Tall & Urban News

The administrative procedures have been completed to erect what could be the new tallest building in Korea, after Hyundai Motor Group applied for the construction of its new headquarters, dubbed Global Business Center, (GBC), with the Seoul Metropolitan Government.

The much-delayed construction could start within the year, as the Central and Seoul governments have already promised approval.

Last month, the city decided to shorten its approval process and follow-up administrative action to less than five months to fast-track construction of GBC, as part of measures to revitalize the local economy.

Hyundai Motor Group purchased some 80,000 square meters of land from state-owned Korea Electric Power in 2014 for 10.5 trillion won ($9.3 billion) to build a 105-story high-rise as its new headquarters. But the construction had been delayed several times by an advisory board that oversees metropolitan area planning, fearing the impact of the skyscraper on congested areas in southern Seoul.

The construction of a 569-meter skyscraper, which would be taller than the 555-meter Lotte World Tower, is expected to affect other large construction projects pending in the vicinity of Gangnam. The multi-functional building complex will accommodate office space and commercial premises such as conference and exhibition spaces, hotel and shopping facilities. Construction will be undertaken by Hyundai Engineering & Construction Co. and Hyundai Engineering Co.

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