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(Photo=Hyundai Motor) |
[Alpha Biz= Reporter Paul Lee] Seoul City has decided not to accept Hyundai's proposal to lower the construction of the Global Business Center (GBC) from the originally planned 105 floors to two buildings of 55 floors each. The city maintains that unless there are special reasons, the plan should be maintained as initially promised since Hyundai had committed to a 105-floor landmark.
The GBC is a large-scale project by Hyundai to build a new headquarters on the former KEPCO site in Samseong-dong, Gangnam-gu, Seoul, in front of COEX. Hyundai announced in 2014 that it would purchase the site for 10.5 trillion won and complete the headquarters in 2016.
In February of this year, Hyundai submitted a proposal to the Seoul City to change the construction plan from one building with 105 floors and four low-rise buildings to two buildings with 55 floors each and four low-rise buildings.
Seoul City's position is that they cannot accept Hyundai's proposal without a clear explanation from the company regarding the reasons for the construction plan change.
Concerns have been raised about further delays in the construction period as Seoul City and Hyundai are in opposition over the GBC construction changes.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
