Business

Seoul nixes project to
build landmark building

The high-profile project to build a 133-story landmark building in the Digital Media Center in Seoul was nixed due to the main constructor’s failure to pay for its purchase of the land plot, Seoul City said Friday.

The metropolitan government began the project in April 2009 when it signed a land purchase deal with the firm Seoul Light Tower.

The city said that the firm delayed paying for the land and failed to carry out its responsibility stipulated in the deal.

Seoul officials said that they made the decision as the firm has no will to push for the project, and the plan to develop the district could face delays.

The firm was picked as the preferred contractor to build the building with a height of 640 meters ― the world’s second highest. The building was to include a shopping mall, hotel and other facilities. (nvn)

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