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S.Korea’s Lotte eyes Vietnam’s highest skyscraper project
By Kinh Luan - The Saigon Times Daily
Tuesday,  Oct 19, 2010,00:50 (GMT+7)

S.Korea’s Lotte eyes Vietnam’s highest skyscraper project

By Kinh Luan - The Saigon Times Daily

HCMC chairman Le Hoang Quan (R) listens to Lotte Group vice chairman Dong Bin Shin introducing the company’s observatory tower project on Thu Thiem Peninsula during the meeting on Saturday - Photo: Kinh Luan
HCMC – South Korea’s Lotte Group has reaffirmed its interest in a US$2-billion project to develop what will become the country’s highest skyscraper on Thu Thiem Peninsula in HCMC’s District 2.

Speaking at a meeting on Saturday with city chairman Le Hoang Quan, Dong Bin Shin, vice chairman of Lotte, said the company wanted to get involved in the observatory tower project.

However, the city leader said many other investors had shown keen interest in the forthcoming new urban area, so Lotte would have to join competitive tenders for the development of this area.

“Although we’ve signed with Lotte a memorandum of understanding (MOU) for the project’s study, you have priority for three months only. According to the rule, after this period we can invite others to study the project and formulate an investment plan,” explained Quan.

Quan told Dong that the city government would consider choosing the best plan and then submit it to the central Government.

As one of Thu Thiem New Urban Area’s main projects, the observatory tower will be built on a 20 hectare site in the 737- hectare new urban area.

Lotte was ahead of almost 20 other investors to submit a master plan for Thu Thiem to the city government. On June 18 last year, Lotte Asset Development Company signed with the HCMC Department of Planning and Investment the MOU in which the Korean firm promised to build the 100-storey observatory tower as well as a five-star hotel, an indoor theme park, an outdoor amusement park, shopping malls, international school, and office and residential buildings.

Starting business in Vietnam since 1996, Lotte is active in five areas in Vietnam, namely food processing and retailing, construction, real estate, logistics and trade.

Lotte is involved in a US$400-million, 65-storey Hanoi City Complex project in Hanoi. Lotte’s total investment capital pledges in Vietnam have amounted to more than US$100 million.

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