King Power Group (Hong Kong) plans South Korean downtown mall

Gavin Lipsith

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The group has signed a memorandum of understanding to develop a 560,000sq ft (52,045sq m) luxury mall near Seoul

King Power Group (Hong Kong) subsidiary King Power Korea Co is to develop a 560,000sq ft (52,045sq m) premium outlet mall in Hanam City near Seoul after signing a memorandum of understanding with local authorities. The group will submit a detailed business proposal to the city within 150 days, and is understood to be planning a total investment in the project of $1.5bn.

The project is one of 600 premium malls planned on former green belt sites recently made available in the Sinjang-dong region of South Korea. Hanam City has cancelled its previous agreements with two US investors over the site to allow King Power the opportunity to submit its own proposal.

The memorandum of understanding was signed by King Power managing director travel-retail and duty-free Sunil Tuli, King Power Korea Co president Ed Lee, Hanam City mayor Kim Hwang-sik and Hanam City Development Corp president Park Won-bong on November 9.

Tuli told RavenFox.com that the project, located 20 minutes from downtown Seoul, was very interesting for King Power particularly considering the booming luxury retail market in South Korea.