Songdo, which is a new city part of the Incheon Free Economic Zone, is located 65 kilometres southwest of Seoul, the capital city of South Korea. Construction works were only completed in 2015.
The mall is said to cost $197 million to develop, and will cover 59,730 sqm in land area. It is expected to be completed by 2020, and will be marketed “as a one-stop dominant life-style regional city center mall in Songdo”. The building will also come with entertainment and leisure facilities, the two companies said in a press release.
In February 2014, Shinsegae was announced to be building a retail mall in Dongdaegu Station in Seoul in partnership with GIC. The Dongdaegu shopping center is scheduled to be completed in the second half of this year.
Additionally, in 2015, GIC also partnered up with the Canada Pension Plan Investment Board (CPPIB) to acquire the Seoul-based D-cube retail mall, rebranding the unit as Hyundai Department Store operated by Hyundai instead.