Largest Shopping Complex in Capital Region to Open in Hanam, 2015
Createdd 2011-09-20 Hit 778
Contents
Largest Shopping Complex in Capital Region to Open in Hanam, 2015
(September 5, 2011)
Hanam Union Square project plans announced
Project kicks off after signing of real estate agreement in August with Chinese firm
Gyeonggi Province’s efforts to loosen capital region regulations rewarded with investment
Layout of Hanam Union Square, set to become the largest shopping complex in the capital region, finally revealed.
Gyeonggi Province announced the Hanam Union Square Co., Ltd. project at the Westin Chosun Seoul during an event that saw the participation of Governor Kim Moon-soo, National Assembly Member Moon Hak-jin, and approximately 100 Hanam residents.
Hanam Union Square Co., Ltd. – founded through the joint investment of Taubman Centers US, King Power Hong Kong, and Shinsegae Co., Ltd. – held a project declaration ceremony on the same day and announced its ambitious plan to build a shopping complex with 330,000 square meter of floor space on a 117,000 square meter lot near the Misari Motorboat Racing Park of Sinjang-dong with an investment of KRW 800 billion. The shopping complex will feature a department store, fashion outlets, movie theaters, galleries, and performance stages. It is expected to create employment for 7,000 fulltime workers.
Gyeonggi Province Governor Kim Moon-soo visited China and the Philippines in April this year in a drive to attract investors, meeting with Antares Cheng of King Power Group in Beijing, Vice-president Heo In-cheol of Shinsegae Co., Ltd., and Hanam City Mayor Lee Kyo-bum to sign an investment agreement. Hanam Union Square Co., Ltd. signed the official real estate agreement and announced its involvement in this mammoth project on August 31.
A representative of Hanam Union Square Co., Ltd. said, “Hanam Union Square will form a cultural shopping area ten times the size of the Yeoju Premium Outlet (33,500 square meter). We expect more than ten million visitors from China and Japan. It will become the newest tourist attraction in the greater Seoul area.”
Governor Kim Moon-soo, who went out of his way to ensure the success of this project from the very beginning, said in his congratulatory speech that: “It was everyone’s efforts that bore fruit today; we had to fight unreasonable regulations and protection schemes in the metropolitan area. Hong Kong’s global distributor, King Power Group, and our very own distribution powerhouse, Shinsegae Co., Ltd., will join forces to build Hanam Union Square, and thereby improve living conditions and create new jobs for 150,000 Hanam residents.”
Hanam Union Square is to be built in Sinjang-dong of Misa-ri, which was protected as a ‘green belt zone’ for many years. Governor Kim Moon-soo and the government requested the central government to ease regulations as the area has become a ‘green zone without green’, overwhelmed by illegal outlets. The regulations were revised in 2010 as a result.
Bird’s eye view attached
Inquiries: Investment Promotion Division +82-31-8008-2782
