Korea Real Estate Board Wins World Bank Project... Establishing Indonesia Real Estate Database
The Korea Real Estate Board announced on the 28th that it has won the contract for the "Land and Property Valuation Improvement Project for Raising Infrastructure Investment Funds in Indonesia," commissioned by the World Bank.
This project aims to improve real estate tax assessment and property tax to secure funding for infrastructure construction (roads, railways, ports, etc.) necessary for Indonesia's economic growth. Over approximately nine months, a real estate database will be established targeting two regions on Java Island near Jakarta, Indonesia, and a mass appraisal model will be developed.
As an international bidding project worth about 500 million KRW, seven global real estate and IT companies from the United States, the Netherlands, and other countries participated in the bidding. The Korea Real Estate Board, in partnership with a private IT company (Geomax Soft), was finally selected with high evaluation scores in mass appraisal techniques and performance records.
During the project period, the Korea Real Estate Board will carry out real estate database collection and construction, development of land and housing mass appraisal models, pilot system development, and operation of capacity-building programs.
Meanwhile, the Korea Real Estate Board has been continuously conducting domestic and international ODA (Official Development Assistance) projects since 2017, and in May, signed a Memorandum of Understanding (MOU) with the World Bank to promote the development of real estate policies and systems in developing countries.
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Son Taerak, President of the Korea Real Estate Board, said, "This international bidding win is the result of experience from ODA projects in Vietnam, Laos, and other countries," adding, "We will further expand participation in international bids to establish a foundation for promoting Korea's excellent real estate disclosure system to the world."
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