The administrative procedures have been completed to erect what could be the new tallest building in Korea after Hyundai Motor Group on Tuesday submitted an application for the construction of its new headquarters dubbed Global Business Center with the Seoul Metropolitan Government on Wednesday.

The much-delayed construction could start within the year, as the central and Seoul governments have already promised of positive review.

Last month the city decided to shorten its approval process and follow-up administrative action to less than five months to help realize earlier construction of GBC as part of measures to revitalize the local economy.

Hyundai Motor Group purchased some 80,000 square meters of land from state-owned Korea Electric Power in 2014 for 10.55 trillion won ($9.37 billion) to build a 105-story high-rise as its new headquarters. But the construction had been delayed several times by an advisory board that oversees metropolitan area planning in fears of the impact on the skyscraper in the congested areas in southern Seoul.

Hyundai Motor Group would have to pay a 1.7 trillion won public contribution for final nod from the city government.

The construction of a 569-meter skyscraper taller than the 555-meter Lotte World Tower is expected to affect other large construction projects pending in the vicinity of Gangnam. The multifunctional building complex will accommodate office space and commercial premises such as conference and exhibition spaces, hotel and shopping facilities and the construction and operation of GBC would contribute to 265 trillion won in overall production inducement over the next 27 years. Construction will be undertaken by Hyundai Engineering & Construction Co. and Hyundai Engineering Co.

By Choi Jae-won and Minu Kim

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