LG Electronics will release an LTE smartphone costing less than W300,000, in signs that even status-conscious Korea now has a sizeable market for cheaper phones (US$1=W1,022).
Although some 3G smartphones in this price range are sold here, it is the first time for a LTE smartphone to come with such a low price tag.
The LG F70 will hit the market on Wednesday and cost W279,400.
It has a 4.5-inch screen and a 1GB RAM memory. Although it lags behind cutting-edge models from rival manufacturers in terms of specifications, it comes with all the major features of LG's other smartphones such as the G2 and G Pro 2.
"Due to high demand for cheap smartphones, we're looking at ways to cut the prices of some of future models to the level of the F70," a company spokesman said.
Pundits expect that the F70 will bring down the price of smartphones overall. When Pantech and Sony recently unveiled their premium smartphones -- the Vega Iron 2 and Xperia Z2 -- they cut the gadgets' prices by W50,000-W100,000 compared to their previous premium models.