The HDC Shilla joint venture’s 27,400sq m ‘DF Land’ concept has won the contract to build the huge new 65,000sq m downtown shop at Yongsan I’Park Mall in central Seoul.

A spokesperson for Shilla Duty Free confirmed the news today that the new venture formed between Hotel Shilla President and Chairperson Lee Boo-Jin and Hyundai Development Company Chairman Chung Mong-kyu has won.

According to detailed information already provided to TRBusiness by Hotel Shilla, the duty free floor space will be only slightly smaller than the world’s largest downtown duty free complex at Hainan Duty Free in Haitang Bay, China and will feature around ‘400 stores’.

 

However, Shilla says that the difference will be that this new complex will be multi-recreational in purpose.

 

Crucially, it also has the huge luxury of parking space for 400 coaches and is very well served by both public utility trains and buses.

As reported, the joint venture says it wants to create ‘a global shopping city’ and the Hyundai Development Company and its Hyundai I’Park Mall subsidiary are sharing the $316m investment with Hotel Shilla.

 

Plans for the $316m HDC Shilla complex also include a 1,700-room hotel, several restaurants, concert halls, Korea-wave promotions and other tourism-related initiatives.

[Meanwhile, local press reports point to Hanwha Galleria Timeworld as the winner of the other duty free licence to open a downtown store in Seoul-Ed].