S Korea looks to top Petronas Towers

Taking the plunge: South Korean builders hope to usurp the Petronas Towers by constructing the world's tallest building

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SEOUL, South Korea (Reuters) -- A South Korean business group said on Monday it is planning to build one of the world's tallest buildings, 70 metres (230 ft) higher than the current world record holder, the 452-metre Petronas Twin Towers in Malaysia.

The Korea Foreign Company Association, a lobby group of multi-national companies in South Korea, said it would build the 110-storey "International Business Centre" with a hotel, convention centres and shopping malls, by 2007.

Seoul city authorities said they had signed a preliminary agreement with the lobby group in December and was in talks with the defence ministry about easing building height restrictions.

South Korean retail giant, the Lotte Group, said in August it was planning a 555-metre hotel for the capital.

On Monday it said it also was negotiating with defence authorities about government height restrictions.

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