This graphic provided by the Seoul city government shows Hyundai Motor Group’s envisioned Global Business Complex project. (Yonhap)
SEOUL, Jan. 6 (Korea Bizwire) — Hyundai Motor Group plans to develop a new headquarters complex in southern Seoul comprising three 49-story towers by 2031, following a revised agreement with the Seoul city government, city officials said Tuesday.
The updated plan replaces Hyundai’s earlier proposal for a single 105-story skyscraper, which ran into regulatory obstacles including height limits tied to military flight operations. Negotiations over the redesign, infrastructure requirements and public contributions were concluded last week, the city said.
The Global Business Complex, to be built across from the COEX convention center in Seoul’s Gangnam district, will rise to a maximum height of 242 meters and include eight underground levels. The development will house corporate offices, a hotel and cultural facilities such as exhibition and concert halls.
This graphic provided by the Seoul city government shows Hyundai Motor Group’s envisioned Global Business Complex project. (Yonhap)
Plans include a 15,000-square-meter elevated garden approximately 40 meters above ground, as well as an 1,800-seat concert hall designed to host musicals, operas and other performances. A separate 14,000-square-meter ginkgo park is intended to link the site to Yeongdong-daero, one of Seoul’s busiest thoroughfares.
As part of the agreement, Hyundai Motor Group agreed to raise its public contribution related to the project to 1.98 trillion won ($1.37 billion), up from a previously proposed 1.74 trillion won.
Construction costs for the complex are estimated at 5.24 trillion won, according to city officials.
Kevin Lee (kevinlee@koreabizwire.com)
