The twelve-level flagship store, (photo at left below) which includes two levels of parking, will be approximately 48,500 sqm (521,800 sq ft).
"This represents the first anchor deal to be completed for Songdo Shopping Center, and we are proud to have secured one of Korea's best department store operators, setting the tone for the finest shopping experience in the region," said Morgan Parker, (top right photo) president of Taubman Asia, the manager and developer of Songdo Shopping Center.
"The 105,000 square meter (1.1 million square foot) shopping center (photo at left) will combine the essential ingredients of convenience and superior store merchandising, making this a truly world-class destination," he added.
Sondgo International Business District, the "Gateway to Northeast Asia," is being developed by Gale International in a 70/30 joint venture with POSCO E&C. Songdo International Business District (IBD) will be the first "new" city in the world designed and planned as an international business district.
The US$30 billion, 100 million square foot master-planned metropolis will include fifty million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space.
When fully completed in 2014, Songdo IBD will be home to 65,000 people and 300,000 will work there. Songdo IBD is located within the Incheon Free Economic Zone. Songdo IBD will offer every conceivable amenity including a world-class hospital, an international preparatory school, museums, a 100-acre Central Park, a 1.1 million square foot premium retail mall and the Jack Nicklaus Golf Club Korea.
This new metropolis will be connected to the Incheon International Airport, one of the world's busiest, by a 7.4 mile highway bridge, and linked by subway to Seoul. Day travel is easy to China and Japan's major business centers. More than one third of the world's population lives within a three and a half hour flying radius. Additional information can be found at http://www.songdo.com/ .
Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.
or HyungWook Lim, Manager,Public Relations of Lotte Department Store, Korea, +82 2726 4422, firstname.lastname@example.org, or