Singapore GIC, Korea’s Shinsegae to develop retail mall in town near Seoul

GIC, the sovereign wealth fund of Singapore

Singaporean sovereign wealth fund GIC has entered into a land sale and purchase agreement with Korean department store corporation Shinsegae to develop a retail mall in Songdo.

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.

Also Read:

Singapore’s GIC invests in Indonesia’s logistics market with MMP deal

Singapore’s GIC, Silver Lake invests in DNA testing company Ancestry

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.