Hyundai Motor GBC to Break Ground This Month... Six Years After Purchasing KEPCO Site

Hyundai Motor Group Global Business Center (GBC) 105th Floor New Building Rendering /

[Asia Economy Reporter Kim Yuri] Hyundai Motor Group plans to begin construction this month on its new headquarters, the Global Business Center (GBC), in Samseong-dong, Gangnam-gu, Seoul. This comes about six years after purchasing the former KEPCO site.

According to industry sources on the 6th, Hyundai Motor Group recently submitted the GBC construction notification to the Seoul city government with a schedule to start construction this month. The city is expected to issue the construction permit as early as today.

The city issued the GBC building permit on November 26 last year. The schedule was to start construction in the first half of 2020 and complete it in the second half of 2026. However, there was a condition that before the GBC, with a height of 569m, exceeds about half of that height at 260m, a plan to resolve the military's operational restrictions must be established. Hyundai Motor Group is reported to have recently agreed to pay costs to the Air Force to purchase new radar systems in relation to this matter.

Hyundai Motor Group purchased the former KEPCO site in September 2014 for 10.55 trillion KRW. The GBC is being built on a 74,148㎡ site at 512 Yeongdong-daero, Gangnam-gu, Seoul, with a building area of 34,503.41㎡ and a building coverage ratio of 46.53%. It is planned to have 7 basement floors and 105 above-ground floors, with a total floor area of 913,955.78㎡ and a floor area ratio of 783.72%. Once completed, it will be the tallest building in Korea. The GBC will consist of office buildings, a hotel, exhibition and convention facilities, and a performance hall. The 104th and 105th floors of the high-rise tower will be used as observation decks.

Hyundai Motor Group will contribute approximately 1.7491 trillion KRW in public contributions as part of the GBC development. This includes nine projects such as the complex development of the underground space along Yeongdong-daero and the remodeling of Jamsil Main Stadium.

This content was produced with the assistance of AI translation services.