This article was displayed on the ChosunBiz CSR site at 2:39 p.m., Mar. 23, 2026.
Hyundai Motor Group spent 471.9 billion won last year in public contributions related to the development of the Global Business Complex (GBC) in Gangnam, Seoul, according to confirmations. It is the largest amount on a single-year basis, and as the GBC project enters full swing, there is assessment that Seoul City's "record-breaking public contribution" is also picking up speed.
According to ChosunBiz reporting compiled on the 23rd, Hyundai Motor Group made total expenditure of 471.9 billion won last year under an agreement with Seoul City. It is the largest since public contributions began to be executed in 2020. By affiliate, Hyundai Motor shouldered 259.5 billion won, Hyundai Mobis 118 billion won, and Kia 94.4 billion won, respectively.
Hyundai Motor Group, through additional negotiations on the GBC project with Seoul City in Jan., agreed to set the aggregates of public contributions at 1.9827 trillion won. However, Hyundai Motor, considering potential future risks such as increases in raw material prices, labor costs, and land prices due to a prolonged construction period, added an extra buffer of about 600 billion won on its books. As a result, Hyundai Motor Group's cap on public contributions is 2.56 trillion won.
Public contribution is a system that returns part of the development gains arising from measures such as an upgrade in zoning during large-scale development of 5,000㎡ (about 1,512 pyeong) or more to the public. Oh Se-hoon, the Seoul mayor, introduced it in 2009. The GBC project is cited as the largest public contribution case on a single-project basis.
Hyundai Motor Group's execution of public contributions has surged recently. It stood at 16.5 billion won in 2020, 7.6 billion won in 2021, 29.6 billion won in 2022, and 88 billion won in 2023, but rose to 172.4 billion won in 2024, surpassing 100 billion won for the first time, and then jumped to 471.9 billion won last year. The amount put in over the past year alone exceeded the cumulative total of the previous five years.
A person familiar with the matter said, "In the beginning, most of the expenditure would have been for services related to upcoming construction," adding, "With that groundwork done, full-scale investment has been underway since last year."
GBC is a mixed-use development being built on the former Korea Electric Power Corporation site in Samseong-dong, Gangnam-gu, Seoul. Centered on three 49-story buildings, it will house office, lodging, exhibition, and performance facilities. Total project cost is estimated at about 5.2 trillion won.
On the front of Yeongdong-daero, a complex cultural space with exhibition halls and a performance venue will be created. The exhibition hall will present experiential content in collaboration with a world-class science museum, and the 1,800-seat performance venue will host a variety of performances including classical, opera, and musicals.
On the roofs of the lower floors, a garden of about 15,000㎡ (about 4,537 pyeong) will be created. At the center of the complex, a 14,000㎡ (about 4,235 pyeong) "urban forest" connecting Yeongdong-daero and the ground plaza will be provided. Larger than Seoul Plaza, and including the upper plaza, it will secure green space in the Gangnam core roughly twice the size of Seoul Plaza.
Public contributions are being invested in developing the underground space of Yeongdong-daero, remodeling Jamsil Main Stadium, expanding roads, and refurbishing the Han River and Tancheon waterfronts. Underground at Yeongdong-daero, a multi-modal transfer center will be built connecting GTX-A and -C with Subway Lines 2 and 9 and the Wirye–Sinsa Line.
This transfer center will be developed as a transportation hub where five rail lines meet. The Jamsil Main Stadium remodeling focuses on improving the spectator environment and expanding facilities for elite sports training and everyday sports. Road projects to ease traffic congestion around Samseong Station, including Olympic-daero and Dongbu Arterial Road, will proceed in parallel. A new pedestrian bridge connecting Gangnam and Jamsil will also be pursued through improvements to Tancheon and the Han River.
A Seoul City official said, "We will push ahead swiftly and without setbacks with GBC development and foster it as a key hub driving Seoul's future growth," adding, "By creating it as a complex space that combines office, culture, and transportation functions, we will enhance urban competitiveness and complete it as an iconic landmark representing the global city of Seoul."