The Samsung Group had also bid for the land but apparently submitted a lower bid than Hyundai. Adding various taxes, construction costs and other expenses, the total investment will go up to W20 trillion.
Hyundai in a statement said it hopes the new plot will become a global business hub, symbolizing a “second leap forward” for the company.
South Korea’s top automaker says its new headquarters will be large enough to house around 30 affiliates under one roof as it will contain two 30-story buildings accommodating 18,000 staff. It will also build an automobile theme park modeled after auto giant Volkswagen’s Autostadt.
Hyundai also plans to build a hotel, convention center and other facilities and shopping complexes to shape a new hub for conferences and exhibitions.