Hyundai Motor Company’s GBC, which was to be raised to the 105th floor, will be split into 2 or 3 buildings

Input 2021.01.20 09:33 | Revision 2021.01.20 10:16

Hyundai Motor Company (005380)The group is considering building a new Global Business Center (GBC) in Samseong-dong, Gangnam-gu, Seoul into three 50-story buildings or two 70-story buildings. Originally, it was planned to be built with one 105-story building.

GBC design original draft Korea Electric Power (015760)On the site (74,148m2), five facilities including one 105-story tower building (569m), one lodging and business facility, and an exhibition, convention, and performance hall will be built. It was originally planned to build a 115-story building, but in 2015 the plan was revised and lowered to 105 stories. Upon completion of the original plan, GBC will surpass the 2nd Lotte World (555m) and become the tallest building in Korea.

Honorary Chairman Chung Mong-koo, after visiting the GBC site in 2016, said, “GBC is the symbol of the new 100 years of Hyundai Motor Group and the center of realizing the dream of becoming a top-notch company.” In 2014, Hyundai Motor Company bought the former KEPCO site in Samseong-dong for 1.55 trillion won, more than three times the appraised value.

However, restrictions on the operation of the air force according to the height of the building and controversy about the violation of the sun rights of Bongeunsa Temple in Samseong-dong were raised. Lowering the floor height can reduce the construction cost burden and expand investment in the future mobility field.

The basic design of GBC is being carried out by Skidmore Owings & Merrill (SOM), a world-renowned architectural design company, and the changes to be prepared by SOM will be reviewed by Hyundai Motor Group affiliates such as Hyundai E&C and submitted to the city of Seoul. The Hyundai Motor Group is also considering a plan to establish a UAM take-off and landing area in the tower, the core of future new business.

The GBC project was approved by the Seoul Metropolitan Government in May of last year after 6 years of land purchase. The Seoul Metropolitan Government and Hyundai Motor Group also signed an agreement to implement public contribution worth KRW 1.74 trillion. The Hyundai Motor Group is expected to promote joint development by establishing a special purpose corporation (SPC) with external investors in order to relieve the investment cost burden, which is estimated at 3.7 trillion won.

The Seoul city’s position is that if the agreement on the implementation of public contributions is maintained, the design change is no problem. However, residents in Gangnam-gu and nearby Seoul are protesting. Gangnam-gu Commissioner Jeong Soon-gyun demanded that Hyundai Motor Company should build GBC according to the original plan in order to create the economic effect of the 105-story tower construction.