Models show Pantech's new Vega S5 LTE smartphone at a launch in Seoul on Monday. /Yonhap

A new smartphone jointly developed by Pantech and SK Telecom will be released next week, a Pantech press release said Monday. It will come with a five-inch screen and a 13-megapixel camera.

Based on a survey on consumer preferences, the Vega S5 LTE reflects demand for models that are small enough to fit comfortably in the palm of their hand while also offering a large screen, which was achieved by minimizing the screen frame, according to the press release.

The phone is 69.8 mm wide, compared to other smartphones with five-inch screens that are normally 82.95 mm to 90.4 mm wide.

It also boasts a high-resolution camera, the clearest among smartphones currently available in Korea. Previously, one of Samsung Electronics' handsets had a 12-megapixel camera.

Pre-orders for the Vega S5 can be made from Wednesday through Friday via SK Telecom's website.