Hyundai Motor will invest 3.7 trillion won (US$3.27 billion) in the construction of its new 105-story office building, which is expected to house 15 main affiliates and 10,000 employees. (image: Hyundai Motor Group)
SEOUL, Dec. 18 (Korea Bizwire) — The construction of Hyundai Motor Group’s new Global Business Center (GBC) is expected to be fast-tracked after the government indicated it would accelerate deliberations related to the project in its economic policy direction for next year.
The government said deliberations on Hyundai Motor’s GBC project, which will be built in the Gangnam-gu neighborhood of Samseong-dong, are expected to wrap up in January 2019 to stimulate corporate investment.
Hyundai Motor will invest 3.7 trillion won (US$3.27 billion) in the construction of its new 105-story office building, which is expected to house 15 main affiliates and 10,000 employees. The building is expected to stand 569 meters tall.
Thus far, the project has been shelved three times by the Seoul Metropolitan Council.
The committee requested discussions with the Ministry of National Defense since high-rise buildings can interfere with combat flights, as well as countermeasures to offset population concentration concerns caused by building a 105-story office building in Gangnam.
The discussions with the Ministry of National Defense have been smooth, but there has been no clear proposal to deal with the population concentration issue, which has tied up recent deliberations.
The Ministry of Land, Infrastructure and Transport will hold a meeting this week to discuss ways to reduce the population density problem resulting from the construction of the GBC.
The deliberation process for the GBC will be almost complete when it receives the approval of the Seoul Metropolitan Council, as it has already passed other impact assessments.
Hyundai Motor expects construction of the GBC to wrap up in 2023 if ground is broken early next year. Hyundai Motor reacted cautiously to the developments, saying that the deliberation process was still ongoing.
Kevin Lee (kevinlee@koreabizwire.com)
