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  • Ho Chi Minh City Real Estate Enters New Phase as Demand Shifts to Fundamentals
    Ho Chi Minh City Real Estate Enters New Phase as Demand Shifts to Fundamentals The real estate market in Ho Chi Minh City, Vietnam, is entering a new phase driven by urban expansion and the resumption of major projects. As Ho Chi Minh City, Binh Duong, and Ba Ria-Vung Tau are integrated into a single metropolitan area, the availability of land and supply has increased. However, market interest is shifting from short-term price increases to regions with infrastructure, job opportunities, legal stability, and genuine demand.According to the '2026 Real Estate Forum' held by local online media TheLEADER on August 26, Nguyen Duc Thuan, president of the Vietnam Business Management Association, stated that the spatial integration of Ho Chi Minh City, Binh Duong, and Ba Ria-Vung Tau has created a metropolitan area covering approximately 6,700 square kilometers with a population of over 14 million. He explained that the significance of this new urban space lies not merely in its size but in the combination of advanced industries, deep-sea ports, international logistics, finance, services, and skilled labor.Experts at the forum noted that the competitiveness of the metropolitan area depends on how well infrastructure is connected. Key elements such as urban railways, ring roads, highways, ports, and airports are seen as essential to creating a super city. They emphasized the importance of Transit-Oriented Development (TOD), which integrates residential, commercial, service, job, and public spaces around transportation hubs, rather than merely establishing new transport networks.The expansion of Ho Chi Minh City has also contributed to lowering the average selling price in the housing market. Duong Tui Trung, head of CBRE Vietnam, reported that about 80% of new apartment supply in the first half of this year came from the Binh Duong area. The average price of first-phase apartments in existing Ho Chi Minh City was approximately 92 million VND (about $4,870) per square meter, while the overall average in the expanded market dropped to about 76 million VND (about $4,020) per square meter, showing a difference of 16 million VND (about $840).For homebuyers, the expanded Ho Chi Minh market offers a wider range of options. The variety in location, product type, and price range has increased, allowing for broader choices than before. CBRE noted that the average price of secondary apartments is currently around 62 million VND per square meter. However, the decline in average prices is interpreted as a result of the inclusion of relatively affordable outer-region supply rather than a general market adjustment.Industrial real estate is also identified as a major beneficiary of urban expansion. According to CBRE, the land available for industrial development could increase from about 2,500 hectares to over 15,000 hectares. This is expected to provide manufacturing companies and investors with more diverse location and rental options.Investment hotspots are becoming more segmented based on infrastructure and functionality. Duong Tui Trung believes that TOD development areas around the Ben Thanh-Tham Luong urban railway line and the 3rd and 4th ring road axes could attract significant funding. He also pointed out that areas like Can Gio and Ho Tram, known for eco-tourism and marine cities, as well as the mid-range apartment market in northern growth axes such as Giang, Tuan An, and Tu Zhou Mot, still have growth potential.Investment strategies are advised to shift from short-term trading to a focus on long-term value. Duong Tui Trung stated, "The market can only develop sustainably if actual housing demand for residence constitutes the majority." This indicates that urban expansion does not automatically lead to price increases across all areas; rather, value is formed in places supported by genuine demand and infrastructure.Vietnam Housing Market Sees Increased SupplyMeanwhile, while the overall housing market in Vietnam has seen an increase in supply, prices have not significantly decreased. According to a report released last month by the Dat Xanh Service Economic Real Estate Institute (DXS-FERI), the northern region saw about 4,200 new units with an absorption rate of approximately 40%. Supply was concentrated in large projects in Hanoi, Hung Yen, and Quang Ninh, with major suppliers including Masterise