Gangnam-gu Mayor Jeong Soon-gyun Requests Meeting with Hyundai Motor Chairman Chung Eui-sun Regarding GBC

Gangnam-gu, Economic Impact Halved by 105-Story Change, Community Harm ... "Prioritizing Corporate Profit Over Regional Development" Claims

Jung Soon-kyun, Mayor of Gangnam District

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jung Soon-gyun) pointed out on the 24th regarding the Samsung-dong Global Business Center (GBC) that "Hyundai Motor Group (hereafter Hyundai Motor) is prioritizing the interests of the company and investors while neglecting regional development," and requested a meeting with Hyundai Motor Chairman Chung Eui-sun, urging that "the GBC should be constructed as originally planned with 105 floors."

The basic and detailed design plan for Hyundai Motor's GBC, which is set to become a landmark of South Korea, aimed for completion in 2026 on the former Korea Electric Power Corporation site (74,148㎡). The plan included one 105-floor (569m) tower above ground, one building for accommodation and office facilities, and five facilities such as exhibition, convention, and performance halls. However, according to the company's explanation and recent reports, Hyundai Motor is reportedly considering design changes to reduce the number of floors to either two 70-floor towers or three 50-floor towers.

The Seoul Metropolitan Government has been confirming and promoting the project based on Hyundai Motor's plans, including public contributions and improvements to the surrounding environment. Gangnam-gu stated that related agencies, private investors, and local residents who have been involved in the development based on this are expressing confusion over the design change review without prior consultation.

Previously, after purchasing the site in 2014, Hyundai Motor went through basic and detailed design stages and initially planned to build a 115-floor building but revised it once to 105 floors in 2015.

If the change is finalized, the creation of 1.25 million jobs and the economic effect amounting to 268 trillion won will be halved, and delays in construction due to re-approval procedures will inevitably cause damage to nearby merchants and Gangnam residents who are already struggling due to COVID-19.

Jung Soon-gyun, Mayor of Gangnam-gu, emphasized, "Hyundai Motor's GBC, as a global leading company, should become a 'symbol of the new 100 years' as emphasized by Honorary Chairman Chung Mong-koo," and repeatedly urged the original plan to be pursued. He pointed out, "Hyundai Motor should not excessively pursue only its own interests but become a company that fulfills its social responsibility by accepting the demands of stakeholders and coexisting with the local community."