The Lotte World Tower, which is 555 meters tall and has 123rd floors above the ground, is the world's fifth-tallest skyscraper, and will officially open this April in six years since its construction began in November 2010. The Lotte World Tower construction project has a long cherished project of Shin Kyuk-ho, founder of the Lotte Group and the group’s incumbent chairman Shin Dong-bin for 30 years since the Lotte Group’s selection of the site in 1987.
The Seoul Metropolitan Government announced last December that it gave the Lotte Group the final use approval for the Lotte World Tower Complex last December. Accordingly, Lotte Corp., the builder of the Lotte World Tower, is planning to officially open the Lotte World Tower in coming April in honor of the 50th anniversary of the Lotte Group after interior work, facility construction and staff recruitment.
The Lotte Group applied for a permission to use the edifice. Therefore, the Seoul Metropolitan Government made the final approval decision after conducting its own inspections, on-the-spot inspections by joint civil and expert advisory groups, the tentative opening of the building for citizens before the official opening in April and large-scale joint public-private disaster drills.
Lotte World Tower, in which 4 trillion won (US$3.4 billion) has been invested, is indeed the ultimate epitome of a contemporary skyscraper. The building has six basement floors and 123 floors above the ground and its total floor area is 80,000 square meters which equals the combined size of 115 football fields (one football field is 105m by 68m). The inside of the tower is composed of Prime Office, which is a business office space, Signiel Residence, which is a luxury residential facility, 6-star Hotel Signiel Seoul, and a 500-meter-high observation deck.
Cutting-edge technology was applied and a lot of efforts were made to complete the epic building with a lot of interesting stories. Lotte used four satellites to erect the Lotte World Tower straight, managing the vertical tolerance of ± 25mm, and dug the ground to 38m deep to withstand the tower’s weight of 750,000 tons. Workers installed 108 piles which are 30 meters long and one meter in diameter in the granite rock layer.
The Lotte Group expects that the Lotte World Tower will draw five million foreign tourists to Jamsil and Songpa-gu of Seoul and create about ten trillion won in economic effects by way of creating new jobs and new production on average until 2021.