Homes, MIK, Vinhomes, and Gamuda.In contrast, the southern market exhibited a higher absorption rate than the north. DXS-FERI reported that the southern region had about 3,900 new units with an absorption rate of 58.6%. Supply was primarily focused on high-rise apartments, mostly located in the eastern expansion area of Ho Chi Minh City, particularly in Binh Duong and the former Tu Duc area. This region continues to play a pivotal role in the housing market's growth due to land acquisition, infrastructure, and relatively stable absorption rates.The recovery in supply is also evident in the resumption of previously halted urban projects. Construction on One Central Saigon, located across from Ben Thanh Market, resumed in mid-March and is expected to be completed in about 30 months. The Grand Manhattan project is also accelerating construction as legal issues gradually resolve.While the Ho Chi Minh metropolitan area has secured a broader land and supply base, not all regions will experience value increases at the same pace. The future focus of the market will likely be on which areas establish themselves as value centers with infrastructure, job opportunities, genuine demand, and legal stability.* This article has been translated by AI. 2026-08-26 17:32:10
  • Senior Members of the People Power Party Call for Regular Meetings with Leader Jang Dong-hyuk
    Senior Members of the People Power Party Call for Regular Meetings with Leader Jang Dong-hyuk Senior lawmakers of the People Power Party, those with four or more terms, have agreed to request regular meetings with party leader Jang Dong-hyuk. There were also calls for a clearer voice moving forward.After a meeting of senior lawmakers on August 26, Representative Lee Jong-bae told reporters, "Many participants agreed that it will be difficult for the party to win the general election in its current state."He added, "We decided to request regular meetings with the party leader as much as possible," and noted concerns that recent disciplinary actions against lawmakers could harm party unity and cohesion. He suggested that efforts should be made to foster harmony among the lawmakers facing disciplinary measures.However, only nine of the 19 senior lawmakers attended the meeting, falling short of a majority. As a result, they plan to convene again soon to gather more opinions. There was also a consensus among senior members to meet more frequently and express clearer positions.Lee stated, "The meeting between the party leader and senior lawmakers will be a time for mutual understanding," and emphasized that not all senior members oppose the leader's direction. The aim is to share ideas for the party's development and success in the general election.* This article has been translated by AI. 2026-08-26 17:32:10
  • Koreas Swimming Golden Generation Aims to Repeat Success at Asian Games
    Korea's Swimming 'Golden Generation' Aims to Repeat Success at Asian Games The 'Golden Generation' of Korean swimming, which sparked a renaissance in the sport, is preparing to replicate its success from three years ago at the Asian Games in Hangzhou, this time in Aichi and Nagoya.The swimming events at the 2026 Aichi and Nagoya Asian Games will take place from September 20 to 25 at the Tokyo Aquatics Center, with 41 of the 55 gold medals in swimming up for grabs in the pool. The Korean Sports Council has set a target of four gold medals in swimming, the second highest after archery, which aims for five.Korea's swimming team is aiming for even better results than the 2022 Hangzhou Games, where they won a total of 22 medals, including six golds, six silvers, and ten bronzes. This was the highest number of medals ever won by Korea in swimming at the Asian Games, and they finished second in the overall gold medal count, a position they had not held since the 1974 Tehran Games.During a media day for the swimming team held on August 25 at the Jincheon National Training Center, the athletes expressed confidence in surpassing their previous achievements. Team captain Lee Joo-ho (Seogwipo City Hall) stated, "In addition to the athletes who won gold medals at the last Hangzhou Games, new swimmers are also aiming for gold. This is not just a vague goal; we are showing it through our records."Kim Woo-min (Gangwon Special Self-Governing Province), who dominated the 400m and 800m freestyle and the 800m relay at the Hangzhou Games, will compete in six events this time: the 200m, 400m, 800m, and 1500m freestyle, as