A joint venture between South Korea’s LOTTE and Japanese investors has gotten the in-principle approval of Ho Chi Minh City’s authorities to build a US$2-billion Smart Complex of shopping mall, hotel, office and apartments.
The “Smart Complex” will be established in the Corea Area (Area 2A) , of Thu Thiem New urban area in District 2.
LOTTE JV hopes to build the complex as a key Landmark of Thu Thiem, which will become an international financial center of HCMC like China’s Pudong District, as well as in the Southeast Asia.
Covering 10 hectares, the Smart Complex will consist of high-class shopping mall, hotel, office buildings, service residence and residential apartments.
The project’s Master Plan is expected to be completed within this year, and then it will be conducted in phases to be in line with the progress of infrastructure development in Thu Thiem.
Together with the “Lotte Center Hanoi,” the capital city’s most luxury complex, the Thu Thiem “Smart Complex” will be developed as the key landmark of HCMC
“Lotte Center Hanoi” consists of a high-class Department Store, a five-star hotel, Smart offices with international standards, and luxury service apartments.
The building has five basements and 65 floors. And, with a unique observation deck at the highest floor, the complex will become a new destination in Hanoi when it opens this September.
Mr. Kim Min Geun, Vice President, Head of Overseas Mixed Used Development Division of Lotte Asset Development, said Lotte Center Hanoi and the Thu Thiem “Smart Complex” are key developments of Lotte when expanding investment in Vietnam. With continuing business expansion in Asia, LOTTE shall lead the international development business with its precious experiences in mixed-use development in the future.”, said Mr. Kim, Min Geun.
LOTTE currently has a number of international mixed-use development projects in progress, such as LOTTE Center Hanoi and Thu Thiem Project in Vietnam, LOTTE World Shenyang and LOTTE Mall Chengdu in China. In South Korea, beginning with Lotte Mall Kimpo Airport, Lotte is developing many similar properties such as Lotte World Mall, Lotte Mall Suwon and Lotte Mall Songdo.
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