Lotte, the giant South Korean conglomerate, has agreed to develop a US$885 million complex in District 2's Thu Thiem New Urban Area.
Tuoi Tre reports that the Ho Chi Minh City People's Committee and Lotte signed a deal to create the ECO-SMART CITY over the next six years. Spread across nearly eight hectares, the project will include shopping malls and office buildings incorporated into residential areas.
Lotte will also build roads and other infrastructure within the development before leaving the area under control of the city administration once work is finished, according to the news source.
Nguyen Thanh Phong, the city chairman, welcomed Lotte's investment at the signing ceremony, Tuoi Tre shares, highlighting the fact that the corporation paid VND2 trillion (US$88.1 million) in rent for the land.
Local leaders hope the development will strengthen Thu Thiem's positioning as Saigon's future trade, commerce and services center.
[Rendering via Saigon Prop]
