Otis to replace 279 elevators across 7 apartment complexes from Seoul to Jinhae

With more than half of South Korea's housing stock now over 20 years old, demand for elevator replacements in aging apartment complexes is growing. Otis Elevator Korea announced Monday it will replace 279 elevators across apartment complexes in the greater Seoul area and South Gyeongsang Province.

The company said it is carrying out the elevator replacement work at seven apartment complexes nationwide, covering Seoul, Gimpo, Incheon, Namyangju, Yongin and Jinhae in South Gyeongsang Province.

According to the Ministry of Statistics' 2025 Population and Housing Census, 56.0 percent of all housing units in South Korea were completed more than 20 years ago, with 30.6 percent exceeding 30 years. The aging of apartment buildings is expected to drive growing demand for the replacement of internal systems such as elevators.

Otis will replace key equipment tailored to the condition of each complex's elevators and building environment. The upgrades include new hoisting machines and door control units, as well as a switch from conventional steel ropes to coated steel "flat belts" designed to reduce noise and vibration during operation.

Control buttons and interior finishing materials inside and outside the elevators will also be replaced. Depending on the complex's preference, the entire interior of the elevator cab can be refurbished.

IoT-based management features are also available as part of the upgrade. Installing the digital solution "Otis ONE" enables remote monitoring of elevator conditions and early detection of anomalies, supporting ongoing maintenance.

Otis said it expects demand for mobility convenience and elevator safety within apartment buildings to keep growing, driven not only by aging housing stock but also by South Korea's expanding elderly population.

"As the elderly population in South Korea grows, the importance of safe and convenient mobility environments is becoming ever greater," said Jung Ji-hoon, CEO of Otis Korea. "Otis draws on its experience and global capabilities across a wide range of complex elevator modernization projects worldwide to deliver optimal solutions to our customers."

He added that the company would "help improve building performance while protecting long-term asset value through professional elevator installation capabilities and ongoing service."

Meanwhile, Otis' global headquarters has also begun a CEO transition. The company announced Tuesday that Chair and CEO Judy Marks plans to retire in the first half of 2027 once a successor is named, and the board has begun searching for her replacement.