well as the 400m and 800m relays. He expressed confidence, saying, "Like in Hangzhou, I am competing in many events, so I am confident I will win medals. My specific goal is to break my personal records in all events."If Kim achieves the same success as in Hangzhou, he will become the second Korean swimmer to win three gold medals in consecutive Asian Games, following Park Tae-hwan, who accomplished this in the 2006 Doha and 2010 Guangzhou Games.His main competitor is Zhang Jianzhuo (China), born in 2007 and dubbed the 'second Sun Yang.' He has been rapidly improving his times in the middle-distance freestyle events and set a world junior record of 3:42.82 in the 400m freestyle at the National Games in November last year, just 0.4 seconds behind Kim's personal best of 3:42.42.Kim commented, "Zhang Jianzhuo is a familiar competitor in many of my events, but I try not to think too much about him."Hwang Sun-woo (Gangwon Special Self-Governing Province), who won six medals (two gold, two silver, and two bronze) at the Hangzhou Games, will focus on the 100m and 200m freestyle and the 400m and 800m relays this time.The Tokyo Aquatics Center holds good memories for Hwang, as he set a world junior record of 1:44.62 in the 200m freestyle heats at the 2020 Tokyo Olympics and achieved an Asian record of 47.56 in the 100m freestyle semifinals to advance to the finals.Hwang stated, "Tokyo is where I had my first major competition. I believe it shaped the swimmer I am today. I want to show everything I have this time as well."His last two international competitions left him disappointed. Hwang finished ninth in the semifinals of the 200m freestyle at the 2024 Paris Olympics, failing to reach the finals. He also placed fourth in the same event at the World Swimming Championships in Singapore last July, missing out on a fourth consecutive medal.However, he regained his form at the National Sports Festival last October, setting an Asian record of 1:43.92 in the 200m freestyle final. He explained, "I was overly ambitious in Paris, which made it difficult. This time, I am preparing with a calm mindset, focusing on showing 100% of what I practiced rather than being overly ambitious."The 200m freestyle is expected to be a three-way battle among Korea, China, and Japan. Japan's Murasaki Tatsuya won a bronze medal at the World Championships in Singapore last year with a time of 1:44.54, just 0.18 seconds ahead of Hwang. Zhang Jianzhuo has also improved his personal best in this event to 1:44.53.Hwang noted, "There are athletes who can post good times, but most are in the 1:44 range. If I can achieve another time in the 1:43 range, I believe I can reach the top of the podium."Besides Kim Woo-min and Hwang Sun-woo, there are many other promising athletes on the team. Lee Joo-ho aims for a medal in his third consecutive Asian Games. He won Korea's first medal in the men's 100m backstroke (bronze) at the 2018 Jakarta-Palembang Games and earned a bronze and silver in the same event at the 2022 Hangzhou Games.Lee stated, "If I win a medal this time, it will be my third. I have heard that such a feat is unprecedented in Korean swimming, and it would be significant not just for me but for Korean swimming as a whole."In the sprint events, Kim Young-beom (Gangwon Special Self-Governing Province) will make his Asian Games debut. He set a Korean record of 47.39 seconds in the 100m freestyle heats at the National Sports Festival last October, breaking the previous record set by Hwang at the 2021 Tokyo Olympics by 0.17 seconds.Kim Young-beom will face world record holder Pan Zhanle (China, 46.40 seconds) in the 100m freestyle. He expressed confidence, saying, "I want to break my personal best in the 50m and 100m freestyle and win gold. While Pan Zhanle is intimidating, I don't think he's unbeatable."Kim Seung-won (Gyeonggi Physical Education High School) will also make his Asian Games debut in the backstroke events. He remarked, "Although it's my first Asian Games, I have experience from the World Championships and overseas competitions. I am determined to win a gold medal and return home with it."In the relays, all eyes are on the 800m freestyle relay. Korea won its first relay gold medal in Asian Games history at the Hangzhou Games, setting an Asian record of 7:01.73.This time, the competition is expected to be even fiercer. Hwang noted, "In the 800m relay, Japan has recorded times in the 7:02 range, and China in the 7:00 range. We posted a time in the 7:01 range at Hangzhou. All three countries are within two seconds of each other. The condition on the day and the synergy of the relay team will be crucial."The final four relay team members have yet to be determined. Last year, the 800m relay final at the World Championships featured Kim Young-beom, Kim Woo-min, Lee Ho-jun, and Hwang Sun-woo.* This article has been translated by AI. 2026-08-26 17:32:00
