Induced from government policy to boost regional economic competitiveness, regional informatization forming e-community has been the subject included in the various regional informatization master plans in Korea. However, few cases are reported for its successful implementation mainly due to the lack of profitable business model to encourage investment. On the other hand, most efforts to build smart apartments, part of the home networking in a broad sense, has been pursued from the different directions. Telecommunication giant such as Korea Telecom tries to find new source of revenue exploiting enhanced broad band technology. Also, construction companies started constructing housing complexes equipped with built-in high speed network infrastructure as a means to differentiation to other competitors. The contents providing community portal has become mandatory in the sense of bearing the cost from customer side who are willing to adopt those services for new smart house. Our research motivation stems from exploring critical value aspects of realizing the profitability of this emerging new business model, that is, industry convergence model. In this paper, mainly from the survey results of the Korean smart apartment complexes, we reported recent home networking services development in Korea, and value propositions from the business model perspective. Merged business model components of telecommunications, construction, and internet contents are analyzed to provide the insights for future directions.