South Korea’s Ministry of Land, Infrastructure and Transport will raise the standard construction cost used to calculate presale prices under the housing price-cap system by 4.07%, to 2.328 million won per square meter from 2.237 million won. The increase applies to buildings of 16 to 25 floors with units measuring more than 60 square meters and up to 85 square meters, and covers projects seeking local-government approval to recruit residents from Sept. 15. Indirect construction costs will rise 9.77%, to 663,000 won per square meter, after higher safety-related spending and revised labor and other-expense ratios. The benchmark is one component of final presale prices, alongside land-development costs and other charges, which are reviewed by local government committees. The adjustment affects public housing sites and private-site apartment complexes in Seoul’s Gangnam, Seocho, Songpa and Yongsan districts, while higher benchmarks have already contributed to rising final prices in third-phase new towns.