Hyundai Development to expand Yongsan mall

Construction firm Hyundai Development Company (HDC) signed a deal with entertainment giant CJ to build a massive cultural complex in Yongsan District, central Seoul by the end of next year.

According to Hyundai I’Park Mall, a shopping mall development affiliate under HDC, it will invest 100 billion won ($88 million) to expand its mall in Yongsan Station and renovate the venue with content powered by CJ CGV, CJ’s affiliate that operates the popular movie theater chain CGV.

“We will expand the current Yongsan mall by 64,000 square meters (689,000 square feet), equivalent to the size of a single department store, to make the mall a 340,000-square-meter venue and turn it into a cultural complex with movie contents,” the construction company said in a statement Tuesday.

For the new business, CJ CGV will relocate its headquarters currently in Sangam-dong, western Seoul to I’Park Mall in Yongsan by the first half of next year.

The venue will be equipped with themed theaters and hold annual events where fans can meet famous Korean singers and actors.