Taubman builds Korea mall
Taubman Asia has broken ground on a new shopping centre in South Korea.
Hanam Union Square will span 430,000 sqm and will be located in Hanam City, Gyeonggi Province. The mall is said to be among the largest malls in the country.
With a gross leasable area of approximately 157,000 sqm, Hanam Union Square is a multi-level development with three levels for retail and basement, deck and rooftop parking. Shinsegae department store will be the anchor tenant.
Taubman plans high-end flagship stores, a cinema, spa and food and beverage tenants will take space in the centre, which is scheduled to open in the second half of 2016.
Taubman Asia, a subsidiary of US mall REIT, Taubman Centers Inc and Shinsegae Group are the joint investors in the project and are co-developing the site.
Taubman will provide development, leasing, operations and ongoing centre management services. It is investing US$330 million in Hanam Union Square for a 30 per cent interest in the US$1.1 billion project, demonstrating its commitment to the Korean retail industry and belief in its growth potential.
“This project provides us with a great opportunity to further leverage Taubman’s 60-plus year retail heritage, and bring a new level of world-class retail environment to the sophisticated Korean market,” said Taubman Asia president Rene Tremblay.
In addition to Hanam Union Square in Greater Seoul, Taubman Asia’s portfolio also includes managing the operations of IFC Mall in Seoul, which was opened fully leased in August 2012, and two recently announced projects in Xi’an and Zhengzhou, China which are scheduled to open in late 2015.