[Oh Se-hoon 2nd Anniversary] "Hyundai Motor GBC 55th Floor Construction Is a New Plan... It's Common Sense to Re-discuss"

Reconfirming Position on GBC Design Change Renegotiation
"Creating a Model Case Where Moa Town Speculators Suffer Losses"
"Instructed to Squeeze Every Possible Cost Reduction Like Wringing a Dry Towel"

Seoul Mayor Oh Se-hoon clearly stated that if Hyundai Motor Group's Global Business Center (GBC) design plan is changed from 105 floors to 55 floors, additional negotiations including public contributions will be necessary.

On the morning of the 1st, Mayor Oh Se-hoon is answering questions at a press conference held at Seoul City Hall to mark the second anniversary of his inauguration.

At a press conference held at Seoul City Hall on the morning of the 1st to mark his second anniversary in office, Mayor Oh said, "The new construction plan presented by Hyundai Motor Group is completely different from the existing plan. It is not about lowering from 100 floors to 90 floors, but a new plan," adding, "Dividing one supertall building into several parts and reducing the number of floors to less than half?how can that be the same plan?"

He stated, "If a different plan has been made, it is common sense and a rational judgment to newly discuss (public contributions, etc.) accordingly," and added, "I have been informed that such a consensus is forming at the working level, and as always, I will emphasize the principle."

Seoul City maintains the position that if Hyundai Motor Group refuses additional negotiations regarding the proposed plan change, development must proceed according to the original plan.

Mayor Oh said he will seek ways to reduce construction costs to resolve the issue of slow progress in redevelopment projects due to the ongoing housing supply shortage in Seoul and rising construction costs.

He said, "Redevelopment and reconstruction projects, which had just started to gain momentum, have encountered obstacles due to rising costs (construction expenses), and I feel the pain more than anyone else every day," adding, "I have instructed to look for any parts of the construction costs that Seoul City can influence to reduce, squeezing out every drop like wringing a dry towel."

He continued, "The construction industry is complaining so much, and while there is some truth to it, not everything may be correct," and said, "Seoul City will do its utmost to find even small parts where construction costs can be lowered and has reaffirmed its determination to reduce costs and do its best."

He also expressed a firm stance on severely punishing speculative forces in Moa Town who split their shares. Recently, there have been groups buying plots and splitting shares, claiming that road prices within the Moa Town area have increased about 100 times.

Regarding this, Mayor Oh said, "Speculative real estate investors have misjudged the location. That land (alley) will be excluded from the project implementation area, and such alleyways will remain as current roads. Those who invested will regret it deeply."

He added, "It is desirable for society to impose penalties on those who exploit loopholes in the system or try to achieve their goals through improper means," and said, "If a system is created with potential abusers in mind, it will always be distorted, so it is important to implement good systems while operating them so that those who exploit gaps suffer disadvantages."

In addition, Mayor Oh proposed a plan to supply 4,396 long-term rental housing units over three years and then 4,000 units annually thereafter to ensure housing stability for newlyweds.