Related Links: Korea's Songdo IBD is Model for Sustainable, High-Tech Living Delivery of the future-tallest building in the Republic of Korea is a family affair—or the closest thing to it. Lotte Group, the owner-developer of the planned 555-meter Lotte World Tower in Seoul, is bringing back the master-builder model for its first supertower by keeping project management, construction management and general contracting under its own roof."This is the first time in the world this is happening" for supertower delivery, says Y K Kim, executive director of the CM division of South Korea's fourth-largest family-run conglomerate, or chaebol. Kim should know.
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.