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’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.

The city selected Lotte Asset Development, a member of the Lotte Group from 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 team is working around the clock to complete the project planning this month, Lee told Phong during their meeting in the city on April 16.

The Thu Thiem New Urban Area is located on the banks of the Sai Gon River so its ground foundation is quite weak, he noted, saying that Lotte wants to solidify the ground before anything else.

Phong, for his part, said Ho Chi Minh City aims to turn the Thu Thiem urban area into a multifunctional finance-trade-service and residential centre, so the smart complex will apply information technology in management and residential services.

He added the city will consider allowing the Lotte Group to improve the solidity of the ground before it gets investment permits and will support the firm in finishing all public administrative procedures for 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 (nearly 885.5 million USD), excluding compensation and site clearance expenses. 

Roads and 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 following the approval of the investor and will be operated for 50 years by Lotte. 

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