HCMC - The government of HCMC has selected a consortium comprising four affiliates of South Korean conglomerate Lotte to develop a smart complex in functional area 2a in Thu Thiem New Urban Area with a total investment of VND20.1 trillion (US$883 million).
The four companies are Lotte Asset Development Co Ltd, Lotte Shopping Co Ltd, Hotel Lotte Co Ltd and Lotte Engineering & Construction Co Ltd.
The project consists of multi-purpose commercial and residential areas covering more than 50,000 square meters. The Korea investors will also build four roads and technical infrastructure outside the smart complex, which is compatible with the infrastructure of Thu Thiem.
Construction is estimated to take 72 months and when the project is in place, the Korean investors can run the project in 50 years. The investment amount excludes costs for compensation and site clearance.
Thu Thiem is planned to become a new urban area of regional and international stature. Therefore, the central square and riverside park need to be unique for organizing political and cultural events as well as daily activities.
HCMC has approved the adjustment of the planning of scale 1/2000 for functional area 2b in Thu Thiem which is planned to house an observatory tower with 86 storeys. According to the adjustment, the total area of section 2b is more than 145,000 square meters.
Besides, two more roads will be built to facilitate traffic in the area, namely N17b road which will run in parallel with the Saigon River Tunnel and S1 road which will parallel with Thu Thiem 3 bridge.
The planning adjustment is also aimed to increase housing units from 2,831 to 3,787 but keep the same population size of 19,733 people and increase the parking area from 156,935 square meters to 192,882 square meters.
The adjustment will also help optimize landscape and architectural space for a range of commercial and cultural activities around the 86-storey observatory tower which is hoped to become an iconic structure of Thu Thiem and HCMC as a whole.