GIC ties up with Korean retailer player Shinsegae to develop mall

SINGAPORE'S sovereign wealth fund GIC and Shinsegae, a top-tier South Korean retail player, through their affiliates, have entered into a land sale and purchase agreement at US$197 million to develop a prime retail mall in the Incheon Free Economic Zone.

The acquired land area covers 59,730 square metres and is centrally located in the international business district of Songdo, with close proximity to the subway station, bus terminal and expressways.

Scheduled for completion by 2020, the retail mall is positioned as a one-stop dominant lifestyle regional city-centre mall in Songdo that will include entertainment as well as leisure facilities.

Prior to this deal, GIC and Shinsegae have teamed up in developing a prime retail mall in Dongdaegu Station, which is scheduled for completion in the second half of this year.