Hyundai Motor Group will change its plan to construct the Global Business Complex (GBC) in Samsung-dong, Gangnam-gu, Seoul, from one 105-story building to three 54-story buildings.
The Seoul city government noted on the 21st that it received a proposal for a development plan change from Hyundai Motor Group, the developer of the GBC project.
In 2016, during preliminary negotiations, Hyundai Motor Group announced plans to develop a 105-story (561m tall) office building along with a hotel, exhibition and convention facilities, and a performance hall on the former KEPCO site in Samsung-dong, covering an area of 79,341.8 square meters.
Subsequently, in February of last year, Hyundai Motor Group submitted a proposal for a change in the development plan but retracted it in July of the same year to supplement the plan's details, and now it has submitted a revised proposal to the Seoul city government, changing to a plan for three buildings, each 54 stories (242m tall).
The Seoul city government plans to conduct additional negotiations through a negotiation adjustment council in accordance with related local government ordinances and guidelines. It also plans to advance the decision-making process for changing the district unit plan reflecting the results of future negotiations.
Kim Chang-kyu, head of the Seoul Balanced Development Headquarters, said, 'Although Hyundai's GBC is a key project in the international exchange complex district, which is a focal point for development in southeastern Seoul, construction has been slow for a long time since the original decision was made.' He added, 'In the face of a difficult economic outlook, including a construction industry recession, we will do our best to carry out administrative procedures, including preliminary negotiations, as efficiently as possible to enhance Seoul's urban competitiveness and create quality future jobs.'