  • LH to Offer 463 Public Housing Units in Uijeongbu Ujeong Block A-2
    LH to Offer 463 Public Housing Units in Uijeongbu Ujeong Block A-2 The Korea Land and Housing Corporation (LH) will supply 463 public housing units in the Uijeongbu Ujeong public housing district A-2 block. The development is located near Nokyang Station on Line 1 and is expected to provide access to Uijeongbu Station via the planned GTX-C line.On August 26, LH announced the recruitment notice for residents of the 463 units in the Uijeongbu Ujeong public housing district A-2 block.The Uijeongbu Ujeong A-2 block was subject to pre-application in October 2021. All 463 units will be offered in a single size of 59 square meters, catering to the preferences of actual residents, and will consist of two types: 59A and 59B.Given the limited supply of public housing in the metropolitan area, the Uijeongbu Ujeong A-2 block is likely to attract interest from potential residents due to the anticipated GTX-C line and a starting price in the low 400 million won range.Of the total 463 units, 185 will be available for special and general supply, excluding 278 units allocated to pre-application winners. The average sale price for the 59 square meter units is approximately 403 million won per unit. There is a three-year resale restriction, but there is no obligation for actual residence.The development is located about 1 kilometer from Nokyang Station on Line 1. Uijeongbu Station is expected to be connected to the GTX-C line, allowing travel to Samsung Station in about 20 minutes once operational, according to LH. The area also offers convenient access to major road networks, including the Gyeonggi Expressway and National Route 39.Residential amenities are readily available. Nearby schools include Budalgae Elementary School and Nokyang Middle School, both within walking distance. The development is close to Hongboksan and Cheonbosan mountains, providing access to natural surroundings, and residents can also utilize facilities at the Uijeongbu Sports Complex and existing amenities in the Nokyang residential area.Application for the housing units will first be conducted for pre-application winners from September 7 to 8. Special supply applications will be accepted from September 14 to 15, and general supply applications from September 16 to 17. Winners will be announced on October 8, with contracts scheduled from December 10 to 15. Move-in is expected in May 2029.Additionally, LH operates a housing exhibition center in Byeollae-dong, Namyangju, to provide housing information and consultation to potential buyers. The exhibition center will be open to pre-application winners on August 29 and 30, and to the general public from August 31 to September 13.* This article has been translated by AI. 2026-08-26 17:28:10
  • Volvos Electric Vehicle Sales Surge in South Korea, Driven by EX30 Success
    Volvo's Electric Vehicle Sales Surge in South Korea, Driven by EX30 Success Volvo Cars Korea has reported a significant increase in electric vehicle sales, doubling its figures in the first half of the year, thanks to the success of its premium all-electric SUV, the EX30.According to the Korea Automobile Importers and Distributors Association (KAIDA) on August 26, Volvo's sales in the first half of the year reached 7,470 units, a 10% increase compared to the same period last year. Among these, pure electric vehicle sales soared to 1,944 units, marking a 107% increase from 939 units the previous year, surpassing plug-in hybrid electric vehicle (PHEV) sales. The popular models EX30 and EX30CC saw a growth rate of 113%.The surge in sales is attributed to the vehicles' competitive pricing and product appeal. The EX30 and EX30CC are Volvo's first compact SUVs, designed for urban environments, featuring advanced safety technologies, a premium Harman Kardon sound system with 1,040 watts, and cutting-edge connectivity developed specifically for the South Korean market.Notably, Volvo set the domestic launch prices at some of the lowest levels globally, with the EX30 Core trim priced at 39.91 million