The North East Asia Trade Tower (NEAT) in Incheon has taken the title of South Korea's tallest building, the firms behind the project said Thursday.

   The tower in Songdo, a city within South Korea's second-largest sea port city, is 68 stories tall and stands 305 meters tall. The new building, which took eight years to build and cost 516.3 billion won (US$509.3 million), joins the ranks of a growing number of landmark skyscrapers in the country.

   The 80-story, 301-meter-tall Busan Haeundae Doosan We’ve the Zenith complex, comprised of three towers including 1,788 households, had been the tallest building since 2011.

   POSCO Engineering and Construction Co., one of the main builders, said the new tower will have 29 elevators, with travel to the observation deck on the 65th floor taking 1 minute. It added that the NEAT has received the internationally coveted Leadership in Energy and Environmental Design-core and Shell recognition for being an eco-friendly building.

   The tower is expected to become the center of business and commerce for the Songdo district that is home to the Green Climate Fund and various other companies and organizations.

   With the completion of NEAT, Haeundae I-Park Marina, another apartment building in Busan, became the third-tallest building at 72 stories and 292 meters in height.

   The IFC Tower in Yeouido in Seoul is the fourth-tallest at 284 meters, with the 51-story, 265-meter-tall Haeundae WBC The Palace, completing the top-five list.

   The "63 Building," also in Yeouido, is currently No. 8, with Dongtan Metapolis in Hwaseong, Gyeonggi Province coming in ninth.

  NEAT's reign will be short-lived, however, as the 123-story Lotte World Tower being built in Jamsil in the southeastern part of the capital city will stand 555 meters tall when completed in 2016.

The tower already stands 320 meters tall with 43 percent of work completed. Once built, Lotte World Tower will rank as one of the 10 tallest buildings in the world.

   The country's infrastructure ministry, meanwhile, said that there are currently some 50 buildings being built in South Korea that are more than 50 stories tall. (Yonhap)