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Korea Times

Hyundai Motor to build tallest building in Korea

New office will dethrone 123-storey Lotte World Tower by 14 metres

PUBLISHED : Thursday, 02 February, 2017, 2:48pm
UPDATED : Thursday, 02 February, 2017, 2:51pm

By Kim Tae-gyu

Hyundai Motor’s new office in southern Seoul will become the country’s tallest structure as the automaker is set to raise its height to 569 metres, up by 16 metres from the original plan.

The change was reflected in the company’s report to the Seoul Metropolitan City for a review of the skyscraper’s effects on the environment, disclosed Wednesday.

To be dethroned is the 123-storey Lotte World Tower in southeastern Seoul, whose height is 555 metres. 

“To raise the speed of elevators, we need some extra space and that’s why the 105-storey building’s height has been extended to 569 metres,” a Hyundai Motor official said.

After getting the necessary approvals, Hyundai Motor’s affiliates including Hyundai Engineering and Construction will start construction of the landmark building late this year at the earliest. It will cost 2.56 trillion won (US$2,23 billion).

When the construction is completed in the early 2020s, Hyundai Motor and its sister company Kia Motors will move into the building along with other subsidiaries.

In the meantime, Hyundai Motor said Wednesday that it managed a 1.3-per cent increase in global sales in January from a year ago while its performance at home slackened.

Hyundai sold 342,607 cars in the month, including 297,507 overseas and 45,100 domestically. The figures represent a 3.1-per cent hike overseas but a 9.5 per cent slide at home. Of the cars sold abroad, 56,200 were manufactured in the country and 241,307 at plants abroad.

Hyundai Motor to build tallest building in Korea