Lotte Revives Smart City Project in Ho Chi Minh City's Thu Thiem
Lotte Properties HCMC Co., Ltd., led by CEO Jun Sung Ho, has expressed a renewed interest in proceeding with its smart city project in Ho Chi Minh City's Thu Thiem New Urban Area. This comes after previous considerations to terminate the project due to legal and financial obstacles.
The project, valued at VND20.1 trillion ($761.8 million), is set to cover 50,000 square meters and include a mix of facilities such as a shopping mall, a hotel, office buildings, serviced apartments, and a residential complex, with a total of 65 floors above ground and five underground. Lotte aims to incorporate smart technologies into the development.
At a recent working session with the municipal People's Committee, CEO Jun Sung Ho sought approval to adjust the company's shareholding structure, allowing for external investors with stakes of up to 35%. Additionally, Lotte requested exemption from the 5.4% supplementary land-use fee. The city has acknowledged Lotte's efforts and committed to working alongside the company to resolve these issues and advance the project.
The city's Chairman, Nguyen Van Duoc, has reiterated Ho Chi Minh City's commitment to supporting both domestic and foreign investors, including Lotte. With the city's pledge to address Lotte's requests and find solutions, the Lotte Eco Smart City project is poised to move forward after breaking ground in September 2022.
