Hyundai Motor’s new HQ to be completed by 2026

Hyundai Motor Group said Wednesday it will complete the construction of its new headquarters in Seoul by 2026 after breaking ground early next year.

On Tuesday, the Seoul Metropolitan Government granted permission for the construction of the 105-story Global Business Center (GBC) in southern Seoul after Hyundai Motor agreed to present measures that will ensure the building does not interrupt the Air Force’s flight operations.

If completed, the GBC will be the country’s tallest building - taller than Lotte World Tower, which is in eastern Seoul.

It will accommodate offices, hotels, stores and performance and exhibition halls.

Hyundai Motor now plans to set up a special-purpose company and attract investors to jointly develop the GBC and related facilities, a company spokesman said.

In 2014, Hyundai Motor Group purchased the former building of state-run utility Korea Electric Power for 10.55 trillion won ($9 billion).

Yonhap