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​Korea’s Lotte to build $884mn complex in Ho Chi Minh City this year

Wednesday, April 18, 2018, 10:00 GMT+7
​Korea’s Lotte to build $884mn complex in Ho Chi Minh City this year
Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong (R) and CEO of LOTTE Asset Development Lee Gwang-young talk during the meeting on April 16, 2018. Photo: Tuoi Tre

Lotte Group has revealed their plan to start building a smart urban complex, including an iconic tower, worth US$884 million in Ho Chi Minh City later this year.

A meeting was convened between Chairman of the municipal People’s Committee Nguyen Thanh Phong and CEO of Lotte Asset Development Lee Gwang-young on Monday evening to discuss the establishment of the smart urban complex in the Thu Thiem New Urban Area.

Founded in 2007, Lotte Asset Development is a real estate firm and subsidiary of global conglomerate Lotte Group.

During the event, Lee promised to exert all efforts to successfully complete the project.

The firm is finalizing a detailed plan and will submit it to the city’s administration within this month.

Lotte wants to construct an iconic tower in the Thu Thiem New Urban Area, the CEO asserted, adding that the smart complex would boast a modern design and function with smart and cutting-edge technology.

The Thu Thiem New Urban Area is located along the bank of the Saigon River so its ground foundation is quite weak, he noted, saying that the company would solidify the ground before initiating the construction.

The developer will finish necessary procedures to be able to start the project on September 2.

According to Chairman Phong, the smart complex will play a significant role in the development of the Thu Thiem area, which will become the city’s multifunctional finance-trade-service and residential center.

Local authorities will support the firm in the completion of all public administrative procedures in order for the project to be initiated on schedule, he continued.

Covering an area of 7.45 hectares, the complex is projected to cost VND20.1 trillion ($884.4 million), excluding the cost for site clearance and compensation.

The construction will take approximately 72 months to complete.

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Duy Khang / Tuoi Tre News

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