Hyundai Motor Group has received the green light to begin construction of its new headquarters, dubbed the Global Business Center, in Samseong-dong in Seoul in the first half of next year.
Targeting for 2026 completion, the automaker said it has reached a phased agreement deal with the Defense Ministry and received municipal approval.
The project was initially scheduled to start construction in December 2016 but it hit a snag for years due to concerns over national safety in cases of air-to-air combat.
According to the finalized agreement, the automaker will be responsible for the total construction cost of the 105-story building. At the halfway mark, when construction of the building has reached around 260 meters high, the plan has to be further discussed.
The agreement also states that the Seoul Metropolitan Government can halt the project if the automaker does not abide by the deal.
When completed, the GBC will serve as the new headquarters for 15 Hyundai affiliates and roughly 10,000 employees.
Planned construction of GBC (Hyundai Motor)
With a height of 569 meters, the GBC would become the tallest skyscraper in Korea, taller than the 555-meter Lotte World Tower in Jamsil.
By Kim Da-sol (firstname.lastname@example.org