Singapore, 18 April 2016 – GIC and Shinsegae, a top-tier Korean retail player, through their affiliates, have entered into a land sale and purchase agreement at US$197m to develop a prime retail mall in the Incheon Free Economic Zone.

The acquired land area covers 59,730 sqm and is centrally located in the international business district of Songdo, with close proximity to the subway station, bus terminal and expressways. Scheduled for completion by 2020, the retail mall is positioned as a one-stop dominant life-style regional city center mall in Songdo and will include entertainment, as well as leisure facilities.

Prior to this deal, GIC and Shinsegae partnered on developing a prime retail mall in Dongdaegu Station which is scheduled for completion in the second half of 2016.