Singapore-based Pacific Star Group, one of Asia’s fastest growing real estate investment houses, today announced the launch of Noon Square. It is the first international mall in Seoul to feature under one roof, scores of global fashion brands and food and beverage concepts.
Located in Myeondong district in Seoul, Noon Square comprises 9 stories with a net lettable space of 15,667 square metres. The mall sits in the heart of the city’s prime shopping district which sees local pedestrian traffic of 500,000 to 700,000 a day. The area also attracts some six million tourist shoppers a year.
Speaking on the launch of the mall, Frank-Rainer Vaessen, President of Pacific
Star Fund Management and Chairman of the Asia Real Estate Income (AREIF) Fund, said: “Noon Square is an international mall, a new retail lifestyle concept in Korea. As such, there were quite a number of regulatory hurdles to clear before Pacific Star received the approval for the project. We were very pleased that the authorities gave the go ahead for us to start Seoul’s first international mall.
“Noon Square is a milestone for the retail industry in Korea. For a long time the development of the industry was held back because of the pervasive system of selling and leasing units in a mall for quick money. This resulted in no united interest and little control over the whole concept of a mall. Noon Square will be keenly watched by the authorities, industry players and foreign investors as well because its success will pave the way for a more mature and dynamic retail landscape in the country.”
Noon Square is Pacific Star’s first venture in Korea. The company, through one of its managed funds, with co-investor Woori Bank acquired the building in November 2007 for over US$200 million. Pacific Star’s stake of US$187 million was made via the Asia Real Estate Income Fund (AREIF).