Expansion of Business from Apartment Built-in and Remodeling-focused Interior to Modular Housing
Hyundai Livart is expanding its interior business through startup investments. The company aims to secure new growth engines by broadening its interior business portfolio, which has focused on built-in apartments and remodeling, to include modular housing.
On the 6th, Hyundai Livart announced that it has signed a strategic investment agreement to invest 1 billion KRW in equity in the modular housing startup 'SpaceWeave'.
SpaceWeave is a construction startup that manufactures detached houses and other types of housing based on a modular construction system. It holds numerous technology patents related to modular construction and has systematic production capabilities. It is characterized by the ability to customize various types of houses, such as standalone, mobile, and cafe-style, according to the customer's intended use.
Modular construction refers to a method where building walls, including electrical, plumbing, windows, and basic finishing materials, are 70-80% pre-fabricated in a factory and then transported to the site to be assembled like fitting blocks. This method generates significantly less construction waste and requires less construction time and manpower, emerging as a next-generation eco-friendly construction technique worldwide.
A Hyundai Livart official said, "The domestic modular construction market size is estimated at 2.4 trillion KRW this year, and modular public rental housing, school reconstruction, and remodeling are actively progressing mainly through public institutions such as the Korea Land and Housing Corporation (LH). We decided on this investment as part of expanding business models that can utilize Hyundai Livart's strengths in furniture manufacturing and interior capabilities."
Hyundai Livart plans to develop kitchen furniture, windows, wallpaper, and other products optimized for modular housing using its remodeling brand 'Jipterior'. Additionally, it intends to combine general furniture, interior building material manufacturing, and design capabilities with SpaceWeave's modular housing development technology to create high-quality modular housing packages. By analyzing customer characteristics and uses, they will jointly develop and expand distribution channels for various space modules, including workation-type, camping-type, and pet family-type packages that include furniture.
Hyundai Livart will also conduct joint research and development (R&D) with SpaceWeave to promote specialized space design. Hyundai Livart plans to transfer its automated production know-how to SpaceWeave to help improve the quality of modular houses and actively support the establishment of a more systematic and standardized production system.
A Hyundai Livart official stated, "We plan to build a diverse business portfolio to respond flexibly to the rapidly changing interior market. Through business cooperation with SpaceWeave, we will pursue various projects, including expanding the interior business."
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