"Hyundai Motor GBC Amendment Plan Expected to be Submitted Next Month... Seoul City Calls for Renegotiation on Public Contributions"

The design modification plan for Hyundai Motor Company's new headquarters, the Global Business Complex (GBC), scheduled to be built in Samseong-dong, Gangnam-gu, Seoul, is expected to be released next month.

A Seoul city official stated on the 22nd, "The business plan proposal was submitted last year but voluntarily withdrawn in July and is currently being revised. It is expected to be resubmitted in February," adding, "Once the modification plan is submitted next month, negotiations will proceed accordingly."

Hyundai Motor Group's plan for the 55-story Global Business Complex (GBC) announced in July last year

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Hyundai Motor is reportedly preparing a design plan of around 55 floors, similar to the originally submitted plan. Hyundai Motor overturned the previous GBC plan of 'one 105-floor building' and submitted a new plan to the city last July for constructing 'two 55-floor buildings.' The submission of the design modification plan, initially scheduled by the end of last year, has been delayed by about two months.

The city plans to discuss public contributions and the appropriateness of the plan changes once the modification plan is submitted. A city official explained, "Mayor Oh clearly announced last July that design changes are subject to renegotiation, and there has been no objection to that. (Due to the design changes) there may also be changes to the previously determined public contribution amount."

The public contribution amount for Hyundai Motor's GBC construction was approximately 1.7 trillion won based on the 105-floor building plan. However, since land prices and other factors have increased since the preliminary negotiations in 2016, the public contribution amount is expected to rise significantly. Although the public contribution items were set based on the 105-floor plan, some incentives may be adjusted as the number of floors decreases.

Considering the prolonged delay of the project, Seoul city intends to expedite related procedures such as negotiations and urban management plan decisions to shorten the project duration.

Hyundai Motor's GBC public contribution funds will be invested in projects such as the remodeling of the Jamsil Main Stadium, which is currently undergoing infrastructure construction.

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