KT continues to strengthen real estate division

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KT continues to strengthen real estate division

KT Corp. is strengthening its real estate business in a bid to make up for the recent losses the company experienced in its communication services business. Korea’s largest fixed-line telephone company, which owns real estate around the country, said it would take advantage of idle lands. Shortly after his appointment in September last year, KT’s chief executive, Nam Joong-soo, upgraded the company’s property control team and expanded it into a “property management office,” demonstrating his strong intentions in the real estate business. Since entering the real estate development business in March 2003, KT has built apartments on idle land while renting vacant offices. This realty business generated almost 70 billion won ($72 million) in revenue in 2004 and 90 billion won in 2005. This year the company hopes to make 150 billion won from real estate, partly by selling three “intelligent” apartment complexes in the greater Seoul area by incorporating its advanced technologies for home automation, remote medical treatment and home banking. “So far we have built telephone offices that are three stories or shorter but we will establish taller ones in the regions that are likely to be better rented,” noted a KT official. by Lee Hee-sung
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