Seoul City Blocks GBC '105 Floors to 55 Floors' Change Plan... "Hyundai Motor Must Implement Original Plan"

Poetry, Additional Negotiations on Design Change Proposal Underway
Increased Possibility of Construction Delays

The plan by Hyundai Motor Group to reduce the maximum number of floors of the Global Business Center (GBC) in Samseong-dong, Gangnam-gu, Seoul, from the original 105 floors to 55 floors has been halted. The Seoul Metropolitan Government maintains its position that Hyundai Motor Group must promptly implement the original agreement to build a 'super-tall landmark.'

According to the Seoul Metropolitan Government on the 2nd, the city is pursuing additional negotiations with Hyundai Motor Group regarding the GBC design change proposal. A city official explained, "Since there have been significant changes from the initial negotiation terms between Hyundai Motor Group and the Seoul city government, we proposed additional negotiations to Hyundai Motor Group in accordance with the preliminary negotiation system procedures." He added, "The validity of the design change must first be proven. Considering the company's conditions and environment, we intend to listen to Hyundai Motor Group's side."

Hyundai Motor Group Global Business Center (GBC) 105th Floor New Building Rendering /

The GBC refers to the large-scale new headquarters that Hyundai Motor Group is promoting on the former Korea Electric Power Corporation site in Samseong-dong, Gangnam-gu, to strengthen its research and development (R&D) capabilities. Originally, the plan was to build five buildings on a 79,342㎡ site: one 105-floor tower, one 35-floor accommodation and office facility, and three buildings of 6 to 9 floors for exhibition, convention, and performance halls. In 2016, through preliminary negotiations, the city upgraded three types of residential zones to general commercial zones, significantly increasing the floor area ratio limit. After receiving building permission in 2019, construction began in May 2020. However, Hyundai Motor Group later reconsidered the plan due to soaring construction costs and submitted a proposal to the city in February to change it to two 55-floor towers and four low-rise buildings.

The city insists that Hyundai Motor Group must implement the super-tall building plan as originally negotiated. A city official stated, "Incentives such as increased floor area ratio and eased public contributions (donations) were all provided on the premise of constructing a 105-floor building," adding, "We hope that the construction of the 'super-tall landmark' will proceed swiftly according to the 2016 preliminary negotiation results."

With Hyundai Motor Group's design change proposal effectively rejected, the completion of the GBC is expected to be further delayed. A city official said, "Since the likelihood of approving the change proposal is low, the construction period is expected to be extended."