Competition is especially intense at the top end of the market, where Daewoo is clustered with other major developers including Lotte, Samsung, LG and Daelim.
Other problems affecting the industry is North Korea's revival of its nuclear programme, falling consumer confidence and the Government's plan to move the national capital from Seoul to Daejon. TBWA Korea executive director, Kyungwoo Nam, said that the upcoming campaign for Daewoo would "focus on creative and strategy" to drive new apartment sales in order to help the group achieve $3.3 billion in housing sales this year, which is 14 per cent higher than the figure for 2002.
The residential sector this year is estimated at $22 billion, giving Daewoo an estimated market share of about 15 per cent. Nam declined to give details about the upcoming campaign, except to say that "Daewoo is pushing brand awareness this year".
