September 19, 2014 11:50
Hyundai Motor on Thursday won the bid for a large piece of land in southern Seoul to set up a new headquarters after it was put up for sale by Korea Electric Power Corp.
The state-run utility said Thursday that Hyundai offered W10.55 trillion to land the purchase of the 79,342 sq.m plot valued at W3.33 trillion in the upmarket Gangnam area of southern Seoul (US$1=W1,042).
Samsung Group had also bid for the land but apparently submitted a lower bid than Hyundai.
Adding various taxes, construction costs and other expenses, the total investment will go up to W20 trillion. Hyundai is part of a consortium that bid for the land together with affiliates Kia and parts maker Hyundai Mobis.
Hyundai in a statement said it hopes the new plot will become a global business hub, symbolizing a "second leap forward" for the company.
Korea's top automaker says its new headquarters will be large enough to house around 30 affiliates under one roof as it will contain two 30-story buildings accommodating 18,000 staff. It will also build an automobile theme park modeled after auto giant Volkswagen's Autostadt.
Hyundai also plans to build a hotel, convention center and other facilities and shopping complexes to shape a new hub for conferences and exhibitions.
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