Hyundai Motor Group said Nov. 27 it will complete the construction of its new headquarters in downtown Seoul by 2026 after breaking ground early next year.

The Seoul Metropolitan Government has given permission for the construction of the 105-story Global Business Center in southern Seoul after Hyundai Motor agreed to present measures that will ensure the building does not interrupt the Air Force’s flight operations.

If completed, the GBC will be the country’s tallest building -- taller than Lotte World Tower, which is also in eastern Seoul. It will accommodate offices, hotels, stores and performance and exhibition halls.  

The company now plans to set up a special purpose company and attract investors to jointly develop the GBC and related facilities, a company spokesman said.     

In 2014, Hyundai Motor Group purchased the former building of state-run utility Korea Electric Power Corp. for 10.55 trillion won ($9 billion).

When completed, the GBC will serve as the new headquarters for 15 Hyundai affiliates and house roughly 10,000 employees.

By Ram Garikipati and newswires (ram@heraldcorp.com)