Groups plan to build Korea’s largest mall

Three major groups signed a memorandum of understanding on Tuesday to collaborate in building Korea’s largest shopping complex in western Incheon.

The Incheon Metropolitan City Government; Sudokwon Landfill Site Management Corporation, the operator of waste sites in greater Seoul areas; and Triple Five Group, an American real estate company, are planning the 467,000-square-meter (115-acre) project, which will have an amusement park, a water park and indoor ice skating rink.

Triple Five, which owns two of the largest malls in North America, will invest some 1 trillion won ($840 million) in the complex and $200 million in foreign direct investment is being sought for the project.

The shopping mall will be built near the Airport Railroad line’s Cheongna International City Station and should attract a large number of tourists traveling through Incheon International Airport, the Incheon Metropolitan City Government said.

“We will finalize the specific plan with Triple Five Group in three months from now and sign an official deal when we agree on details,” said a representative from the Incheon city government. “The mall is expected to begin operating in 2020.”

Triple Five Group is known for their ownership of the West Edmonton Mall in Canada and Mall of America in the United States.

“We will expedite the process to finalize the deal as fast we can,” said a Triple Five Group representative. “We expect to start construction by 2017.”

BY CHOI MO-RAN [kim.youngnam@joongang.co.kr]