Hyundai Motor’s Global Business Center to be built in eastern Seoul. (image: Hyundai Motor Group)
SEOUL, May 6 (Korea Bizwire) — Hyundai Motor Group plans to begin construction of its Global Business Center (GBC), the company’s new headquarters, in southern Seoul this month.
It is breaking ground six years after having purchased the land the buildings will stand on.
The South Korean automotive group filed paperwork with the Seoul Metropolitan Government for a schedule to begin construction of its new headquarters earlier this month. It is reported that the city will soon issue a construction permit.
The city issued a GBC building permit on Nov. 26 last year. At that time, the city set a schedule for construction to begin in the first half of 2020 and wrap up in the second half of 2026.
In 2014, Hyundai Motor Group purchased the former building of state-run utility Korea Electric Power Corp. for 10.5 trillion won (US$8.64 billion).
The GBC will become the nation’s tallest building with a height of 569 meters, seven basement floors and 105 above-ground floors.
When completed, the GBC will accommodate work facilities, lodging facilities, cultural and assembly facilities, with performance halls, assembly halls, exhibition halls, tourist rest facilities, and sales facilities.
Meanwhile, floors 104 and 105 of the high-rise tower building will be used as an observatory.
Hyundai Motor is pushing to jointly develop the GBC by attracting investors.
The schedule for the construction of the GBC has been delayed from original plans. The city’s licensing process took longer than expected.
The COVID-19 pandemic has also had an impact on the project. With international markets in turmoil, the company is having difficulty predicting future sales, making the investment in the new complex a more risky venture.
Hyundai Motor needs to focus on securing liquidity while also making investments for future competitiveness. The current economic climate is not favorable to finding joint investors for the development of the GBC complex.
For this reason, some predict that even if the company breaks ground, the completion of the construction could be delayed.
Kevin Lee (kevinlee@koreabizwire.com)
