$2.2 billion Thu Thiem Eco Smart City project to kick off in July

April 18, 2016 | 17:05
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The construction of the $2.2 billion Thu Thiem Eco Smart City project in Ho Chi Minh City’s Thu Thiem New Urban Area, which is invested in by a joint venture between Lotte Group’s subsidiaries and Japanese enterprises, is expected to start in July, according to newswire Cafef.

Lotte Group’s representative revealed the information in the meeting with Dinh La Thang, Secretary of the Ho Chi Minh City Party Committee on April 15.

Accordingly, the developer of the project is the joint venture between four of Lotte’s affiliates namely Lotte Asset Development Co. Ltd., Lotte Shopping Co. Ltd., Hotel Lotte Co. Ltd., and Lotte Engineering & Construction Co. Ltd. and three Japanese enterprises namely Mitsubishi Corporation, Mitsubishi Estate Co. Ltd. and Toshiba Corporation.

Covering an area of 16.71 hectares, the complex features an international trading-financial-banking centre, hotels, serviced apartments, offices, multifunctional condos with a highlight being a 50-storey building.

Previously, Lotte agreed to place a deposit of around VND2 trillion ($89.6 million) for the land use fee for six lots of land in Thu Thiem New Urban Area to develop the eco smart city project.

Debuting in Vietnam in 2015, Lotte currently owns 12 subsidiaries operating in manufacturing confectionary and fast food, retail, construction, property, amusement and information technology. Lotte has implemented numerous property projects, one of which is $400 million Lotte Centre Hanoi. With 65 stories and the total height of 272 metres, Lotte Center Hanoi is second highest building in Vietnam, behind the 336-metre Keangnam Hanoi Landmark Tower which opened in 2012. Lotte Centre Hanoi opened on September 2, 2014.

By By Ha Vy

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