won, down 7.61 million won from the previous price of 47.52 million won. The EX30 Ultra trim and EX30CC Ultra trim were also reduced by 7 million won each, now priced at 44.79 million won and 48.12 million won, respectively.Within a week of its pre-order launch, the EX30 and EX30CC surpassed 1,000 pre-orders, and in June alone, 946 units were sold, making it the top-selling model in the premium compact EV segment. This marked the highest monthly sales record for Volvo since it introduced pure electric vehicles in South Korea in 2022.Volvo aims to challenge for the top position in the premium EV market with the upcoming launch of its next-generation flagship electric models, the EX90 and ES90. These models will also feature advanced technologies and will be priced over 40 million won lower than their counterparts in major European countries.* This article has been translated by AI. 2026-08-26 17:28:10
  • Jose Munoz: Hyundai Aims for 5.55 Million Vehicle Sales by 2030
    Jose Munoz: Hyundai Aims for 5.55 Million Vehicle Sales by 2030 Hyundai Motor Company unveiled its long-term strategy focused on enhancing its core automotive competitiveness. Despite intensifying global competition and geopolitical threats, the company aims to boost profitability by pursuing a segmented electrification transition and expanding into future businesses such as autonomous driving and robotics. On August 26, Hyundai held its '2026 CEO Investor Day' at the Conrad Hotel in Yeouido, announcing a goal to launch 100 new models worldwide by 2030, achieving annual sales of 5.55 million vehicles. This target represents an increase of approximately 1.39 million units compared to this year's goal of 4.158 million, marking a growth rate of 33.5%. Jose Munoz, CEO of Hyundai, stated, "Hyundai's fundamentals are stronger than ever. We will launch more models and provide more powertrain options to customers while aggressively entering new vehicle segments and markets." The core of the long-term strategy is the transition to electrification and localization. Specifically, North America will focus on hybrid electric vehicles (HEVs), while Europe will concentrate on electric vehicles (EVs). In North America, Hyundai plans to introduce 10 new hybrid models, starting with the GV80 HEV, aiming to increase HEV sales to 50%. The company will also launch the 'Santa Fe Extended Range Electric Vehicle (EREV)' in the first half of next year. In Europe, Hyundai aims to increase EV sales to 420,000 units, nearly quadrupling last year's sales of 116,000 units. The Ioniq 3, a dedicated electric vehicle for Europe, will officially launch next month, featuring the next-generation infotainment system 'Pleos Connect' for the first time in European models. To support its aggressive new model launch strategy, Hyundai plans to expand its global production capacity by an additional 1.27 million units by 2030. This includes 200,000 units in South Korea, 500,000 in North America, 320,000 in India, and 250,000 through completely knocked down (CKD) production. The company aims to further refine its product strategy to optimize for regional demand. In addition to its core business, Hyundai is accelerating efforts to enhance its competitiveness in future sectors such as autonomous driving and robotics. In the fourth quarter, the company will supply Ioniq 5-based robo-taxis produced at its Georgia plant (HMGMA) to Waymo. Motional, a joint venture in which Hyundai has a stake, is set to commercialize the Ioniq 5 robo-taxi by the end of the year. Hyundai is also speeding up data accumulation for the advancement of autonomous driving models. By the end of the year, it plans to deploy the autonomous driving AI 'Atria AI' in Gwangju, South Korea, to gather data on unexpected situations. Atria AI will gradually be applied to mass-produced vehicles, building a lineup of autonomous driving capabilities from Level 2+ to Level 4. The company plans to operate the Saemangeum AI Data Center starting in 2029, coinciding with a rapid increase in autonomous driving data. The data center will have a capacity of 100 MW and can accommodate over 50,000 graphics processing units (GPUs). Hyundai's robotics business will expand the site of its 'Robot Meta Plant Application Center (RMAC)' in the U.S. to ten times its current size by the end of the year. The company plans to deploy the humanoid robot 'Atlas' at HMGMA starting in 2028, indicating a push for training and validation ahead of this deployment. Through overall business expansion, Hyundai aims to increase its operating profit margin to over 9% by 2030, slightly up from the previous target of 8-9%. The total operating profit is also expected to rise by 11%. Additionally, the company plans to improve its shareholder return policy, raising the total shareholder return rate to over 35%. Munoz emphasized, "We will evolve into a physical AI company that develops future technologies based on strategic partnerships, creates new opportunities, and produces and deploys robots and robo-taxis."* This article has been translated by AI. 2026-08-26 17:28:10
