Shinsegae Property, a subsidiary of South Korean retail giant Shinsegae Group, on Tuesday unveiled a 600 billion won ($438 million) investment agreement with two partners to develop Starfield Cheongna, a next-generation mega-mall and entertainment complex.
Shinsegae Property said it had signed an agreement with Hana Financial Group and global private equity firm Bain Capital to finance the project, which will feature the world’s first integrated mega-complex that combines an indoor stadium, a hotel and retail space.
Shinsegae Property will lead the development with a 300 billion won equity investment for a 50% stake in the project.
Hana Financial will contribute 225 billion won through a vehicle managed by Capstone Asset Management Inc. and provide an additional 270 billion won in subordinated debt, channeling funds through Hana Bank and Hana Securities. Capstone will hold 40% of the project’s equity through its fund.
Bain Capital will invest 70 billion won for a 10% stake.
Shinsegae is a Korean retail giant FIRST COMPLEX OF ITS KIND
Located in Cheongna International City, a rapidly developing district in western Incheon, the Starfield Cheongna complex will span six above-ground and three basement levels, with a gross floor area of 500,000 square meters – about the size of 65 football fields combined.
The centerpiece will be a 23,000-seat domed multi-stadium designed to host baseball games, concerts and large-scale cultural events year-round.
The site will also include over 350 retail brands, an infinity pool, lifestyle and sports facilities, and immersive digital entertainment targeting Korea’s tech-savvy MZ generation, according to Shinsegae.
Construction is already underway following revised planning approvals in October 2024, with completion expected by 2027. Starfield Cheongna is slated to open in 2028.
Starfield shopping mall in South Korea built by Shinsegae E&C (File photo by Shinsegae E&C) “The partnership with Hana and Bain will provide robust financial synergy and global growth momentum, positioning the project as a cultural landmark beyond a traditional mall,” said Lim Young-rok, chief executive of Shinsegae Property.
He said: “As the first complex of its kind globally – a K-culture hub that attracts visitors from around the world, Starfield Cheongna will redefine the concept of a leisure and entertainment destination.”
Starfield Cheongna is the latest in a series of large-scale retail complexes developed under the Starfield brand, following successful launches in Hanam, Goyang and Suwon.
The Cheongna project, however, is by far the most ambitious, reflecting Shinsegae’s bet on post-pandemic shifts in consumer and entertainment demand.
