Perhaps the development of Thu Thiem is finally underway with the announcement that South Korean multinational Lotte will team up with two Japanese developers on a US$2 billion mega project in the peninsula across from District 1.
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The project, dubbed the Eco Smart City, is the brainchild of Lotte, Mitsubishi and Toshiba which envision “a modern, deluxe center of finance, commerce, and service, and an iconic architecture construction of the southern Vietnamese metropolis,” reports Tuoi Tre.
Spread over 10 hectares of the new urban area, the mini-city, one of Lotte’s largest overseas investments, will house luxury trade centers, hotels, office buildings and apartments.
According to the developer, plans for the project had been in the works for years before finally receiving approval from the city last April.
The chairman of the municipal administration suggested that the groundbreaking take place in September to coincide with Vietnam’s 70th anniversary of independence.
[Tuoi Tre // Image via The Korea Herald]
