Hyundai Motor to pay $9.6 billion for Gangnam land | Inquirer Business

Hyundai Motor to pay $9.6 billion for Gangnam land

/ 03:13 PM September 18, 2014

AFP FILE PHOTO

AFP FILE PHOTO

SEOUL, South Korea — A consortium led by Hyundai Motor Co. has offered 10 trillion won ($9.6 billion) for land in Seoul’s tony Gangnam district where it will build a new headquarters.

State-owned Korea Electric Power Corp. said Thursday that the consortium outbid Samsung Electronics Co. in an auction for the 79,342 square meter plot in the high-priced area. The consortium consists of Hyundai Motor, Kia Motors Corp. and auto parts maker Hyundai Mobis Co.

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Shares of the three companies each plunged nearly 10 percent. The land was valued at 3.3 trillion won.

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Hyundai Motor said it will build a super tall tower for its headquarters that will oversee 30 affiliated companies.

South Korea’s largest automaker said it will also build auto-themed exhibition halls, hotels and shopping malls in the area.

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TAGS: Hyundai, Hyundai Motor, Korea Electric Power Corp., Motoring, Seoul

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