Seoul Metropolitan Government has notified Hyundai Motor Group, which is seeking to build the Global Business Center (GBC) in Samseong-dong, of the 140 billion won payment in the overpopulation fee, the biggest since the system was implemented in 1994.
Hyundai Motor is expected to agonize over funding as it will have to pay a total of 2 trillion won, along with 1.75 trillion won in public contributions, which it plans to pay in return for raising land use.
The Seoul city sent an official letter to Hyundai Motor Group on March 22 on the preparation guidance for imposing a "overpopulation" surcharge on the building permit application under the Article 12 of the Seoul Metropolitan Area Improvement Plan Act.
"We confirmed 85 billion won in the transportation improvement levy and informed Hyundai Motor of the heavy burden," a city official said on March 27. "We also notified the company of 140 billion won in the overpopulation fee."
Hyundai Motor Group will pay 60 billion won more than 80 billion won, the largest amount ever levied when the Lotte World Tower was built in Jamsil. Although there are many cases where people pay a surcharge of between 100 million won and 200 million won, there are no cases other than the GBC and Lotte World Tower where they pay tens of billions and hundreds of billions of won in overpopulated fees.
Above all, Hyundai Motor is agonizing over who will come up with the 2 trillion won public levy. As Hyundai Motor announced earlier that it would establish a special purpose company (SPC) to attract external financial investors to develop the company, controversy over funding is likely to grow.
