Hyundai to revive Global Business Center project after years of starts and stops

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Hyundai to revive Global Business Center project after years of starts and stops

Published: 06 Jan. 2026, 22:37 Updated: 07 Jan. 2026, 16:57

Audio report: written by reporters, read by AI

An aerial view of the Global Business Center to be built at the former Korea Electric Power Corporation site in the Samseong-dong neighborhood of Gangnam District, southern Seoul [SEOUL METROPOLITAN GOVERNMENT]

Hyundai Motor Group is reviving its long-stalled Global Business Center (GBC) project at the site of the former Korea Electric Power Corporation (Kepco) in Samseong-dong, southern Seoul, with a scaled-down design and a new completion target of 2031.

The Seoul Metropolitan Government announced Tuesday that it had finalized additional negotiations with the automaker on Dec. 30 of last year, clearing the way for construction to resume. The group plans to invest 5.24 trillion won ($3.63 billion) into the development.

Hyundai originally acquired the former Kepco site for 10.55 trillion won in 2014. An initial agreement with the Seoul city government in 2016 allowed for a 105-story, 561-meter (1,840 feet) megatower housing offices, a hotel and cultural facilities. The construction technically began in 2020, but the project came to a halt after completing only the foundation, as Hyundai wished to scale down the design.

Discussions to reduce the building’s height began in 2021, and in February of last year, Hyundai formally submitted a revised plan for three 54-story towers, each 42 meters tall. Rising construction costs and restrictions related to military operations were major factors behind the scale-down. The project's symbolic value also waned after the 123-story Lotte World Tower was completed in 2017.

The construction site of the Global Business Center being built in the Samseong-dong neighborhood of Gangnam District, southern Seoul, is seen on Jan. 6. [YONHAP]

The Ministry of National Defense had warned that any structure over 260 meters would interfere with military radar visibility. Hyundai agreed to cover the cost of relocating radar equipment, a bill estimated at around 400 billion won.

The most contentious issues in the latest talks involved public contribution payments and pedestrian access. The city had rezoned the land from a Category 3 residential area to a commercial area, increasing the allowable floor area ratio from 250 percent to 800 percent.

In return for the added development rights, Hyundai Motor Group agreed to pay 1.75 trillion won in public contributions, in addition to building an observatory and facilities for exhibitions and conventions.

Some argued that the public contribution should be recalculated to reflect current land values, as the original 105-story plan had been scrapped. A new estimate could have significantly increased Hyundai’s financial obligations.

The layout of the Global Business Center being built in the Samseong-dong neighborhood of Gangnam District, southern Seoul [SEOUL METROPOLITAN GOVERNMENT]

A map of surrounding projects promoted with public contributions to the Global Business Center [SEOUL METROPOLITAN GOVERNMENT]

Due to a lack of legal grounds for a reassessment, however, the city and Hyundai settled on an additional 236.6 billion won — the amount previously waived in 2016 in exchange for installing a now-abandoned observation deck and cultural facilities. Hyundai’s total public contribution now stands at approximately 1.98 trillion won.

The revised GBC plan includes three 49-story towers, each 242 meters tall, along with performance venues and exhibition spaces.

There were concerns that three separate towers could block pedestrian flow between Seolleung, the GBC site and Jamsil Sports Complex. The city said the issue was resolved by requiring the central tower to be elevated, creating three pedestrian passages between 6 and 12 meters wide.

A render of a ginkgo forest to be planted in the main plaza of the Global Business Center [SEOUL METROPOLITAN GOVERNMENT]

A 14,000-square-meter (150,694-square-foot) ginkgo forest will be planted in the central plaza, connecting the complex with Yeongdong-daero. The street-facing side will feature a science-themed interactive exhibition hall and a 1,800-seat performance venue.

One of the towers will include an observation deck, while the rooftops of the exhibition and performance halls will be transformed into a 15,000-square-meter public garden.

The urban planning revisions and related impact assessments are expected to be completed in the first half of this year, with construction scheduled for completion by the end of 2031.

A render of the above-ground park that will connect the underground of Yeongdong-daero with the Global Business Complex grounds [SEOUL METROPOLITAN GOVERNMENT]

The restart of the GBC project is also expected to boost surrounding development efforts and inject vitality into Korea’s sluggish construction sector.

Hyundai’s public contributions — totaling nearly 2 trillion won — will be used to fund underground development along Yeongdong-daero, the remodeling of Jamsil Main Stadium, roadwork to ease congestion and waterfront restoration projects along the Han River and Tancheon Stream, according to Seoul Metropolitan Government.

“The GBC project is expected to create around 1.46 million jobs and generate 513 trillion won in production through 2051,” said Kim Chang-gyu, head of the city’s balanced development bureau. “We aim to make it a new growth engine and a symbolic space that represents Seoul.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY HAN EUN-HWA [[email protected]]