Lotte's 'huge' project on the golden land of Thu Thiem has been approved for land price of 16,190 billion VND

On July 8, the Department of Agriculture and Environment of Ho Chi Minh City announced that the Thu Thiem Eco Smart complex project (Lotte Eco Smart City) of Lotte Group (Korea) has been approved for land price. Specifically, this project has been approved for land price of 16,190 billion VND.

Thu Thiem Eco Smart project is a large investment project, estimated at up to 20,100 billion VND. On September 2, 2024, Lotte Group held the groundbreaking ceremony for the project.

At that time, Lotte Group said that this was a large-scale construction project, including hotels, residential areas, commercial areas... Accordingly, the project was more than 50,000m² wide, with 5 basements, 60 floors above ground, and a total floor area of 680,000m².

Lotte Group said the design of Lotte Eco Smart City Thu Thiem was inspired by the natural wonders bestowed upon Vietnam, including the beauty of Ha Long Bay and terraced fields to create an ideal space, in harmony between humans and nature.

In 1997, Lotte Group proposed a construction plan in Thu Thiem, by 2024 the groundbreaking ceremony was held and it is expected to be completed in 2028. This project is located in a "golden" location at the core of Thu Thiem urban area, next to the Saigon River, Thu Thiem tunnel...

Previously, the Department of Natural Resources and Environment of Ho Chi Minh City (now the Department of Agriculture and Environment) submitted a list of 22 real estate projects that need to be appraised in the fourth quarter of 2024 to the Department of Finance, including Thu Thiem Eco Smart (Lotte Eco Smart City).

According to this unit, with 22 real estate projects, if the valuation is completed, the expected revenue for the Ho Chi Minh City budget will be about 25,483 billion VND.

For this project, Ho Chi Minh City leaders have held meetings to remove obstacles to promote progress, in which the important step is to determine financial obligations regarding land.

After completing financial obligations, investors will be granted a certificate, ensuring legality of land before proceeding with the next procedures related to project construction licensing.