Gyeonggi Urban Innovation Corporation Receives Business Proposal from STS Development for Commercial Land in Power Center

Gyeonggi Urban Innovation Corporation (GH) announced on the 22nd that STS Development, a commercial development specialist, has submitted a business proposal for the Ilsang 3 Block (605, 605-1) within the Power Center (formerly the Econhill site) of the Suwon Gwanggyo Housing Site Development District. STS Development plans to construct a state-of-the-art multiplex complex on the site with a total floor area of 235,000 square meters, featuring a department store, hypermarket, and large outlet mall. Famous fashion and F&B (Food & Beverage) brands that have already expressed intent to join the shopping mall include SPA fashion brand Uniqlo, E-Land, SPC Group, Ourhome's Food Empire, and Coffee Bean. Notably, the developer is reportedly weighing options between two major retail companies for the department store. The Corporation plans to finalize the selection and sign the tenancy contract before entering into the main agreement. STS Development has completed trademark registration for the complex under the name 'Gwanggyo' and expressed its ambition to develop the site into the premier multi-shopping complex in the Seoul Metropolitan Area. With a new developer stepping forward to create the regional commercial hub at the heart of the Power Center, the Corporation expects to bring fresh vigor not only to the Power Center itself, but to the entire . Suwon = Reporter Yoon Jong-yeol (yjyun@sed.co.kr)