Hyundai Motor GBC Floor Plan Changed from 105 to 70... Gangnam-gu and Residents Oppose

Gangnam-gu and Nearby Residents Oppose Design Change Plan to Lower Height for Hyundai Motor's Plan to Build 2-3 Buildings of 70 Floors Instead of One 105-Floor Building

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jung Soon-gyun) and the residents of Gangnam-gu announced on the 20th their strong opposition to the design change plan for the Samsung-dong Global Business Center (GBC) new construction project, which Hyundai Motor Group (hereafter Hyundai) is reportedly considering.

Jung Soon-gyun, Mayor of Gangnam-gu, stated, “The construction of the GBC is a future investment project driving the national economy and a symbol for the next 100 years,” adding, “It must be built according to the original plan.”

Residents and merchants in the Samsung-dong area, who have endured sales declines over the past six years due to various regulations, are also opposing the design change plan and are showing signs of a signature campaign against it.

According to the basic and detailed design plans for the GBC, which will become a landmark of the Republic of Korea, a 105-story tower, one building for accommodation and office facilities, and a total of five facilities including exhibition, convention, and performance halls will be constructed on the former Korea Electric Power Corporation site (74,148㎡), with completion targeted for 2026.

However, Hyundai is reportedly considering changing the design to build two to three 70-story buildings instead of a single 105-story tower, citing investment effects and cost reduction as reasons.

The GBC is the core of the International Exchange Complex District, a key development project of Seoul City that integrates the Yeongdong-daero complex development and the Jamsil MICE (Meetings, Incentives, Conferences, and Exhibitions) district. Recently, with the extension of the SRT (Super Rapid Train) from Suseo Station to the Samsung Station Complex Transfer Center becoming possible, the largest underground city in Korea, equivalent to 35 Jamsil Baseball Stadiums, is expected to be built, connecting the GBC, COEX, and the underground space of Yeongdong-daero.

When the site was purchased in September 2014, Hyundai Honorary Chairman Chung Mong-koo also stated, “This is an essential investment for the future and a project looking ahead 100 years.”

Jung Soon-gyun, Mayor of Gangnam-gu, said, “The construction of the GBC, along with the large-scale development project in the Yeongdong-daero area, is expected to create 1.25 million jobs and generate an economic effect worth 268 trillion won,” adding, “Gangnam-gu and its residents strongly urge Hyundai to proceed with the GBC new construction project according to the original plan for the future and economic development of the Republic of Korea.”