Hyundai Motor Group Expects Permit Approval in Second Half of Next Year
Cumulative Investment of 19.5 Trillion KRW and 56,000 Jobs by 2030
Design Revised to Two 50-Story Buildings
Expected to Attract Tourists as a Seoul Landmark
Project Acceleration Could Revitalize Nearby Commercial Areas
Hyundai Motor Group's plan to establish the Global Business Center (GBC) on the site in Samseong-dong, Gangnam-gu, Seoul, is expected to gain momentum. The GBC is anticipated not only to serve as a landmark representing Seoul but also to contribute to national economic revitalization through job creation and boosting economic vitality.
On the 27th, Hyundai Motor Group stated, "Once the Seoul Metropolitan Government completes the approval process for the design change plan in the second half of 2025, construction will commence in earnest." The investment related to this is expected to reach 4.6 trillion KRW over three years until 2026, with new employment effects estimated at 9,200 jobs.
Hyundai Motor Group revealed that the cumulative investment in the GBC project until 2030 will total 19.5 trillion KRW, with cumulative employment reaching 56,000 people. Previously, the Urban Administration Association estimated the economic effects of the GBC project to include a production inducement effect of 265 trillion KRW, employment inducement effect of 1.22 million people, and tax revenue increase of 1.5 trillion KRW.
In February, Hyundai Motor Group submitted a design change proposal for the GBC project to the Seoul Metropolitan Government. The original plan envisioned a 105-story tower and low-rise buildings for cultural and convenience facilities, but the revised plan dispersed the buildings into two towers of about 50 stories each.
This design change reflects Hyundai Motor Group’s future strategy while minimizing national security concerns such as military operation restrictions and safety risks including fire and disasters. Hyundai Motor Group plans to concentrate the reduced investment costs from this design change into other new businesses. These include developing landmark designs in collaboration with world-class architects, applying eco-friendly carbon reduction technologies, and investing in Hyundai Motor Group’s next-generation mobility sectors (UAM, PBV, robotics).
Hyundai Motor Group expects that once completed, the GBC will become the core space and landmark of the Seoul International Exchange Complex District. As a global landmark combining world-class exhibition, sales, hotel, and performance venues, it is expected to generate employment and attract a large number of tourists. Additionally, as the project accelerates, it is anticipated to help revitalize nearby commercial districts and facilitate the smooth execution of the 'Seoul International Exchange Complex District Project,' which will transform the central axis of Gangnam.
Experts predict that the new GBC design plan, which maintains the framework of the original plan while focusing on architectural changes such as building height and design, will expedite the approval process. A construction industry official said, "The GBC site is designated as a general commercial area, and changes to the land use zone and agreements on the scale of public contributions have already been made. Major urban planning matters such as floor area ratio, building coverage ratio, and land use have also been decided," adding, "If the design change plan complies with urban planning regulations, the approval process can be simplified."
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