Lotte invests over $884 million in Thu Thiem

SGGP
The HCMC People’s Committee has made a decision choosing South Korean Lotte Group to implement a smart complex at functional section No.2a, Thu Thiem new urban area in District 2.

A view of Thu Thiem new urban area in the future in District 2, HCMC (Photo: SGGP)

A view of Thu Thiem new urban area in the future in District 2, HCMC (Photo: SGGP)

Investment capital totaling VND20,100 billion (US$884.24 million) will be arranged by the investor. It does not include site clearance and compensation costs.
The multifunctional finance-trade-service and residential complex will be implemented by a joint venture of four Lotte subsidiaries comprising Lotte Asset Development, Lotte Shopping, Hotel Lotte and Lotte Engineering and Construction.
The complex has the total area of 74.513 square meters including 24,391 square meters of traffic roads and technical infrastructures. The remaining areas comprising six land plots will be used for developing the project.
Construction will be conducted in 72 months and the project will be exploited in 50 years.

By MINH TUAN – Translated by Hai Mien

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