$856-mln Korean-invested complex breaks ground in HCMC urban area

Being built on an area of 74,500 square meters, it will have financial, commercial and general services center as well as housing.

Artist's impression of Lotte Eco Smart City. Photo courtesy of Lotte Group

The chairman of the city people's committee, Phan Van Mai, said at the groundbreaking ceremony that LotteGroup and Lotte Properties HCMC Co., Ltd. should fulfill its plans and make sure it has the resources for it.

Shin Dong Bin, chairman of Lotte Group, said the construction scale is going to be large with five basements and 60 floors that would include hotels and residential areas and other commercial areas.

The Thu Thiem New Urban Area, which faces downtown District 1 from across the Saigon River, spans 930 ha and is home to around 200,000 people.

It is expected to be developed into the most modern urban area in Southeast Asia, but many issues have cropped up to hamper implementation of this plan.