Hyundai Motor Group this week got the final go ahead from the Seoul municipal government for the construction of a new headquarters building in the downtown Gangnam-gu area of South Korea's capital city.
The 105 storey building, to be called Global Business Center (GBC), is expected to house 15 affiliated companies of the Hyundai Motor Group, including Kia Motors and key component suppliers, with a combined staff of around 10,000 people.
The building will also house hotels, third party offices, restaurants, exhibition halls and entertainment venues.
Hyundai Motor Group originally bought the site from state owned Korea Electric Power in 2014 for KRW10.55 trillion (US$8.6bn). Construction is set to begin later this month, with completion scheduled for 2026.
With a height of 569m, it is expected to be the tallest in South Korea, overtaking the 555m, 123 storey Lotte World Tower.
As part of the agreement with the municipal government, Hyundai also has pledged to invest in the redevelopment of other sites in the Gangnam-gu area, including the former Olympic Stadium and the Yeongdong transit terminal.