The estimated value of land owned by South Korea‘s five biggest business groups rose to a record high in 2016 due in part to the purchase of the headquarters of the Korea Power Electric Corp. by Hyundai Motor and its affiliates, a market researcher said Monday.

Hyundai Motor and some of its affiliates purchased the 79,345-square-meter plot in southeastern Seoul for 10.55 trillion won in late 2015 to build a Seoul landmark featuring the country’s tallest skyscraper, a global business center, a hotel, and a convention and exhibition center. Samsung Group came in second with 14.1 trillion won, up 0.2 percent from 2015, followed by Lotte Group with 10.7 trillion won, for a gain of 0.4 percent. Hyundai Heavy Industries, one of the largest shipbuilders in the world, had 5.03 trillion won worth of land last year, up 51.7 percent from the previous year.