Shinsegae Group said Monday it will build a multiplex shopping mall in Hanam, Gyeonggi Province, by 2015 in a partnership with a U.S.-based developer Taubman Centers.

Located at a 117,000-square-meter site in Hanam, one of Seoul’s satellite cities, Hanam Union Square will be the largest shopping mall in Seoul and surrounding Gyeonggi Province, the nation’s No. 1 retail giant said.

Shinsegae revealed the mega project during an event in central Seoul, Monday, attended by Gyeonggi Gov. Kim Moon-soo, Shinsegae Group vice chairman Chung Yong-jin and Taubman Asia President Rene Tremblay.

The company plans to inject 800 billion won ($750 million) into the project. It already secured investment worth 22.5 billion won from Taubman Centers last month.

Established in 1950, Taubman is the owner of 26 upscale shopping malls in the United States alone.

According to Shinsegae, Hanam Union Square will be a multi-functional complex, to feature shopping malls, movie theaters and performance halls.

The fashion retail on offer will range from high-end luxury goods to “fast fashion” brands, the company said.

The 330,000-square-meter building will be 10 times larger than the 33,500-square-meter Yeoju Premium Outlet, which is operated by Shinsegae-Chelsea Co.

Shinsegae expects the new project will create some 7,000 new jobs, while attracting more than 10 million foreign visitors especially from China and Japan every year.

“Taubman is a global company which has successful knowhow in developing and managing multiplex shopping malls. And Shinsegae is leading Korea’s retail market. Based on our strategic partnership, we will build the best multiplex shopping mall in Korea,” said the Shinsegae vice chairman.

By Lee Ji-yoon (jylee@heraldcorp.com)