Hyundai Motor Group is pushing for joint development of GBC in Samseong-dong
Hyundai Motor Group is pushing for joint development of GBC in Samseong-dong
  • Lee Jun-sung
  • 승인 2019.03.11 12:25
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Hyundai Motor Group's GBC Building View in Samsung-dong, Gangnam-gu, Seoul. Photo = Hyundai Motor Group

Hyundai Motor Group is reportedly considering a joint development of a building at the GBC (Global Business Center) site in Samseong-dong, Gangnam-gu, where it spent more than 10 trillion won to buy the land. It seems to have modified its strategy from its current self-development method.

According to related industry sources on March 10, Hyundai Motor Group recently announced its intention to jointly develop GBC to major domestic and foreign investors such as overseas pension funds, national wealth funds, global investment funds, and domestic companies. Hyundai Motor Group and outside investors are reportedly considering establishing a special purpose company (SPC) for the purpose.

GBC is a project for Hyundai Motor Group to build a large-scale new building on the former KEPCO site in Samseong-dong, Gangnam-gu to strengthen its R&D capabilities.

On the site of 79,342㎡, 11 times the size of a soccer field, there will be five buildings: one 105-story tower, one 35-story lodging and business facility, and three exhibition, convention, and concert hall buildings. In particular, the 105-story tower will be 569 meters tall, higher than the 123-story Lotte World Tower (555 meters).

Hyundai Motor Group purchased the site from KEPCO for 10.5 trillion won in 2014. At that time, the amount of money was 440 million won per 3.3 square meters, three times more than the price of appraisals (3.3 trillion won), and the related amount was shared by Hyundai Motor for 55 percent, Hyundai Mobis for 25 percent and Kia Motors for 20 percent.

The group was earlier expected to cover the construction costs of buildings worth 3.7 trillion won by itself, but changed its plan, considering changes in domestic and foreign conditions.

It announced its plan to invest a total of 45.3 trillion won in R&D and futuristic technologies by 2023. However, its operating performance has worsened due to sluggish business conditions, making it difficult to raise funds.

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