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INCHEON, KOREA-A third anchor has been signed for the 1.1-million-square-foot planned retail mall here in the $35 billion Songdo International Business District. Taubman Asia, a division of Bloomfield Hills, MI-based Taubman Centers Inc., has signed Megabox theaters to feature nine screens at the Songdo Shopping Center. The other two anchors are a 450,000-square-foot Lotte Department Store and a 200,000-square-foot Tesco Homeplus market, along with 130 planned inline stores.

“This is the first shopping mall in Korea,” Morgan Parker, president of Taubman Asia, tells GlobeSt.com. “The center has been four years in planning. This new lease is very important, cinema is really taking off in Korea.” He says the two-level, enclosed property is now 75% leased with the signing of Megabox, a joint venture of Loews Cineplex Entertainment and the Orion Group Co. “Construction is about 10% complete, we’re now building the large subterranean parking garage, and we hope to start above ground this year. We’re looking at a mid-2011 opening.”

The Songdo district is being developed by New York City-based Gale International and Posco E&C. The 100-million-square-foot district opens in August, with 45 million square feet of office, 30 million square feet of residential, 10 million square feet of retail and five million square feet of hotels, as well as a golf course, hospital, prep school and 100-acre park.

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