[Asia Economy Reporter Yoo In-ho] Korea Land Trust recently announced on the 26th that it has signed a strategic business agreement (MOU) with Samsung C&T Corporation’s construction division regarding housing maintenance projects and general development projects.
Both companies explained that this MOU is due to the fact that the trust-based maintenance project is establishing itself as a new paradigm in housing maintenance projects, and the trust-based approach, which emphasizes legal compliance, aligns with Samsung C&T’s management policy of pursuing ethical management.
In fact, as government regulations on maintenance projects have tightened, interest in the trust-based approach is increasing at frontline redevelopment and reconstruction sites. The transparent and fair management of funds, which can reduce corruption within associations and disputes over contributions, is also cited as a key factor in the popularity of trust-based maintenance projects.
In this year’s organizational restructuring, Korea Land Trust expanded its Urban Regeneration Business Division into two divisions and four teams, with the plan to actively secure projects and recruit talent to establish a definite competitive advantage.
Park Jin-su, Head of the Urban Regeneration Division 1 at the company, said, "Since 2018, interest in the trust-based approach has been increasing due to strengthened government tax and loan regulations and stricter sanctions resulting from overheated competition. Through cooperation with Samsung C&T, which ranks first in construction capability evaluation and apartment brand power, we will bring a new wind to the trust-based maintenance project market."
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