South Korean retailer Lotte Shopping has broken ground on its biggest store yet in Asia.

The store, Lotte Premium Outlet, in Busan will span 200,000 sqm over four floors. The company said it invested 424.7 billion won ($398.4 million) on the mega store.

Lotte Premium Outlet will house more than 500 international and local brands, a discount store, a multiplex cinema and parking for 4000 vehicles. It is expected to be complete by next year.

“Our company wants to make the Busan Premium Outlets as a landmark representing the Tourism City and the whole city of Busan while contributing meaningfully to the regional economy,” said Lotte Shopping president Shin Heon.

Lotte Shopping will file an IPO in Singapore to raise as much as US$1 billion to fund expansion across Asia.