  • Hyundai Begins Mass Production of Atlas Robot, Eyes Boston Dynamics IPO
    Hyundai Begins Mass Production of 'Atlas' Robot, Eyes Boston Dynamics IPO Hyundai Motor Group's physical artificial intelligence (AI) strategy, led by Boston Dynamics, has entered a significant execution phase. The company plans to establish a mass production system for the humanoid robot 'Atlas' and prioritize its deployment in manufacturing facilities to accelerate robot commercialization.During Hyundai's CEO Investor Day held in Yeouido, Seoul, on August 26, the company detailed its robotics and physical AI strategy centered around Boston Dynamics.Hyundai is ramping up its robotics business, starting with the opening of a U.S. Robometal Plant Application Center. This year, it aims to finalize the site for Boston Dynamics' robot production facility, with plans to begin production in 2028, targeting an annual output capacity of 30,000 units.The factory will mass-produce various robots, including Spot and the Atlas humanoid robot, with the deployment of Atlas set to occur gradually starting in 2028.Jose Munoz, CEO of Hyundai Motor, stated, "We have confirmed an initial production volume of 25,000 units for the U.S. robot factory. Based on internal demand, we will build a business ecosystem from robot manufacturing to financing, and then expand to external sales."Questions regarding Boston Dynamics' share acquisition and governance structure have also emerged. Last month, Hyundai announced its intention to acquire the remaining 9.65% stake in Boston Dynamics held by SoftBank. Following SoftBank's exercise of a put option, Hyundai is currently in the process of purchasing the shares, estimated to cost around $320 million.Hyundai Group initially entered the robotics sector in 2021 by acquiring an 80% stake in Boston Dynamics. Once the additional share acquisition is completed, the ownership stakes are expected to be 25% for Chairman Euisun Chung, 62.5% for HMG Global, and 12.5% for Hyundai Glovis. Industry analysts anticipate that Hyundai will expand its stake to 100% by the end of the year and initiate the process for a Nasdaq listing.There were also discussions regarding Boston Dynamics' governance structure. Observers noted that since Hyundai did not add robotics to its business objectives at the shareholders' meeting, there is a possibility that Boston Dynamics and other robotics ventures may operate as separate subsidiaries in the future.Kim Heung-soo, Vice President and Head of Hyundai's GSO Division, commented, "Boston Dynamics is focusing on business centered around Atlas, while Hyundai's Robotics Lab is concentrating on service robots. We will communicate with the market if there are internal decisions regarding a spin-off." 2026-08-26 17:28:00
  • Blue House Addresses Controversy Over Future Response Fund
    Blue House Addresses Controversy Over Future Response Fund The Blue House stated on August 26 that the Future Response Fund, which has been criticized by opposition parties as a so-called "slush fund," is intended for responsible fiscal management and targeted investments.A Blue House official spoke to reporters in the press briefing room, saying, "The idea is that it is not responsible fiscal management for the government to spend more when tax revenues are high and less when they are low."The official added, "It seems likely that there will be unexpected large tax revenues again next year," and explained that the government aims to shift the role of fiscal policy and national debt direction through the Future Response Fund, moving away from traditional fiscal management practices.He emphasized the need to separately secure funding for higher education and lifelong education in conjunction with the restructuring of grants, stating, "Given the current fiscal structure, it is difficult, so we plan to include an education talent account to prepare that funding."Regarding differing opinions on how to utilize excess tax revenue, he noted, "While it is not entirely wrong to suggest that we could use increased tax revenue to repay the national debt, which is currently being covered by issuing 110 trillion won in government bonds, we cannot be certain that such high tax revenues will continue in the coming years."* This article has been translated by AI. 2026-08-26 17:24:10
