Hyundai wins approval from Seoul city govt to construct South Korea's tallest building

Hyundai Motor Group has finally got the approval of the Seoul city government to construct the tallest building in the capital city of South Korea. The building will break ground in the first half of 2020 and is expected to be completed by 2026. The building is going to be the new headquarters of the Hyundai group. 

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The tallest building of South Korea

Hyundai group is the second-largest conglomerate in Asia and the land where it is going to build the new headquarters was purchased for $10 billion in 2014, more than triple its market price. Hyundai bought the land after outbidding Samsung and sparking a stock sell-off. 

The construction was supposed to kick off in 2016, but it was delayed after an intervention from South Korea's Air Force. The Air Force raised security concerns and said that the building would interfere with the radar and military operations. 

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Hyundai said that it is working with the Seoul government to proceed with the project in compliance with the administrative process.

The building, consisting of 105 floors will house 18,000 employees from 30 affiliated of the conglomerate. The building will also have a themed car parking and a hotel. 

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Hyundai operates the world's largest integrated automobile manufacturing facility in Ulsan, South Korea. The company employs about 75,000 people worldwide. 

Hyundai Motors said it will invest around $1.5 billion in the Indonesia auto manufacturing plant and will start production in late 2021. The Indonesia plant will see an annual capacity of 150,000 vehicles and a plan to grow up to 250,000 vehicles a year.

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According to Hyundai, South East Asian countries including Indonesia, Malaysia, Thailand and Vietnam are expected to see combined growth in vehicle sales by 2026. The sales are expected to rise from 3.16 million units in 2019 to 4.49 million units in 2026.