Work on Thu Thiem urban area’s smart complex to start in Sep
Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong and CEO of Lotte Asset Development Lee Kwang Young have agreed to start construction of a smart complex in the city’s Thu Thiem New Urban Area on September 2.
CEO of Lotte Asset Development Lee Kwang Young presents the planning of the smart complex in Ho Chi Minh City's Thu Thiem New Urban Area to Chairman of the municipal People's Committee Nguyen Thanh Phong. (Photo: VNA)
HCM City (VNA) – Chairman of the Ho Chi Minh City People’sCommittee Nguyen Thanh Phong and CEO of Lotte Asset Development Lee Kwang Younghave agreed to start construction of a smart complex in the city’s Thu ThiemNew Urban Area on September 2.
The city selected Lotte Asset Development, a member of the Lotte Groupfrom the Republic of Korea as the investor of the project last year.
The Lotte Group is aware of the significance of the project so its teamis working around the clock to complete the project planning this month, Leetold Phong during their meeting in the city on April 16.
The Thu Thiem New Urban Area is located on the banks of the Sai GonRiver so its ground foundation is quite weak, he noted, saying that Lotte wantsto solidify the ground before anything else.
Phong, for his part, said Ho Chi Minh City aims to turn the Thu Thiemurban area into a multifunctionalfinance-trade-service and residential centre, so the smart complex will applyinformation technology in management and residential services.
He added the city will consider allowingthe Lotte Group to improve the solidity of the ground before it gets investmentpermits and will support the firm in finishing all public administrative proceduresfor the project so that it can be kicked off on September 2.
The smart complex project, covering 7.54 hectares, is set to cost 20.1 trillion VND (nearly885.5 million USD), excluding compensation and site clearance expenses.
Roads and infrastructure inside the complex andconnecting with other areas in Thu Thiem will also be constructed under theproject.
The project is scheduled to be carried out in 72months following the approval of the investor and will be operated for 50 yearsby Lotte.
Thu Thiem New Urban Area is located on the eastof the Sai Gon River, facing District 1, with a total area of 657 hectares. Itis expected to be a new centre of finance, commerce and services, along withculture and entertainment in HCM City.-VNA
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CEO of Lotte Asset Development Lee Kwang Young presents the planning of the smart complex in Ho Chi Minh City's Thu Thiem New Urban Area to Chairman of the municipal People's Committee Nguyen Thanh Phong. (Photo: VNA)
