South Korea's Hyundai auto group has jumped into the race to build the country's tallest skyscraper that would be 14 meters (46 feet) higher than a tower built by its rival conglomerate, Lotte.
Initially, Hyundai Motor, the country's top carmaker, had proposed the construction of a 105-floor, 553-meter supertall skyscraper for its Global Business Center in Samsung-dong in Seoul's affluent southern district of Gangnam.
A revised blueprint presented by Hyundai to district officials for an open environment impact assessment that began Thursday showed a 105-floor, 569-meter tower. Construction is scheduled to begin in the first half of this year if Hyundai wins final approval from city authorities.
Hyundai, the country's second-largest conglomerate, hopes to complete construction by 2021. An observatory will be located on 553 meters above the ground.
The Hyundai center would be South Korea's tallest building, breaking a record set by the 555-meter-tall Lotte World Tower which waits for a grand opening ceremony in April as a new high-rise landmark in South Korea.
Lotte, the country's fifth-largest conglomerate, has built the tower for four trillion won (3.47 billion US dollars) as a high-rise landmark representing South Korea's economic prosperity. Along with premium services, Lotte boasts of safety and modern design, claiming the tower can withstand a 9.0-magnitude earthquake and strong typhoons.