Lotte Group pours VND20.1 trillion into Thu Thiem new urban area
Wednesday, 26/07/2017 16:56 (GMT+7)
(CPV) - The Ho Chi Minh city People’s Committee and Lotte Group from the Republic of Korea on July 25th agreed to build a multifunctional finance-trade-service centre (ECO - SMART CITY) in the 2a functional zone of Thu Thiem new urban area.
Aiming to develop a multifunctional finance-trade-service and residential centre, in which finance, trade and service functions play a crucial role in the core area of Thu Thiem, the 7.45ha-project is set to cost the investor VND20.1 trillion (around USD884 million), excluding site clearance expenses.
It is expected to be completed within 72 months, starting from the third quarter of 2017, and will be operated for 50 years by Lotte.
Photo: Tran Hai
Roads and technical infrastructure inside the complex and connecting with other areas in Thu Thiem (covering 2.439ha) will also be constructed under the project, and then transferred to the local administration.
According to Nguyen Thanh Phong, Chairman of Ho Chi Minh city People’s Committee, the city highly valued the group’s commitment by a VND2 trillion guarantee deposit, saying that by using advantages of IT applications in managing and providing services to residents, the whole project should be a key point in the 2a functional zone of Thu Thiem new urban area.
The four involving subsidiaries of the Lotte Group are Lotte Asset Development Co. Ltd., Lotte Shopping Co. Ltd., Hotel Lotte Co. Ltd., and Lotte Engineering & Construction Co. Ltd./.
ATP
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