Invests around KRW 1 billion in a modular construction startup
Expects synergies including development of interior packages specialized for modular houses
Hyundai Livart is moving to expand its interior business through a startup investment. The company aims to broaden its interior business portfolio—previously centered on apartment built-ins and remodeling—to include modular houses, thereby securing a new growth engine.
Hyundai Livart, a total interior company, announced that it has signed a strategic investment agreement to acquire an equity stake worth a total of KRW 1 billion in the modular house startup ‘Space Wavy.’
Space Wavy is a construction startup that manufactures detached homes and other structures based on a modular construction system. It holds numerous technology patents related to modular construction and possesses systematic production capabilities. In particular, it is distinguished by its ability to custom-build various types of housing—such as standalone homes, mobile units, and café-style structures—according to the customer’s intended use.
Modular construction refers to a method in which 70–80% of a building—including its walls, electrical systems, plumbing, windows and doors, and basic finishing materials—is prefabricated in a factory and then transported to the site, where the blocks are assembled by fitting them together. Because it generates significantly less construction waste and requires less construction time and manpower, it is emerging as a next-generation, eco-friendly building method worldwide.
A Hyundai Livart official said, “This year, the domestic modular construction market is estimated at KRW 2.4 trillion, and modular public rental housing, as well as school reconstruction and remodeling projects, are being actively pursued, led by public institutions such as LH,” adding, “We decided to invest in a startup specializing in modular houses as part of expanding a business model that can leverage Hyundai Livart’s strengths in furniture manufacturing and interior capabilities.”
Hyundai Livart plans to use its remodeling brand ‘Zipterior’ to develop kitchen furniture, windows and doors, wallpaper, and other products optimized for modular houses, and to create high-quality modular house packages that combine its manufacturing and design capabilities in general furniture as well as interior building materials with Space Wavy’s modular house development technology. By analyzing customer characteristics and intended uses, the company plans to jointly develop packages that include furniture within various space modules—such as workation-type, camping-type, and pet-family-type units—and to expand distribution and sales channels.
Hyundai Livart also plans to conduct joint research and development (R&D) with Space Wavy to advance specialized space design. In particular, Hyundai Livart plans to transfer its automated production know-how to Space Wavy to help improve modular house quality, and to actively support the establishment of a more systematic and standardized production system.
A Hyundai Livart official said, “We plan to build a diverse business portfolio in order to respond flexibly to the rapidly changing interior market,” adding, “Through business cooperation with Space Wavy, which possesses core technological capabilities in modular houses, we will pursue various projects, including the expansion of our interior business.”
▲ Hyundai Livart is moving to expand its interior business through a startup investment. The photo shows a Space Wavy modular house.