[THE INVESTOR] Hyundai Motor Group has got final approval for the construction of its 596-meter high new headquarters in southern Seoul, almost three years after it was first proposed, the Land Ministry said on Jan. 8.
Korea’s largest automaker’s plan to build its new headquarters -- Global Business Center -- was authorized by the ministry’s central region planning committee. The latest decision comes after it faced numerous hurdles owing to safety issues resulting from the sudden concentration of population when the superstructure is erected in one of the busiest areas in Seoul.
The construction is slated to break ground in the first half of this year, after it receives the Seoul Metropolitan Government’s building permit.
The group purchased some 80,000-square-meters plot of land for 10.5 trillion won (US$9.9o billion) from Korea Electric Power Corp. in 2014 to raise the building in Samseong-dong.
As per its plans, the 105-story high-rise will be completed in 2023, serving as the new headquarters for 15 Hyundai affiliates and roughly 10,000 employees. It would also become the tallest skyscraper in Korea -- taller than the 555-meter Lotte World Tower.
By Choi Ji-won (firstname.lastname@example.org)