After years of small steps forward, the US$2.2 billion Eco Smart City project planned for Thu Thiem has finally received the official stamp of approval.
According to REIC, the Ho Chi Minh City People's Committee formally gave the green light on the project last week.
Eco Smart City's investors include several arms of the South Korean firm Lotte Group as well as Japanese partners Mitsubishi Corporation, Mitsubishi Estate and Toshiba Corporation.
Though Lotte has long had its eye on a chunk of Thu Thiem land – the firm expressed interest in the area back in 2009 – progress on Eco Smart City has been relatively slow. The project received “in-principle approval” from city officials in April 2014, according to Tuoi Tre. The following year, South Korea investors linked up with their Japanese counterparts, however while investors hoped to break ground in 2015, not much has happened in terms of official paperwork until now.
However, with Eco Smart City officially approved by the city, we could start to see some progress within the dusty construction sites currently populating Thu Thiem. Once complete, the 10-hectare development is set to include a commercial center, housing, office space and hotels.
[Rendering via REIC]
