by adding a separate heat transfer path to HBM5, thereby reducing thermal resistance. SK Hynix is recognized as having the closest HBM partnership with NVIDIA. Choi's unique leadership style has facilitated their third meeting this year, solidifying a strong trust relationship. Recently, SK Hynix also introduced a next-generation heat management technology called iHBM, aimed at enhancing the competitiveness of high-density AI memory. Kim Yong-seok, a distinguished professor at Gachon University’s Semiconductor College, noted, "There are two main reasons for Jensen Huang's visits to Korea. First, he seeks product supplies from Samsung and SK Hynix for NVIDIA's chips and software solutions. Second, he aims to secure stable access to memory, including HBM and DRAM, necessary for building AI infrastructure like smart factories."* This article has been translated by AI. 2026-06-02 16:57:00

Ministry of SMEs and Startups to Ease Labor Burden for Small Businesses The Ministry of SMEs and Startups and the Ministry of Employment and Labor are taking steps to alleviate the labor burdens faced by small businesses and provide support for hiring lawyers when necessary to prevent disputes. On June 2, Minister Han Seong-sook announced a plan to support small business owners in hiring lawyers during a meeting focused on labor issues at the Korea Certified Labor Attorneys Association in Yeongdeungpo-gu, Seoul. The meeting included small business owners from sectors such as convenience stores, restaurants, and cafes, where labor-related disputes frequently arise due to high employee hiring rates. Participants shared their challenges in labor management and discussed potential improvements. The Small Business Association explained the labor-related difficulties faced by on-site small business owners and proposed an expansion of government support to address these issues. Previously, on May 29, the association signed a memorandum of understanding with the Korea Certified Labor Attorneys Association to establish a management safety net for small businesses and improve labor conditions. Following this, the Ministry of SMEs and Startups and the Ministry of Employment and Labor announced government support measures to resolve labor issues for small businesses. The Ministry of SMEs and Startups plans to collaborate with the Korea Certified Labor Attorneys Association to create a Q&A-style guidebook focusing on common labor cases that small business owners often overlook. Additionally, they will hold regional briefings and produce online informational videos, including short-form content. Furthermore, the Small Business Association will operate a counseling center where small business owners can seek advice in the event of labor disputes. For serious labor issues, they will support consultations and the hiring of specialized labor attorneys. The Ministry of Employment and Labor introduced a 24-hour 'AI Labor Law Counseling' service for individual small business owners and plans to integrate it with the 'Small Business 24' support platform to enhance accessibility. Participants expressed the need for government consulting support due to the significant management burden caused by complex wage and allowance systems, such as weekly holiday pay and severance pay. Minister Han Seong-sook stated, "Small business owners often find it difficult to keep up with complex labor laws while focusing on their daily operations. We will implement the announced support measures effectively and strive to create an environment where small business owners can manage their businesses with peace of mind by better understanding and preventing common labor issues."* This article has been translated by AI. 2026-06-02 16:54:00

Doosan Bobcat Partners with Mind AI to Develop Construction Equipment Technology Doosan Bobcat announced on June 2 that it has signed a memorandum of understanding (MOU) with AI solutions company Mind AI to develop autonomous operation technology for construction equipment at Doosan Tower in Bundang, Seongnam. This collaboration is part of Doosan Bobcat's initiative in physical AI for the construction equipment sector. Doosan Bobcat will provide small construction equipment products and data, while Mind AI will explore the application of vision-language-action (VLA) based AI technology for autonomous operations on Doosan Bobcat equipment. The two companies plan to jointly verify the feasibility and conduct practical demonstrations of the autonomous operation technology. Doosan Bobcat has accumulated key technologies and data necessary for autonomous operations and automation through collaborations and investments with global companies, focusing on areas such as radar, equipment automation, information recognition, and decision-making. Mind AI possesses capabilities in VLA model-based AI technology and has experience in commercializing related technologies across various sectors, including agriculture, manufacturing, logistics, and defense. Park Hyun-cheol, Vice President of Doosan Bobcat, stated, "This collaboration will enhance the practical applicability of autonomous operation technology in the construction equipment sector. We will continue to develop technologies that improve productivity and operational efficiency for our customers, leading the future construction equipment market." Choi Hong-seob, CEO of Mind AI, remarked, "The scope of tasks that AI can understand and perform in the construction equipment industry will rapidly expand. Mind AI will focus on elevating the level of autonomy in industrial equipment through VLA-based physical AI technology and implementing AI technologies that can be utilized in real-world applications." Meanwhile, Park Jung-won, Chairman of Doosan Group, visited Doosan Bobcat's Incheon facility in February, where he received reports on the business performance of products produced for the ALAO (Asia, Latin America, and Oceania) region, including forklifts, skid loaders, and mini excavators, and inspected the manufacturing site.* This article has been translated by AI. 2026-06-02 16:54:00

Samsung Electronics unveils HBM5 roadmap, new cooling tech at Computex SEOUL, June 02 (AJP) - Samsung Electronics on Tuesday showcased a mock-up of its next-generation High Bandwidth Memory 5 (HBM5) chips and introduced a new thermal management technology at the Computex exhibition in Taipei. The South Korean tech giant is moving to secure its position in the expanding artificial intelligence (AI) memory sector, following its recent mass production of HBM4 and sample shipments of HBM4E chips. Song Jae-hyuk, Chief Technology Officer of Samsung’s Device Solutions (DS) division, stated at the event that turnkey solutions spanning memory, foundry, logic, and packaging are becoming increasingly critical as AI infrastructure demands higher performance and density. To address overheating issues in advanced AI systems, Samsung introduced its Heat Path Block (HPB) technology for HBM5. The HPB design lowers thermal resistance and improves operational stability by creating additional heat dissipation paths, specifically targeting the physical layer (PHY) of the chip. Samsung noted that it has already implemented and verified the HPB technology in its HBM4E chips to ensure structural and package reliability. The company plans to fully integrate HPB into its upcoming HBM5 lineup, which will also feature a 2-nanometer base die. During the exhibition, Samsung also displayed its HBM4E wafers and chipsets. The HBM4E integrates a 1c-nanometer DRAM core die with Samsung’s own 4-nanometer foundry base die. Having commenced sample shipments on May 29, the HBM4E operates at a pin speed of 14 Gbps, with the capacity to reach up to 16 Gbps, delivering a maximum bandwidth of 4 Terabytes per second (TB/s). Market research firm Omdia projects the global HBM market will more than triple from approximately $58.9 billion in 2026 to $198.3 billion by 2029. Samsung also highlighted its supply chain role for Nvidia Corp's next-generation Vera Rubin AI platform. A Vera Rubin system equipped with Samsung memory was displayed at the pavilion. According to the company, it is currently the only vendor capable of supplying a comprehensive portfolio for the platform, including HBM4, LPCAMM2/SOCAMM2, and PM1763 storage solutions. Samsung's HBM4 chips, which entered mass production in February, achieve a performance rate of 11.7 Gbps, with peak speeds reaching 13 Gbps. "We plan to continuously strengthen our next-generation memory competitiveness through ongoing collaborations with global partners, including Nvidia," Song said. 2026-06-02 16:52:26