Lotte gets nod to build $2 billion Smart Complex
Apr 29, 2014
Lotte Consortium – a joint venture between Korea’s Lotte and Japanese investors – was recently granted in-principal approval to develop the company’s proposed Smart Complex.
The $2 billion complex is planned for 2A area in the Thu Thiem New Urban Area in Ho Chi Minh City’s district 2. Lotte has said it plans for the complex to be a landmark of the city and greater South East Asia.
According to Kim Min Geun, vice president, head of Overseas Mixed Used Development Division of Lotte Asset Development, Lotte Centre Hanoi and the Smart Complex are key in the company’s Vietnam development plans and Lotte aims to lead international development in the future with its expertise in mixed-used development.
The Thu Thiem New Urban Area is being developed by the Ho Chi Minh City People’s Committee to match up with Hong Kong’s International Finance Centre and Shanghai’s Pudong. City authorities have been pushing the urban area as a priority since 2002.
The Smart Complex is planned as a commercial and residential centre with multiple shopping complexes, hotels, serviced residences, offices and apartments.
Lotte Consortium plans to complete the master plan this year and carry out phased developments as infrastructure construction allows.
The complex will be pioneered in Vietnam with the aim of expanding the model to many other countries in the coming time.
This is Lotte’s second property development planned for Vietnam, following the now under-construction Lotte Centre Hanoi, slated to open later this year and which will be the second tallest building in Vietnam with 65-storeys.
Lotte Centre Hanoi, once open, will feature a 5-star hotel, offices, luxury serviced residences and an observation deck on the 65th floor, which it hopes will be one of the most visited attractions in Hanoi.