Nissho Iwai Participates in Capital Investment for Cyber Village Project E-Business for Apartments in South Korea, Through a Joint Undertaking with Samsung Group
Feb. 19, 2002
TOKYO(February 19, 2002)--Nissho Iwai has participated in capital investment for the Cyber Village Project, an e-business for apartments, which has been carried out with a key role played by the Samsung Group, a major South Korean company.
The Cyber Village Project is based on a system that allows residents to perform facility and security system management over a network, such as confirming payment of household maintenance fees, via touch panel type mobile PC dedicated terminals (webpads) installed in each household and connected to local servers installed in each apartment complex.
Besides providing regular Internet functions, the webpad has features such as Internet banking, catering and ordering services from the agricultural cooperative association and shopping centers nearby, online appointments for hospitals and legal consultations and online reservations for golf driving ranges and sports clubs. Furthermore, the next generation webpads to be installed in new apartments, which are currently under development or for sale in lots, will provide home automation systems, enabling consolidated management of household electric appliance operations and the checking of their operations.
Samsung Corporation, the largest shareholder of Cyber Village Project operating body, CVnet Corporation Ltd., is the largest home developer in South Korea building between 10,000 and 20,000 households each year. The number of households that have Cyber Village in use is rapidly expanding, primarily in new apartments built by Samsung Corporation, and Cyber Village has been installed in over 30,000 households during the period from the January 2001, commencement of the service provision to the end of December 2001, resulting in the company's fiscal 2001 financial report ending in the black. In addition to the new and existing apartments built by Samsung Corporation, introduction of Cyber Village is planned for apartments developed by other top South Korean developers. Cyber Village is expected to achieve over 100,000 household users during fiscal 2003.
With the brand power of Samsung Corporation in apartment development, and technological backup from fellow stockholder Samsung Electronic Group, the biggest electronics manufacturer in South Korea, the Cyber Village Project has gained recognition as the biggest force in networked apartment management in South Korea, the cutting-edge broadband powerhouse in Asia. It is drawing attention from countries such as Hong Kong, China and Singapore, and aims to develop business giving consideration to the expansion of the said system in Asian countries.
1. Home networking
- Internet access service
- Catering services from the agricultural cooperative association and nearby shops
- Samsung Group product online shopping
- Home automation of household electric appliances
- Distribution of TV/movie clips and music information via the Internet
- Various services such as SOHO, daily life information portal services, entertainment information, etc.
2. Facility management
- Collection and safekeeping of maintenance fees through Internet banking
- Various online/offline maintenance operations
- Notification on home delivery and delivery management under network management
- Various notifications to residents via electronic bulletin boards
- Internet-linked remote medical diagnosis and legal consultations
- Electronic facility reservations (hospitals, golf driving ranges, sports clubs, etc.) both inside and outside the apartments
- Interface to security gates and TV interphones
< Outline of CVnet Corporation Ltd. >
Establishment: April 6, 2000
Head Office: Kanganam-ku, Seoul, South Korea
President: Kang Byong-Chang
Capital: 2.9 billion won (approximately 300 million yen)
-Samsung Corporation approx. 76 %
-Samsung Electronic Group approx. 17%
- Nissho Iwai Corporation approx. 7 %
-Approximately 15 billion won (approximately 1.5 billion yen) in the first year (2001)