HONG KONG, Oct. 28, 2013 /PRNewswire/ -- Taubman Asia, a subsidiary of U.S. mall REIT, Taubman Centers, Inc., today officially announced the groundbreaking of the Hanam Union Square shopping center, a 4.5 million square feet (430,000sqm) GFA mall in Hanam City, Gyeonggi Province, South Korea.
Taubman Asia and Shinsegae Group, Korea's leading luxury department store retailer, are the joint investors in the project and are co-developing the site. Taubman will provide development, leasing, operations and ongoing center management services. Taubman Asia will invest US$330 million in Hanam Union Square for a 30 percent interest in the US$1.1 billion project, demonstrating its commitment to the Korean retail industry and belief in its growth potential.
A ceremony was held at the property today, signifying construction getting underway. Guests of honor present included the Governor of Gyeonggi Province, Mr. Moon-su Kim; the Mayor of Hanam City, Mr. Kyo-beom Lee; National Assembly member, Mr. Hyunjae Le; the Vice Chairman of Shinsegae Group, Yong-jin Chung , and Taubman Asia President, Mr. Rene Tremblay."Taubman Asia is honored to have been chosen by Shinsegae as its retail partner for the development of Hanam Union Square," said Mr. Tremblay. "We are proud to be part of the transformation of Hanam City into a premier shopping and entertainment destination for Koreans. 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." With a gross leasable area of approximately 1,700,000 square feet (157,000sqm), Hanam Union Square is designed to be a unique, multi-level – three levels for retail, plus basement, deck and rooftop parking – lifestyle shopping mall with Shinsegae Department Store as the anchor tenant. We also anticipate there will be a significant number of high-end flagship stores, and feature leisure and entertainment facilities such as a hypermarket, cinema, spa, food and beverage and more. When completed we expect the mall to contribute to the local economy by creating over 7,000 jobs.