[SUPER RICH] Billionaires reach for the sky

Skyscrapers, usually designed for office, commercial and residential use, could be called the pyramids of the 21st century.

Towering above the skyline, they are clear symbols of industrialization, exhibiting integration of technology, concentration of wealth and enhancement of industry. They tell of the wealth and influence of the time in which they were built.

Thus, the superrich and skyscrapers have been connected from the start. Some skyscrapers, such as the Empire State Building in New York, are so famous that they have become national landmarks.

The Korea Herald Special Investigative Team has sought out Korea’s sky-high landmarks to retrace their rise to the top. 


History of Korea’s skyscrapers

Seoul is a city with 600 years of history, but it is difficult to find a century-old building. This is because economic development was considered more important than architecture.

Only recently has the development of architecture and urban culture become a serious priority here.

Before skyscrapers, other landmarks existed ― typically buildings owned by rich people who wanted their names to live on. There have been an ambitious few in Korea’s history who sought to see the city from above.

Bando Hotel, established in 1938 in Sogong-dong in downtown Seoul, was the first building in Korea to be considered a high-rise. It had eight floors. The state-run hotel, built by a rising Japanese business tycoon, was privatized when it started to lose its competitiveness after the country’s liberalization.

In 1973, the current Lotte Group chairman Shin Kyuk-ho took over the hotel and rebuilt it six years later as Lotte Hotel Seoul, with a capacity of 1,000 rooms.

It became the tallest building in Korea at the time, but there is an interesting story behind the reconstruction.

The landmark of Seoul used to be the 31 Building, built in 1971 by the late Sammi Group chairman Kim Doo-sik. It was built using modern construction methods, including a steel frame and a large number of windows.

The Lotte Group chairman decided to outdo the 31 Building and make Lotte Hotel the new landmark of Seoul. He asked the government to allow him to construct a building of 45 floors. As there was a height restriction of 41 floors, he went with 38 floors to make it the tallest building in the city.

This may have become the start of his dream of building another sky-high landmark, the 123-floor Lotte World Tower, which is under construction in the second Lotte World Complex in Jamsil, southern Seoul.

The emergence of the 63 Building in 1985 was a turning point in the competition for skyscrapers.

The building was named after its number of floors, but it was also a reflection of the times. In 1985, the military regime was pushing the country towards industrialization and growth.

People also say the building was called the 63 Building to emphasize that it was taller than the Sunshine 60 in Japan, the tallest building in Asia at the time.

It was a symbolic icon of the “Miracle on the Han River” and was built right before the Seoul Olympics in 1988.

However, neither Sammi Group nor Shindongah Group, the builders of the 31 Building and the 63 Building, respectively, could avoid going bankrupt amid the 1997 Asian financial crisis.

Samsung Electronics chairman Lee Kun-hee also set his sights on building a skyscraper. Starting in 2004, he spent three years creating the 110,800-square-meter “Samsung Town” in Seocho-dong, southern Seoul.

Samsung Life Insurance is based in building A, Samsung C&T in building B and Samsung Electronics in building C, the tallest building with 44 floors and 203 meters tall.

Shift from vertical to horizontal

Skyscrapers are indeed an important asset to the superrich in winning the status of owning a national landmark. The Lotte World Tower, which is currently under construction, is proof of that as it is 555 meters high.

However, the times have changed and a more sensitive approach has become necessary, so business tycoons have turned to buildings that can improve the quality of life in their areas.

Architectural design is now seen as a component of business management.

The NHN Green Factory in Jeongja-dong, Bundang, is considered a dream workplace. The library on the first two floors is open to the public, and there are rest areas throughout the building for employees. Even the stairs were decorated thoughtfully.

It is reminiscent of Google’s headquarters, which is built more like a cafe or hotel.

The building has become a landmark, and many visitors drop by just to look around.

AmorePacific is constructing its new company office in Yongsan-gu, Seoul. The plot is 123,450 square meters in size, and the building will have 29 floors.

Based on the themes of originality and communication, the building will be environmentally friendly, just like the Green Factory, having spaces such as a park, art gallery and large atrium for both employees and visitors.

Hyundai Motor Group’s new office, to be built on land the company bought for 10.5 trillion won ($10 billion), is also gaining public attention.

Hyundai Motor ranks fifth among global automobile manufacturers, and the company chairman Chung Mong-koo has dreams of creating an automobile theme park that befits the company’s reputation.

The building will be a multipurpose complex with cultural and entertainment facilities, including hotels and shopping malls, as well as a 110-floor business tower.

By Korea Herald Special Investigative Team
(hjlee0301@heraldcorp.com)

Kwon Nam-keun
Hong Seung-wan
Sung Yeon-jin
Bae Ji-sook
Yoon Hyun-jong
Min Sang-seek
Kim Hyun-il
Lee Hee-ju