Lotte Construction Automates Construction Cost Calculation with AI... Unit Price Estimation Now Automatic

Development of 'AI Construction Estimation Model'
Establishment of a System Based on Standard Specifications
Unit Price Extraction Without Complex Coding
Application to Execution Budgets and Bidding Estimates

Lotte Construction announced on June 24 that it has developed an "artificial intelligence (AI) construction estimation model" that allows for more accurate and convenient calculation of construction costs. Previously, employees had to manually compare and calculate estimates, but now the AI automatically identifies appropriate unit prices based on standard specifications and historical data.

This model is designed to derive the required unit price using only natural language, without the need for complex coding. For example, if a user inputs "concrete pouring," the AI automatically matches and displays the relevant unit prices. As a result, work speed increases and accuracy improves.

Lotte Construction Headquarters, Seocho-gu, Seoul. Photo by Yonhap News

In the past, estimates were often made based on employees' individual judgment without a standard, so unit prices could vary even for the same project. However, by using the AI model, construction details and unit price information are organized in a database, allowing anyone to compare and review unit prices using the same criteria.

Lotte Construction plans to utilize this model for preparing execution budgets and bidding estimates in the future.

A Lotte Construction representative said, "We have systematized the complex cost breakdown structure and various terms using AI technology," adding, "We will enhance the efficiency of construction cost management by continuously supplementing and updating the standard specifications."

This content was produced with the assistance of AI translation services.