Hyundai Motor Group has officially revised its plan for the highly anticipated Global Business Complex (GBC), shifting from a single 105-story skyscraper to a trio of 54-story towers. This development will take place on the former Korea Electric Power Corporation (KEPCO) site in Samseong-dong, Gangnam-gu, Seoul.
Changes in the GBC Project
The Seoul Metropolitan Government announced on the 21st that it received a revised development proposal from Hyundai Motor Group, reflecting adjustments to the project’s scale and design. The new plan consists of three buildings, each standing at 242 meters (54 floors), with a mixed-use purpose including office spaces, accommodations, commercial areas, cultural facilities, and an observatory.
Initially, Hyundai Motor Group envisioned a 105-story, 561-meter tower on the 79,341㎡ site, which was proposed in 2016. The original plan included business offices, a hotel, exhibition and convention centers, and performance halls. However, escalating construction costs prompted a reevaluation of the project’s feasibility.
Why the Change?
In February 2023, Hyundai Motor Group submitted a revised proposal to reduce the structure to two 55-story buildings. However, the Seoul Metropolitan Government did not approve the proposal, emphasizing the need for further design negotiations. After withdrawing the proposal in July 2023, Hyundai resubmitted the current plan for three 54-story towers.
Future Negotiations and Development
The Seoul Metropolitan Government will facilitate additional discussions regarding the GBC site through a specialized negotiation coordination council comprising experts from both the private and public sectors. Once the negotiations conclude, the process for modifying the district unit plan will proceed accordingly.
Kim Chang-gyu, head of the Seoul Metropolitan Balanced Development Division, stated, “We will proceed with prior negotiations and administrative procedures as efficiently as possible, considering the challenges posed by the current economic downturn and construction industry recession.”
Implications for Seoul’s Skyline and Economy
This adjustment to the GBC project aligns with current market trends, prioritizing financial feasibility while still contributing to Seoul’s urban development. Once completed, the GBC complex is expected to bolster Gangnam’s commercial appeal, stimulate job creation, and enhance the city’s global business environment.
As negotiations progress, stakeholders will be closely monitoring the finalization of the plan and its long-term impact on Seoul’s skyline and economy. Stay tuned for further updates on the Hyundai Global Business Complex.
News Source: ETNews
