[2021 Asia Construction Awards] Lotte Construction Expands into Metaverse Beyond Domestic and International Markets

Lotte Construction, which received the Asia Economy Grand Prize in the customer satisfaction category, is advancing beyond the domestic market to become a global comprehensive construction company based on consumer trust.

Lotte Construction is actively adopting various innovative technologies and designs to achieve high satisfaction among apartment residents. A representative example is ‘Jurae Lotte Castle Goldsmart,’ redeveloped in Jurae 2 District, Sasang-gu, Busan. It was praised for its design as a ‘car-free complex’ where no vehicles run above ground, allowing children to walk safely. Additionally, residents highly preferred it because it offered pleasant air quality without noise from vehicles.

Recently, the company has been actively promoting expansion into global markets for future growth. In particular, it is focusing on expanding business in Southeast Asia, centered on Vietnam and Indonesia. In Vietnam, it is constructing a large-scale complex mall, ‘Lotte Mall Hanoi,’ in the capital city of Hanoi, and last year, it secured a hotel construction contract worth 350 billion KRW in the Starlake New City.

Moreover, Lotte Construction is expanding its business scope from project discovery to planning, financial investment, and operation, focusing on discovering new growth engines that can secure stable and high profitability as future growth drivers. Following the Magok MICE complex development project and the Incheon Geomdan New City 101 station area development project, it recently won the Hanam H2 project, proving its strength in large-scale complex development projects.

Furthermore, it is actively participating in ESG management investments for carbon reduction and eco-friendly businesses at the Lotte Group level, targeting not only domestic but also overseas markets. In the chemical plant sector, the Hyundai Chemical HPC PKG2 (Heavy-feed Petrochemical Complex) project in Daesan, Chungcheongnam-do, is expected to start trial operation and commercial operation within the year, and the Lotte GS Chemical G1 (C4 fraction) project in Yeosu, Jeollanam-do, is under construction with a goal of completion in the first half of 2022.

Image of Lotte Construction building implemented within Metapolis, a virtual space, in collaboration with Zigbang

Lotte Construction is actively responding to rapidly changing market trends and customer needs, such as being the first in the construction industry to utilize the ‘metaverse’ platform to revitalize real estate proptech. In collaboration with Zigbang, it plans to create a ‘Lotte Construction’ space in the virtual metaverse space called ‘Metapolis’ to strengthen communication with customers. In this space, customers can directly tour residential products as avatars, eliminating the hassle of visiting offline model houses, and sales consultations and advertisements are also expected to take place within the metaverse space.

A Lotte Construction official stated, "We plan to continuously secure excellent new overseas projects and large-scale complex development projects to establish a stable business structure in the mid to long term."