Hyundai Motor Group said Friday it would speed up its planned relocation to Samseong-dong, southern Seoul, to help the local economy ahead of its complete ownership of the site formerly owned by Korea Electric Power Corp.

In September, the Korean auto giant purchased the 80,000-square-meter site for 10.5 trillion won ($10 billion) from the state-run power agency in a bid to create its new fancier global headquarters building.

As KEPCO has recently relocated to Naju, South Jeolla Province, Hyundai decided to shift six affiliates into the existing building. Until it acquires the complete ownership in September, they will pay the rent, officials said.

“The shops and restaurants near the area have heavily relied on KEPCO employees. We thought when KEPCO moved out, it would become a huge financial blow to the local businesses,” said a Hyundai spokesperson.

The official added that the group would not run any cafeteria within the building to fully support the neighboring community.

Starting with Hyundai Wia and Hyundai Glovis in February, four other Hyundai subsidiaries plan to move in by the first half of this year.

Hyundai earlier announced that it would create its own business hub, consisting of a 105-story headquarters building, a brand museum, a luxury hotel and a convention center, on the newly-acquired Gangnam site by 2020. All its 30 affiliates and their 18,000 employees are expected to relocate to the new head office building eventually.

By Sang Youn-joo (sangyj@heraldcorp.com)