  • Lee Jin-sook Claims Passage of Expulsion Motion Marks Distortion of May 18 Movement
    Lee Jin-sook Claims Passage of Expulsion Motion Marks Distortion of May 18 Movement Lee Jin-sook, a member of the People Power Party, asserted on August 26 that the passage of a motion calling for her expulsion in the National Assembly signifies the Democratic Party's intent to sanctify the May 18 Gwangju Democratization Movement, declaring this to the Republic of Korea and the world. After leaving the assembly hall when the motion was introduced, she told reporters, "If it relates to May 18, there can be no discussion." She added, "If you displease the president and the majority party, they can even cut you as a lawmaker," emphasizing that actions are taking place in South Korea that effectively enable the impeachment of lawmakers. She criticized the situation, likening it to the one-party rule of North Korea's Workers' Party, stating that the National Assembly has become a place of Democratic Party dictatorship, or 'democratic dictatorship.' Lee continued, "When we held a discussion on May 18 in the National Assembly, I wanted to address two issues: freedom of expression and the issue of veterans funded by taxpayer money." She highlighted that while the spirit of May 18 is being enshrined in the Constitution, discussions about it are being dismissed. "Only the actions of the youth can change South Korea into a free and democratic nation," she emphasized. During the assembly session, most members of the People Power Party opposed the expulsion motion and left the hall, but some, including Choi Kyung-tae, Kim Yae-ji, Woo Jae-jun, and Han Ji-a, remained to participate in the vote. The motion passed with 157 votes in favor, 1 against, and 1 invalid out of 159 present members. Previously, Lee had been embroiled in controversy after holding a discussion in the National Assembly to reexamine the May 18 Gwangju Democratization Movement.* This article has been translated by AI. 2026-08-26 17:24:10
  • Hyundai Engineering Selected as Preferred Negotiator for Mokdong 10 Reconstruction Project
    Hyundai Engineering Selected as Preferred Negotiator for Mokdong 10 Reconstruction Project Hyundai Engineering has been selected as the preferred negotiator for the reconstruction project of the Mokdong 10 Complex in Yangcheon District, Seoul, with a construction cost of 2.6 trillion won.On August 26, Hyundai Engineering announced that it had been designated as the preferred negotiator for the selection of the construction company for the Mokdong 10 Complex reconstruction project.The Mokdong 10 Complex reconstruction project is a large-scale redevelopment initiative that aims to replace the existing 2,160 housing units with 4,248 new units. The total project cost is approximately 2.6 trillion won.Hyundai Engineering was the sole bidder in two previous rounds of construction company selection. Consequently, the association decided to switch to a negotiated contract process in accordance with the Urban and Residential Environment Maintenance Act and selected Hyundai Engineering as the preferred negotiator.Hyundai Engineering stated, “The selection as the preferred negotiator is a transition to a negotiated contract process under the Urban and Residential Environment Maintenance Act,” adding that the construction company selection process will proceed at the upcoming general meeting of the association.The Mokdong 10 Complex is among the larger-scale redevelopment projects in the Mokdong New Town area. Once the final construction company selection is completed, it is expected to influence the progress of other redevelopment projects in the Mokdong area.Recently, there has been a strong trend among construction companies to selectively bid on large-scale redevelopment projects due to concerns over construction costs and project conditions. The outcome of the Mokdong 10 Complex bid is anticipated to be a key indicator for the redevelopment market in the second half of the year.* This article has been translated by AI. 2026-08-26 17:24:00