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The project is the brainchild of Lotte, Mitsubishi and Toshiba that say the development will serve as a modern center of finance, commerce and iconic architecture.
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.
Last week, a Lotte representative said that his company was "…dedicated to contributing to the development of Thu Thiem with a goal of making it one of the fastest growing urban areas in Asia," according to REIC.
A groundbreaking ceremony will be held on September 2 to coincide with Vietnam’s 70th anniversary of independence.
After years of stalled development it looks like development of the Thu Thiem peninsula is officially underway.
In addition to the Empire City project, the city recently embarked on a massive infrastructure spending spree, including the US$145 million Thu Thiem 2 Bridge and a US$151 million north-south road.
[Rendering via REIC]
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