Chairman of the HCM City People's Committee Nguyen Thanh Phong (third, right) and other officials look at a plan on the Thu Thiem New Urban Area (Photo: VNA)

HCM City (VNA) – The Ho Chi Minh City People’s Committee has selected the Republic of Korea’s Lotte group as the investor of a smart complex project in the city’s Thu Thiem New Urban Area.

The project is set to cost the investor 20.1 trillion VND (nearly 884 million USD), excluding site clearance expenses.

It aims to develop a multifunctional finance-trade-service and residential centre in which finance, trade and service functions play a crucial role in the core area of Thu Thiem.

Roads and technical infrastructure inside the complex and connecting with other areas in Thu Thiem will also be constructed under the project.

The project is scheduled to be carried out in 72 months since the approval of the investor and will be operated in 50 years by Lotte.

The Thu Thiem New Urban Area is located on the east of the Saigon River, facing District 1, with a total area of 657ha. It is expected to be a new centre of finance, commerce, services, along with culture and entertainment of HCM City.-VNA