Hyundai takes business global

Nick Myall
Tuesday 01 Mar 2016

A start date has been set for the Hyundai Global Business Center in Seoul, South Korea

Seoul city officials in South Korea announced in February that Hyundai Motor Group will start building a 105-storey skyscraper in the city in early 2017. The company has appointed Korean architect Kim Jong-Sung as the head of the multibillion-dollar project.

The 82-year-old architect, part of the first generation to develop the nation’s modern architecture, will coordinate various architecture projects developed for a landmark multipurpose business complex on the 79,342 sq m site, the company officials said.

The massive building plan for the Hyundai Global Business Center complex was finally agreed between the Seoul metropolitan government and Hyundai Motor (the world's fifth-largest automotive conglomerate) after six months of preliminary negotiations. It will take shape on land that Hyundai bought from Korea Electric Power Corporation (KEPCO) in 2015.

According to the Council on Tall Buildings and Urban Habitat the two parties had participated in a series of meetings to review Hyundai's construction proposal and to discuss the impact that the building plan will have on traffic and the surrounding environment.

Both sides also agreed that the auto group will pay KRW?1.74 trillion (USD $1.42 bn) in public contribution to the city government for the business group to change the use of the land site from "residential" to "commercial," a major process needed to get the construction project off the ground.

Construction is planned to begin in early next year after all the necessary permit and documentation procedures are completed by city administration. Hyundai aims to finish construction by 2021.

The main building will be 553m in height. It is planned to include business offices, a convention centre, a hotel, and a shopping area. The 105-storey main tower of the complex will house the Global Business Centre – with a gross floor area of 560,000 sq m – and will include an observation platform on the building's 104th and 105th floors. 

Five other separate buildings will also be built for a total floor area of 920,000 sq m in the complex. These additional structures will include a 40-storey building for hotel and business offices; a three-storey building designated for international standard exhibitions; a three-storey convention centre; a seven-storey building for performances; and an eight-storey building for sales facilities.

The group expects that the complex will have a multi-trillion Korean won production inducement impact.

Nick Myall

News Editor

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