Mitsui Fudosan eyes opening LaLaport brand mall in Taiwan in 2021

Groundbreaking ceremony held May 23, 2019, for Mitsui Fudosan Co.'s first commercial complex under its own brand in Taiwan. (NNA/Kyodo)

TAIPEI, NNA - Japanese developer Mitsui Fudosan Co. started building its first own-brand shopping mall in Taiwan on Thursday as part of a series of complexes being planned outside Japan.

Mitsui Shopping Park LaLaport Nangang, scheduled to partially open in 2021, will house about 250 stores on a total floor space of around 70,000 square meters, the largest among commercial complexes in the Taipei metropolitan area, the company said.

The mall is part of a project, including office buildings and a hotel, undertaken in an area of over 41,000 square meters, owned by Taiwan Life Insurance Co., with its full opening expected in 2022.

It is located in the Nangan district, a new urban area 20 minutes’ drive from central Taipei, in which other development projects are under way, the company said in a statement.

Mitsui Fudosan has yet to disclose details of the mall, but it “plans to introduce famous Japanese and local restaurants, specialty stores offering a comfortable lifestyle, and entertainment tenants to be enjoyed by families,” Akihiko Funaoka, executive managing officer, said at a groundbreaking ceremony in Taipei.

In Taiwan, the Japanese real estate firm opened an outlet mall in New Taipei City in 2016 and another in Taichung last December while planning to launch Mitsui Shopping Park LaLaport Taichung in 2023.

The Tokyo-based company runs 14 LaLaport-brand shopping malls at home, with annual sales of 30 billion yen ($273 million) to 500 billion yen each. The new mall in Taipei will have sales similar to those in Japan on average, Ichiro Shimomachi, chairman and general manager of local unit Mitsui Fudosan Taiwan Co., told reporters.

Mitsui Fudosan plans to open LaLaport malls in Shanghai, China, next year and Kuala Lumpur, Malaysia, in 2021, according to the company. (NNA/Kyodo)

NNA Report