Lotte E&C to work with Zigbang on proptech, metaverse

Lotte Engineering & Construction's building on Zigbang's metaverse platform Metapolis [LOTTE ENGINEERING & CONSTRUCTION]

Lotte Engineering & Construction (E&C) and Zigbang will work together to develop technology related to real estate and home decor, also known as proptech.

Proptech refers to services that use internet technology in property-related fields like real estate and home decor, as well as building management and office sharing.

Zigbang is a proptech start-up that provides real estate and apartment management services through its mobile app.

Lotte E&C and Zigbang signed a memorandum of understanding on July 16 to share each company's infrastructure and business models to collaborate on proptech businesses, metaverse and digital marketing.

Lotte E&C and Zigbang's collaboration will start with the metaverse, a virtual space where people can guide avatars and interact with other avatars and with the virtual environment.

The Zigbang partnership will be the first time a Korean construction company has utilized metaverse technology, according to Lotte E&C.

The construction company will set up its own space on Zigbang's self-developed Metapolis metaverse and interact with potential customers.

Lotte E&C will establish mock-up apartments inside Metapolis where customers can virtually look around their future homes. The construction company will also provide consulting services to customers on the metaverse.

"The latest partnership allows Lotte E&C to preemptively utilize metaverse in the construction industry," said Ha Suk-joo, CEO of Lotte E&C in a release.

"Utilizing Zigbang's 3-D and virtual reality property technology, Lotte E&C will continue to discover new growth engines reflecting customers' needs and market trend amid non-contact era."

The Metapolis metaverse platform launched early this year as a remote working tool for Zigbang employees and hasn't been open to other companies until now.

Zigbang plans to commercialize the platform, starting with Lotte E&C.

"Zigbang is glad to become a partner of Lotte E&C to help digitize its businesses using the company's IT technology," said Ahn Sung-woo, CEO and founder of Zigbang in a release Tuesday.

Zigbang, founded in 2010, started out as a mobile real estate app that provides photos of studios and officetels on the platform to lessen the inconvenience of having to physically visit the location and to provide more transparent information. The photos evolved into virtual reality visuals and now potential tenants can take a virtual tour of the entire apartment complex through the app.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]