South Korean retailer Lotte is to build a massive mixed-use complex in Vietnam’s Ho Chi Minh City, reports Inside Retail Asia.
Lotte, together with Japanese investors, have received approval from the Vietnamese government to develop a US$2bn ‘Smart Complex’ comprising a shopping mall, hotels, serviced residences, offices and apartments on a 10ha site in Thu Thiem in District 2, across the river from downtown District 1, the website said.
The Smart Complex is Lotte’s second project in Vietnam after the Lotte Centre Hanoi, scheduled to open later this year.
“With continuing business expansion in Asia, Lotte shall lead the international development business with its precious experiences in mixed-use development in the future,” said Kim Min Geun, VP, overseas mixed-use development division, Lotte Asset Development.
Elsewhere in Asia, Lotte is building mixed-use complexes in Shenyang and Chengdu in China and four at home including one at Gimpo Airport, Indide Retail Asia said.
