The Hyundai Motor Group has modified the development plan for the Global Business Complex (GBC) in Samseong-dong, Gangnam-gu, Seoul, reducing the originally planned 105-story building to 54 stories. On February 21, the Seoul Metropolitan Government announced that it had received a proposal from Hyundai Motor Group to change the development plan. Initially, during a preliminary negotiation in 2016, the GBC was planned to be a 105-story (561m high) building, including offices, a hotel, and international-level exhibition and convention facilities on the former Korea Electric Power Corporation site (79,341.8㎡).
In February of the previous year, Hyundai proposed a revised plan with 55 stories. However, the Seoul city government pointed out that they had offered public contribution incentives for a landmark high-rise. Consequently, Hyundai withdrew its proposal in July.
Hyundai has now submitted a further revised proposal to lower the GBC to three 54-story buildings (242m high). Given the comprehensive changes from the initial negotiations, Seoul plans to conduct additional negotiations through a negotiation and coordination committee according to relevant laws and guidelines. This process is expected to reclaim the public contribution incentives initially offered.
The city will form a negotiation and coordination committee consisting of experts, civilians, and public officials to promptly proceed with additional negotiations regarding the GBC site and will push forward a district unit plan change based on the negotiation results. Kim Chang-gyu, head of the Seoul Urban Balanced Development Headquarters, highlighted the importance of the Hyundai GBC for the development of Seoul’s southeast international exchange complex district and emphasized the city’s commitment to efficient administrative processes to enhance urban competitiveness and create quality future jobs.
Meanwhile, GBC received construction approval from the Seoul city in November 2019 and commenced in May 2020. Initially, it was expected to take four and a half years from start to completion; however, it is still in the early excavation stage.