The construction of Hanam Union Square, which is the biggest complex shopping mall that the Gyeonggi Province provincial government has ever attracted investment for, started on the 28 ^th of October. The goal for its completion date is in 2016.

Kim Moon-soo, the governor of Gyeonggi Province, attended the groundbreaking ceremony along with Chung Yong-jin (Vice Chairman of Shinsegae Group), René Tremblay (President of Taubman Asia), Lee Hyun -jae (incumbent assemblyman), Lee Kyo-beom (the mayor of Hanam City), and other major figures to celebrate the event and to deliver words of encouragement to citizens of Hanam, of whom almost 7,000 gathered at the site to represent great attention from the whole city.

Jeong Yong-jin, the VP of Shinsegae Group, said “Hanam is a critical traffic point, which boasts of environmental advantages that provides benefits for large shopping malls or cultural facilities. Our entire group will concentrate all available resources and capacities to develop Union Square into a globally renowned destination. I heartily appreciate the administrative support from the local governments of Gyeonggi Province and Hanam City.

Hanam Union Square, which is to be completed in 2016, is a joint project of the Shinsegae Group and Taubman Asia, an affiliate of The Taubman Company LLC, the U.S. based shopping mall specialist.

The project, which involves more than 1 trillion KRW including approximately 300 billion KRW of foreign investment, is a complex shopping mall with building area of 56,790 ㎡ and total floor area of 440,426 ㎡ . With a size that is 3 times bigger than Time Square in Yeongdeungpo, Seoul, or Centum City in Busan, it is expected to stand out as the biggest mall in Korea.

Its major facilities include a department store (45,408 ㎡ ), luxury hall (12,056 ㎡ ), fashion hall (47,639 ㎡ ), spa, waterpark, aqualand (10,032 ㎡ ), and multiplex (5900 ㎡ ), along with a parking lot that can hold about 6,000 vehicles.

The Gyeonggi government expects the mall to create more than 7,000 new jobs and to bring about an employment-equivalent influence for about 34,000 citizens. The direct/indirect boost to the local economy, such as an increase in tax revenue, is expected to be up to 3.4 trillion KRW. This will definitely invigorate economy in the southwestern part of the Gyeonggi area, as well as in Hanam itself.

Governor Kim singed an MOA with the Shinsegae Group in May 2011 regarding Hanam Union Square and in September of the same year they held a business announcement ceremony at the Westin Chosun Hotel in Seoul.

The Gyeonggi government plans to hold a large-scale job expo for local residents in time for the completion of the shopping mall in mid-2016.